Regulator of Social Housing launches first of its kind investigation into for-profit housing provider

A housing provider specialising in shared ownership which operates in more than 190 local authority areas in the United Kingdom is under investigation by the Regulator of Social Housing over financial and governance compliance concerns.

The investigation marks the first time the regulator has launched such an investigation into a for-profit registered provider, the provider has said.

Heylo Housing, operates more than 7,000 properties and claims it is the UK's largest private investor in shared ownership housing.

According to the regulator, Heylo is now being investigated for a matter "which may impact on the provider's compliance with the governance element of the Governance and Financial Viability Standard".

The Governance and Financial Viability Standard is one of the regulator's three economic standards that it asks providers to meet. It looks at how well the organisation is run and if it is financially viable.

A spokesperson for Heylo Housing said: "Heylo is the first-for-profit RP to go through an In-Depth Assessment (IDA). We found it a really constructive process and a positive opportunity to engage with the regulator about our organisation and how we can ensure it operates in the most effective and appropriate way.

They added: "We are confident that by continuing to work with the Regulator closely any remaining questions will be addressed."

Once completed, the outcome of the regulator's investigation will be confirmed in a regulatory judgment.

Adam Carey