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Mid-Wales Housing Annual Regulatory Judgement Published

The Welsh Government Regulator has today published its annual regulatory judgement of Mid-Wales Housing Association’s financial viability and governance and services. The Regulator has concluded that increased regulatory oversight is required in both areas.

Peter Swanson, board chair at Mid-Wales Housing Association, said:

“We welcome the additional support that such increased regulatory oversight brings. This is not a regulatory intervention but rather an enhanced model of co-regulation and is to be expected given the challenging and exciting programme currently being undertaken by the Association.

The Board has sought and been given assurances and evidence that the Association continues to be financially sound and meets all financial viability requirements. We have a responsibility to make the best use of our assets in the interest of tenants, stakeholders and the wider community and we will demonstrate to the Regulator that we have the financial capacity to deal with adverse scenarios effectively.

The Association embraces robust governance, which is why we regularly undertake full and thorough governance reviews. The outcome of the latest review was recognised with the highest possible rating from the prestigious ‘Governance Forum’. We regularly test our governance structures and will do so again now that the group has expanded to include an 'arms-length' commercial entity.

This change in our regulatory status does not affect our frontline services to tenants and residents and nothing in this judgement criticises our services or staff. Our engagement strategy will strengthen the way we work with our tenants, residents and wider stakeholders, and how we use those insights to positively affect service improvements.

Mid-Wales Housing will continue to work with the Regulator to improve the depth of information we provide; to proactively highlight challenges we may face and to give them increased assurance of our governance arrangements and financial performance.”

The following downloads are available for further information: