We are pleased to be one of the first housing associations nationally to be awarded the top regulatory rating for new consumer standards introduced this spring.

Phoenix was awarded the top C1 consumer rating following a regulatory inspection in June 2024, reflecting our approach to delivering high quality homes and services and the strength of resident involvement in decision making at Phoenix.

The Regulator of Social Housing awarded a G2 rating for our approach to governance, meaning that we are compliant with the regulatory standard but need to make some improvements, and a V2 rating for financial viability reflecting our commitment to significant investment in our residents’ homes.

The Regulator of Social Housing’s inspection team found that Phoenix:

• Provides a wide variety of opportunities for a broad range of tenants to influence and scrutinise its strategies, policies, performance and services and that this has led to improved outcomes for tenants.
• Has well developed strategies to continuously maintain and improve tenant involvement in decision-making and shaping services.
• Maintains an accurate record of the condition of its homes and uses this to make decisions on future investment in homes.
• Has a good understanding of its compliance with its landlord health and safety requirements and has appropriate systems for ensuring the continued health and safety of tenants in our homes.
• Provides an effective, efficient and timely repairs service to tenants and has implemented tenant-focused improvements to deliver better outcomes.
• Uses performance data and analysis to improve services and that complaints have been scrutinised by tenants.
• Has arrangements in place that support the involvement of tenants in decision making at all levels, leading to improved outcomes for tenants.

In its assessment of governance the Regulator found that :

• Phoenix’s board has clear oversight of the strategic objectives in its corporate plan and reviews performance against these.
• Action is being taken to improve delivery and sufficient information is provided to enable meaningful challenge by tenants.
• Phoenix was able to provide assurance that its board considers alternative options to deliver value for money and make best use of resources.
• When implementing new ways of delivering against its purpose, Phoenix considers the costs, benefits and risks involved, but Phoenix needs to ensure that it keeps this under regular review.
• Phoenix has an appropriate business planning, risk and control framework in place.

However, we need to :

• Improve the effectiveness of internal controls
• Strengthen strategic oversight of risk
• Formalise the arrangements in place for board recruitment, skills assessment, development and succession planning.

The Regulator recognised that the Phoenix Board was already taking action to address these issues.

The V2 rating for financial viability reflects short-term financial pressures based on our commitment to investing in homes, but the Regulator found that we have an adequately funded business plan, with access to sufficient liquidity and security, and have the capacity to respond to a reasonable range of adverse scenarios.

Phoenix’s Chief Executive Denise Fowler said: “We’re delighted by the new C1 rating and feel that it’s a demonstration of the strengths of our resident-led, community gateway model. We are disappointed by the G2 rating but are committed to addressing the issues identified so as to bring us back to a G1 at the earliest opportunity. The V2 rating reflects the significant investment we are making in our homes, particularly over the next two years.”

Please see the Regulator of Social Housing's Judgement in full.