Posted 21.01.14
The Homes and Communities agency (HCA) has updated its 'Regulating the Standards' document, giving additional detail on the Regulator's approach to economic regulation.
The document has been revised against the continuing backdrop of a changing operating environment and an increased level of risk faced by registered providers.
The publication sets out the Regulator's approach that adheres to the key operational principles by which it regulates: it is assurance based, risk based, proportionate in its regulation and joined up in its approach.
It also sets out changes in methodology that have been made in response to the increasingly complex sector.
The key changes to the document are:
Matthew Bailes, HCA Executive Director of Regulation, said:
"In an increasingly complex sector, as Regulator we need an even more granular, risk-based approach to our regulation of providers. This is predicated on a comparative assessment of providers' exposure to financial and other key risk factors that may cause it to fail the economic standards.
"Each provider will be set a proportionate individual strategy. The regulatory activities undertaken to gain evidence will vary between providers and will focus on particular exposures identified through our risk assessment to gain assurance of compliance."
'Regulating the Standards was first published in May 2012, following the introduction of the revised Regulatory Framework from April 2012. The updated document is available to download from the HCA website.
