Scroll Top

Enforcement notice served on My Space Housing Solutions

The Regulator of Social Housing is using its enforcement powers to require My Space Housing Solutions Limited to undertake specific actions.

The Regulator of Social Housing is using its enforcement powers to require My Space Housing Solutions Limited to undertake specific actions, including appointing a new, independent Board.

The enforcement notice requires My Space to:

  • commission immediate advice on its ability to trade solvently
  • appoint an appropriately skilled, experienced and independent Board to ensure that it has the capacity and governance to return to compliance
  • appoint a new finance director
  • write to all relevant local authorities informing them that My Space has concluded that it does not provide Specialised Supported Housing for the majority of its tenants
  • develop action plans to address the issues identified by the regulator – including non-compliance with the rent standard

My Space must also engage with the regulator before it makes any new material property transactions or material changes to the organisation.

These enforcement actions follow a Regulatory Judgement published on 19 December 2022, which downgraded My Space’s already non-compliant grades to the lowest grades for both governance and financial viability (V4 / G4). In this judgement, the regulator concluded that My Space has continuously failed to address its non-compliance with the Governance and Financial Viability Standard and the Rent Standard, mismanaged its affairs and failed to protect the interests of its tenants.

“My Space has continuously failed to address the governance issues we have identified, including conflicts of interest with a connected property developer. It has also failed to provide assurance of its ability to meet its financial obligations.

“This is unacceptable. We are using our enforcement powers to require My Space to undertake specific actions, including appointing a new, independent Board. My Space and its new Board must act immediately to put things right, and if necessary, we will use further powers against it if it fails to do so.”

Harold Brown, RSH’s Senior Assistant Director for Enforcement and Investigations

Related Posts