Swan being investigated over potential governance and viability compliance issue
Swan Housing Association is being investigated over an issue which could affect its compliance with the regulator’s governance and viability standards.
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In a notice published today, the Regulator of Social Housing (RSH) said it has placed the 11,500-home landlord on its ‘gradings under review’ list as a result. Essex-based Swan currently has a G2/V2 rating with the regulator.
“We are currently investigating a matter which may impact on Swan Housing Association’s compliance with the governance and viability elements of the Governance and Financial Viability Standard,” the RSH said.
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“The outcome of the investigation will be confirmed in a regulatory judgement, once completed.”
Swan was downgraded to a G2 rating for governance in January last year as the regulator pointed to a need for strengthened stress-testing amid its reliance on a growing sales programme.
In a statement released to the markets today, Swan said: “While we are disappointed at being placed on the regulator’s gradings under review list, Swan is actively working to address the regulator’s concern.
“We continue to deliver great services for our customers and an ambitious growth strategy. We have faced a number of challenges in our business plan, but are confident that by working closely with the regulator, we will be able to address their concerns.
“We will keep investors updated with any further developments.”
Last month, Swan announced that its long-serving serving chief executive, John Synnuck, will step down next year. The group also appointed a new chair in September.
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