Why we are engaging with Viewpoint
We are engaging with Viewpoint about its governance and financial management and tenant and resident health and safety.
COVID-19 has significantly impacted the services provided by social landlords. We will continue to monitor, assess and report upon how each landlord is responding and we will keep our regulatory engagement under review so that we can continue to respond to the challenges of COVID-19.
Viewpoint informed us in its Annual Assurance Statement that it is continuing to address the areas of material non-compliance with the Regulatory Standards of Governance and Financial Management (Regulatory Standards). The statement also identified areas of non-compliance with its tenant and resident health and safety duties.
Viewpoint has confirmed it has made good progress with its governance action plan and has recently advised all outstanding actions have now been completed. We are reviewing the information provided by Viewpoint.
Viewpoint identified weaknesses in its management of tenant and resident health and safety following concerns raised about fire safety at one of its developments. Viewpoint carried out an inspection which identified a number of issues. Viewpoint has developed a plan to address the findings of the inspection. Viewpoint is taking forward the identified actions and we are engaging with it to seek assurance about its progress.
Viewpoint is also progressing with additional improvement actions in relation to the tenant and resident health and safety issues it identified in its Annual Assurance Statement. Viewpoint is making good progress in addressing all the issues identified.
Viewpoint is working openly and constructively with us as it takes forward this work.
The Housing (Scotland) Act (2010) requires us to monitor and assess the financial well being, governance and performance of each Registered Social Landlord.
Our current assessment is that Viewpoint is working towards compliance with the Regulatory Standards of Governance and Financial Management and with tenant and resident health and safety. We set out below the information that Viewpoint must provide in order to assure us that it can achieve compliance.
What Viewpoint must do
Viewpoint must:
- provide us with monthly reports on its progress in completing the fire safety actions; and
- provide us with assurance that it is continuing to address the tenant and resident health and safety issues identified in its Annual Assurance Statement.
What we will do
We will:
- consider the action Viewpoint has taken to address its non-compliance with Regulatory Standards and review Viewpoint’s regulatory status;
- review Viewpoint’s progress in completing the fire safety actions;
- review Viewpoint’s progress in addressing the areas of non-compliance with its tenant and resident health and safety issues identified in its Annual Assurance Statement; and
- update our published engagement plan in light of any material change to our planned engagement with Viewpoint.
Regulatory returns
Viewpoint 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.