Narrative regulatory judgment
- Supplier: Inquilab Housing Association Limited
- Regulatory Code: LH3728
- Publication date: May 26, 2021
- Governance level: G1
- Viability level: V1
- Reason for posting: Governance upgrade
- Regulatory route: reactive engagement
This regulatory judgment upgrades our previous assessment of the governance of Inquilab Housing Association Limited from G2 to G1 and confirms its existing V1 rating for sustainability.
The Inquilab Housing Association Limited (Inquilab) was demoted from G1 to G2 in November 2019, following a thorough assessment. At that time, we identified that the vendor needed to strengthen its risk management and control framework to ensure it was able to effectively manage key risks, especially with regards to data on the risk. health and safety and compliance. We also noted that Inquilab did not communicate with the regulator in a timely or transparent manner on these matters.
Inquilab has since improved its health and safety compliance data collection and management systems and controls and strengthened its risk management framework. The board is now confident that the main risks are being managed effectively and is able to exercise appropriate oversight.
Since the last regulatory judgment, Inquilab has communicated with the regulator in a proactive and timely manner, which has led to greater transparency and co-regulation.
The regulator’s assessment of Enquilab’s compliance with the financial sustainability elements of the Governance and Financial Sustainability Standard remains unchanged. The regulator is confident that Inquilab’s financial plans are consistent and support its financial strategy. The supplier has an adequately funded business plan, sufficient security in place and is expected to continue to meet its financial commitments under a wide range of adverse scenarios.
Other providers included in the judgment
About the supplier
Inquilab Housing Association Limited (Inquilab) is a registered charity under the Cooperatives and Community Charitable Corporations Act, 2014.Quilab’s strategic goal is to meet housing needs by improving the experience client, investing in homes and communities and strengthening its activities.
Inquilab is the only registered entity.
There are no unregistered entities.
Geographic distribution and scale
Inquilab owns and manages approximately 1,300 properties and operates primarily in West London.
Staffing and turnover
Inquilab employed 20 full-time equivalent staff and reported revenue of £ 12.2million for the year ending March 31, 2020.
Inquilab plans to develop 17 units until 2021/22.
About our judgments
Key to Notes
- G1 (compliant): the supplier meets our governance requirements
- G2 (Compliant): Supplier meets our governance requirements, but needs to improve aspects of their governance arrangements to support continued compliance
- G3 (non-compliant): The supplier does not meet our governance requirements. There are serious regulatory issues and in agreement with us the supplier is trying to improve their position.
- G4 (non-compliant): The supplier does not meet our governance requirements. There are serious regulatory issues and the supplier is subject to regulatory intervention or enforcement action.
- V1 (Compliant): The supplier meets our viability requirements and has the financial capacity to cope with a wide range of adverse scenarios.
- V2 (Compliant): The supplier meets our viability requirements. It has the financial capacity to withstand a reasonable range of adverse scenarios, but must manage significant risks to ensure continued compliance.
- V3 (non-compliant): the supplier does not meet our viability requirements. There are serious regulatory issues and, in agreement with us, the supplier is trying to improve their position.
- V4 (non-compliant): the supplier does not meet our viability requirements. There are serious regulatory issues and the supplier is subject to regulatory intervention or enforcement action.
Definitions of regulatory processes
In-Depth Assessment (IDA): An IDA is a tailored assessment of a vendor’s viability and governance, including their approach to value for money. It involves on-site work and examines in detail a supplier’s ability to meet its financial obligations and the effectiveness of its governance structures and processes.
Stability checks: Based primarily on information provided through regulatory statements, a stability check is an annual review of a supplier’s financial condition and its latest business plan. The purpose of the review is to determine whether there is evidence that a supplier’s current judgments merit reconsideration.
Reactive engagement: Reactive engagement is unplanned work that is triggered by new information or a developing situation that may have implications for a vendor’s current regulatory judgment.
Stability checks and reactive engagement: In some cases, we will publish narrative regulatory judgments that combine evidence obtained from both stability checks and reactive engagement.
For more details on these processes, please see “Regulation of Standards”.