Why we are engaging with Elderpark Housing Association Ltd (Elderpark)
We are engaging with Elderpark about tenant and resident safety.
In May 2021 Elderpark notified us of a potential tenant and resident safety issue relating to cladding on one of its buildings. Elderpark engaged with specialists to better understand the implications of the presence of the cladding and any other construction materials associated with it. Elderpark has also considered potential risks and mitigations and has engaged openly and constructively with us to provide assurance during this time.
In February 2022 and following further investigation by specialists, Elderpark told us that an issue had been identified relating to fire-stopping material associated with the cladding on the building. Elderpark has since engaged a number of specialists and developed a plan to replace fire-stopping and insulating material in line with specialist advice that will meet or surpass the original design specifications. Elderpark has provided assurance based on this specialist advice that potential risks have been mitigated and will be addressed following the replacement work.
What Elderpark must do
Elderpark must:
- provide us with its plan and timeline for the work to replace the fire-stopping and insulating material to be completed; and
- provide us with regular updates on progress with the implementation of the plan.
What we will do
We will:
- review the plan and timeline;
- monitor updates on progress with the plan; and
- update our published engagement plan in light of any material change to our planned engagement with Elderpark.
Regulatory returns
Elderpark must provide us with the following annual regulatory returns and alert us to notifiable events as appropriate:
- Annual Assurance Statement;
- audited financial statements and external auditor’s management letter;
- loan portfolio return;
- five year financial projections; and
- Annual Return on the Charter.
It should also notify us of any material changes to its Annual Assurance Statement, and any tenant and resident safety matter which has been reported to or is being investigated by the Health and Safety Executive or reports from regulatory or statutory authorities or insurance providers, relating to safety concerns.