The move follows the Cave review into social housing and has been set up to improve lenders confidence and to safeguard future investment in RSLs. As a result of the creation of the standalone regulator, the planned integration of local authorities and other providers of social housing has been postponed.
The Council of Mortgage Lenders (CML) welcomed the decision. Andrew Heywood, deputy head of policy at the CML, said: “This decision is good news for housing associations. It will help to maintain lender confidence at a time of regulatory change, and so safeguard a continuing flow of private funding to help build and improve more homes.”
He added: “A well-planned safe transition period to the new regime is essential.”
Ian Graham, head of compliance at Platform, welcomed the move. He commented: “Any move to help protect the interests of tenants and maintain public confidence is always a welcome decision. Hopefully creating a new standalone regulator for housing associations that are RSLs will help ensure high quality management and operating standards.”
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