Compliance plan agreed with the Regulator
Action plan agreed to regain compliance for Notting Hill Genesis against regulatory governance and consumer standards
The Regulator of Social Housing has agreed Notting Hill Genesis's plan to regain compliance with the regulator's governance and consumer standards.
The regulatory compliance action plan underpins the formal voluntary undertaking agreed by the regulator. It includes 11 workstreams, each with clear outcomes that, once delivered, will enable us to regain compliance with the regulator's governance and consumer standards. We are currently graded G3 and C3 following a judgement made in November 2024.
We remain compliant with the regulator's viability standard at V2 and were pleased to have further external endorsement of our financial strength through the significant investor interest in our recent bond issue.
Commenting on the agreement of voluntary undertaking compliance plan, Notting Hill Genesis's chief executive Patrick Franco said: "We were very disappointed with the regulatory judgement but resolved to regain compliant consumer and governance ratings as quickly as possible as well as accelerating our plans to become more resident focused.
"The speed with which we have put together this plan and the commitments we have made in it demonstrate our organisation's appetite for change and I am proud of the team's response.
"We are grateful for the collaborative approach taken by the regulatory team as we have developed the plan. They have offered useful guidance and constructive challenge throughout, and I am confident that we now have a pragmatic and achievable plan.
"As acknowledged by the regulator when they announced their judgement in November 2024, we had already identified many of the required improvements through our Better Together corporate strategy and were starting to make progress.
"This has continued and now, with the agreement of the compliance plan, has further momentum. I am confident we can build on this and deliver a compliant but also transformed organisation."
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For further information, please contact: |
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Financial enquiries |
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Mark Smith, chief financial officer |
Mark.smith@nhg.org.uk |
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Media enquiries |
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Sanctuary Counsel |
NHG@sanctuarycounsel.com |
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