L&Q receives top marks from regulator

A new report by the Tenant Services Authority (TSA) has found that L&Q is well run and financially strong.

The Regulatory Judgement is a report prepared by the TSA to summarise their overall assessment of L&Q, and whether they feel we are financially viable and properly governed. The TSA issued the judgement because L&Q has recently completed the rationalisation of our group structure to simplify governance and provide more cost effective services to residents.

The assessment also looks at the key challenges facing L&Q as we strive to improve resident satisfaction and deliver the other goals in our five year plan.

Viability

The TSA found that L&Q "meets the requirements set out in the governance and viability standard of the Regulatory Framework in relation to financial viability".

Their judgement concludes: "The results show that L&Q's financial condition has remained strong during a period when its business plan has been tested following the downturn in the financial and housing markets. "The group is a major Homes & Communities Agency development partner...The group has a good track record, over recent years, in terms of managing its activities within budget."

Governance

The TSA found that L&Q is "properly governed".

The judgement concludes: "The governing body gives effective leadership control, has a wide range of skills and experience and, supported by appropriate governance and executive arrangements, is improving its own performance and that of the organisation."

The judgement also notes that L&Q:

• "has extensive resident involvement arrangements"

• "the members of the Group Board possess a wide range of skills, competencies and experience appropriate to the leadership of a large and complex organisation"

• "has a comprehensive approach to risk management that is fully embedded across all parts of the group"

• "was swift to recognise the changing risks resulting from the economic crisis" and "took, and continues to take, effective actions to reduce or mitigate the risks. As a result, L&Q is well placed financially and organisationally to respond to challenges"

• "the board and executive are willing and ready to learn where it can improve"

• "has continued to make progress in implementing a more structured approach in the way it carries out equality and diversity impact assessments"

• "enjoys strong and co-operative relations with key stakeholders"

• "works well with a large range of local authorities in meeting the needs of homeless households, in developing new housing and on regeneration initiatives"

• "is implementing the new code for sustainable homes and has a good track record in ensuring that stock transfers have specific business plans to ensure housing is improved".

To read the Regulatory Judgement in full click here.