Regulator orders provider to develop wind-down plan

The Regulator of Social Housing (RSH) is using its powers to force Concept Housing Association CIC to create a wind-down plan.

The community interest company, which manages more than 6,000 homes and has offices in Birmingham and Bradford, was found by the regulator to be non-compliant with its governance and financial viability standard in July 2021.

Following what an RSH spokesperson described as a “sustained period of serious non-compliance”, the regulator is now taking enforcement action against the landlord, saying it “does not have confidence in Concept’s long-term viability or its ability to protect tenants’ homes from undue risk, with a significant financial deterioration in recent months”.

The landlord’s financial statements are overdue for submission to the regulator by over a year.

The regulator has issued instructions to commission a third-party insolvency expert to develop and submit a wind-down plan to RSH within the next 28 days. This would need to protect tenants in the event of voluntary or compulsory de-registration or managed wind down.

Concept has also been given six further orders, including obtaining an independent review of board and executive skills to produce a plan “rapidly” on how to address any gaps.

It will have to give RSH evidence and independent assurance that it is meeting health and safety obligations for all its social stock and that a plan is in place to resolve any issues, as well as use these independent reviews to establish a “credible improvement plan that demonstrates a clear route to compliance”.

RSH warned it will take further action should Concept fail to comply with its orders.

Jonathan Walters, RSH chief executive, said: “Our standards set vital protections for social housing. Landlords need to be well run and financially viable, so they can ensure tenants’ homes stay in the social housing sector.

“Concept has failed to address our concerns and hasn’t put things right despite our intensive engagement.

“We will not accept this. So today we are using our powers to make Concept address its widespread failings.”

According to its 2024 financial statement, only 70 of Concept’s 6,495 owned and managed units are classed as social housing, while the vast majority are non-social supported housing units.

Concept has been approached for comment.