EPIC- Press response to Regulatory Judgment and Regulatory Notice
We, the Board of EPIC refer to the Regulatory Judgment and Regulatory Notice published on 31st August. We note the various issues raised, their seriousness, particularly in relation to some of our tenants, and regret that these arose.
Susan Kellock (EPIC’s new Finance Director), has been appointed as Interim CEO. Susan, a housing and finance professional, has worked in the Housing sector since 1984, working across a range of Registered Providers in an executive capacity. Susan brings extensive skills in change management and experience of addressing compliance issues, including in relation to fire safety and asbestos.
The Interim CEO and Chair are working with the Board to address the shortcomings identified and are liaising closely with the Regulator of Social Housing to ensure the matters are promptly addressed. The Board acknowledges and has agreed that it must take steps to improve the key areas identified, ensuring effective governance and improved Board reporting. In this regard, we are being supported and advised by Savills.
The Board seeks to ensure the safety of EPIC tenants is paramount and has detailed plans in place to address the safety issues raised in the Regulatory Notice as soon as is practically possible. Significant investment in fire safety improvements relating to this matter has already been approved by the Board, with contracts in place and being delivered.
In the current financial year it is planned that a significant proportion of the high-risk remedial actions will be addressed. Pennington Choices, our Fire risk Assessors, will also carry out a broader review of EPIC’s approach to building compliance in September 2021, highlighting any further improvements which can be made.
The Board is confident that EPIC’s financial plans will continue to meet the Lender’s requirements while also enabling us to deliver good quality services for our customers. The Board continues to work to identify opportunities to increase financial capacity.
The Board is determined to address all the issues raised by the Regulator so that we can make the case for a return to a compliant Governance judgment at the earliest possible time.
On behalf of the Board of EPIC, August 2021
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