Regulator of Social Housing confirms G1, V2, C2 grading for SNG
SNG was recently inspected by the Regulator of Social Housing (RSH) as part of its planned programme to assess how well we are meeting its governance and financial viability requirements as well as the outcomes of the Consumer Standards that were implemented in April 2024.
The inspection (our first since the merger of Sovereign and Network Homes in 2023) covered all four of the consumer standards: Neighbourhood and Community; Safety and Quality; Tenancy; and Transparency, Influence and Accountability.
We are pleased the RSH has confirmed we continue to meet its governance and financial viability requirements, awarding us a grading of G1 and V2 respectively. It also awarded us a C2 against the Consumer Standards.
SNG’s G1 governance rating reflects the strength of our leadership, effective decision making, and robust risk management – all of which supports us in delivering our corporate objectives.
Our V2 financial viability rating shows that we have the financial capacity to manage a range of scenarios and risks in a complex operating environment. The RSH noted that we are continuing to invest in our existing homes while also delivering a significant development programme of 25,000 new homes over this decade - this grading demonstrates we have the right oversights and controls in place to manage the associated financial risks.
With our C2 consumer rating, the RSH was assured that we are meeting expectations in areas including the health and safety of residents, having a good understanding of the condition of our homes, treating tenants with fairness and respect, and tenancy sustainment. In relation to our repairs and complaint handling services, the RSH acknowledged that improvement plans are in place but noted that further work is needed to achieve the outcomes we are aiming for.
Mark Washer, SNG’s Group CEO, commented: “I’m pleased the RSH recognises our strong leadership, effective strategic decision-making, and robust risk management within our governance, as well as our financial resilience. These are solid foundations to deliver the full benefits of our recent merger for our customers and communities. This includes meeting our ambition to deliver 25,000 homes over ten years alongside long-term investment in existing homes so they meet our Homes and Place Standard, which we cocreated with our customers.
“We are committed to delivering the best possible outcomes for our customers and recognise that ongoing improvements are needed across our repairs and complaints services. Significant investment is being made in these areas, building on our existing improvement plans, and work is already underway so that our customers continue to feel the difference we are making.”
During its inspection, the RSH observed a Board meeting and Customer Influence Panel, spoke to residents, held meetings with SNG’s Executive Board and its non-executive directors, and reviewed a wide range of documents provided by SNG.