12/02/2025
Regulator of Social Housing announces upgrade to Flagship governance rating
The Regulator of Social Housing (RSH) has today announced that Flagship Group’s governance rating has been upgraded from G2 back to G1. The Regulator has also confirmed its existing V2 grade for viability.
In their release, the RSH confirmed that Flagship meets their governance requirements. And complies with the financial viability element of the Governance and Financial Viability Standards and that its financial plans are consistent with and support our financial strategy, continuing to meet our financial covenants.
Following an In-Depth Assessment (IDA) in July 2023, Flagship received a G2 governance rating to indicate that we met governance requirements but needed to improve some aspects of our governance arrangements to support continued compliance.
We’re very pleased to have been upgraded back to G1, based on the evidence gathered by the RSH that our governance arrangements enable effective management of risks, allowing us to deliver our objectives. The change in grade proves that our efforts to manage risk, improve stress testing and mitigation strategies, with strengthened board oversight and an improved tenant engagement framework, have all been effective.
Commenting on the rating, Peter Hawes, Chairman said: “We’re pleased that Flagship’ governance standard has been upgraded back to the highest rating. We’ve acted on previous feedback and actioned areas that needed strengthening including stress-testing, Board oversight and assurance to ensure we can manage risk in line with our risk appetite.
“By working with the regulator, the board, our staff and tenants to further strengthen our governance arrangements, we’ve been able to demonstrate our stability as an organisation, which is welcome in advance of our merger with Bromford Housing.
“There remains a significant need for affordable, safe homes, and our vision to solve the housing crisis is bolstered by this judgement and the increased financial powers this merger will bring to deliver those homes.”
For more information: please email: commsteam@flagship-group.co.uk