Assurance

A selection of guides for advice and information on regulatory compliance.

Consumer credit authorisation

HM Treasury (HMT) has laid legislation before Parliament which will change the consumer credit regime for housing associations operating in the UK. 

The changes apply to housing associations which:

  • hold mortgages or other loans secured on land
  • which are not first legal charges or mortgages
  • were entered into before 1 April 2014.

Find out more.

Anti-money laundering

Housing associations that engage in estate agent activity are required to comply with anti-money laundering regulations. Supervision of estate agents under the Money Laundering Regulations rests with HMRC. You can read more in the Government's guidance document

Businesses regulated by the Money Laundering Regulations must report activity that may be linked to money laundering or terrorist financing to the National Crime Agency (NCA), in the form of a Suspicious Activity Report (SAR). Further details can be found on the NCA’s website.

For the latest updates on money laundering regulations, visit the Government’s website.  

Data protection

All businesses are required to comply with the Data Protection Act, as regulated by the Information Commissioner’s Office (ICO). 

The ICO website contains useful information for housing associations on data collection, processing, retention and protection, and key requirements under the Act such as responding to Data Subject Access Requests. 

The General Data Protection Regulation (GDPR) will apply in the UK from May 2018, the UK’s decision to leave the EU will not affect the commencement of the GDPR. Further information can be found here.

The Federation contact is Paul Bayly.

Fraud

Countering fraud remains a key task for housing association boards, executive teams and staff. The Homes and Communities Agency’s (HCA) Governance Standard requires that “Registered providers shall provide accurate and timely returns to the regulator, including an annual report on any losses from fraudulent activity”. This sits alongside the HCA’s requirement to publish clear and accessible policies, which outline a housing association’s approach to tackling tenancy fraud.

To reflect changes in the legislative, regulatory and operating environment, the Federation has produced a Countering Fraud publication in partnership with RSM UK.

Modern Slavery Act 2015

The Modern Slavery Act was passed into law in 2015 and requires relevant organisations to publish an annual statement assessing the risk of slavery and human trafficking in their business and supply chains, and the measures they have taken to minimise and combat these risks. The Act applies to all organisations with a turnover, or group turnover – that is, the total turnover of a company and its subsidiaries – of £36m or more which are either incorporated in the UK or carry on a business in the UK.

Guidance on compliance can be downloaded from the Government's website