Homes & Communities Agency - Regulatory Review

28 MAY 2015

Homes & Communities Agency - Regulatory Review

Statement from Chapter 1


Chapter 1 has been advised that it will be included on the HCA's 'gradings under review list' for viability. We have been further advised that this does not automatically mean a downgrade to a non-compliant viability rating.

 This has occurred due to the poor performance of the business in the last financial year, in a difficult operating context and economic climate.

 Chapter 1's new Chief Executive, Joseph R Main, is working closely with the regulator. He advised:  "We are reviewing the structure of our executive management, and a new business strategy for the way ahead is being developed. 

 "At the same time, we wish to reassure our clients, partners and staff that this development does not affect Chapter 1's day-to-day operations. We are proud of the work we deliver in the community, and very appreciative of the skill and dedication of the people who make this happen."