Why we are engaging with Fife Housing Association Ltd (Fife)
We are engaging with Fife about its development plans.
We engaged with Fife over its handling of conflicts of interest in 2023. Fife provided us with the appropriate assurances on its compliance with the Regulatory Standards of Governance and Financial Management.
Fife has plans to grow through a programme of new homes for social rent and will receive significant public subsidy to help achieve this. Fife is developing a new business plan which it plans to approve in February 2024.
What Fife must do
Fife must:
- send us by the end of February 2024:
- its new approved business plan, report to the Board on the business plan and its risk register; and
- evidence of how it demonstrates affordability for its tenants; and
- tell us if there are any material adverse changes to its development plans which might affect its financial position or reputation, in line with our notifiable events guidance.
What we will do
We will:
- review Fife’s business plan and decide on future engagement;
- meet with Fife’s senior staff to discuss the business plan and risks to the organisation; and
- update our published engagement plan in the light of any material change to our planned engagement with Fife.
Regulatory returns
Fife 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.