Regulatory judgement finds that L&Q is fully compliant
The Regulator of Social Housing (RSH) has today published its latest judgement of L&Q, confirming that we remain compliant across its governance and financial viability requirements and meet the new consumer standard.
Following the planned inspection, we have been awarded a first consumer grade of C2, an unchanged financial viability grade of V2, and a governance rating of G2.
In its Regulatory Judgement report, the Regulator was assured by our approach to health and safety and said that we are effectively managing our significant and complex building safety programme.
The Regulator also saw evidence that we are managing risks relating to damp and mould, and acknowledged recent improvements in our wider repairs service.
The Regulator agreed that we address complaints fairly and effectively and were assured that we have made improvements to understanding resident needs, and treating them with fairness and respect.
It recognised that we need to improve satisfaction with our handling of antisocial behaviour, but that the plans we have in place are beginning to deliver positive change.
It also agreed that we support residents who need our help to stay in their home, take residents’ views into account when making decisions, and provide a wide range of meaningful opportunities for residents to influence and scrutinise us.
The Regulator awarded a compliant G2 rating for governance, which is a re-grade from our previous G1 rating.
It agreed that our Group Board is appropriately skilled and experienced, that we consider risk as well as our legal and regulatory obligations when making decisions, that we make best use of our resources, and that our governance arrangements are effective in delivering our social purpose.
However, the Regulator said that we need to build on existing improvements to Board reporting on service performance and ensure we’re investing in the continuous improvement of Board and our approach to governance.
Finally, the Regulator maintained our compliant V2 rating for financial viability, and agreed that we have an adequately funded business plan.
The Regulator recognised that like other large housebuilders in the sector, we balance a number of risks within our financial plan related to our building and sale of new homes, and our increased investment in existing homes, but that these risks are well managed.
Following the Regulator’s feedback, we are planning to improve how repairs, maintenance and requests for adaptations are prioritised, and how we consider the diverse needs of residents when handling complaints and planning work in their homes.
We’ll also be accelerating work to clear our small backlog of non-emergency repairs, and strengthening our approach to the management of antisocial behaviour.
We will continue with a planned review of our governance arrangements, working closely with the Regulator.
Commenting on the judgement, Fiona Fletcher-Smith, Group Chief Executive of L&Q, said:
“We welcome the publication of today’s judgement and the Regulator’s feedback, recommendations and ongoing engagement.
“Overall, we’re pleased to remain compliant with regards to governance and viability, and to have achieved a C2 against the new consumer standards.
"The Regulator has acknowledged the significant progress we have made against our stated objectives to improve existing homes and services for residents while maintaining financial stability, and also recognised that we know where we have work to do. We’ll continue to put our residents at the heart of these improvements."
Liam Coleman, L&Q Group Chair, said:
“We’re pleased that the Regulator has recognised our work to deliver effective and compliant services, our responsible financial management, and most importantly that we involve and listen to our residents when making decisions.
“The governance rating of G2 is disappointing, however we already have plans in place to address the areas for improvement, and we look forward to continued dialogue with the Regulator as we enact these plans and enhance our performance.”