The Regulator decided to intervene after independent reviews highlighted serious weaknesses in Wishaw & District’s governance, risk management and financial planning which pose a serious risk to tenants’ interests. The Regulator has made these statutory appointments to ensure the Association has the right skills and expertise to tackle its serious weaknesses.

Christine Macleod, Director of Regulation (Governance and Performance), said: “There has been poor decision making and weak management of risk which have already cost the organisation. We consider that Wishaw and District’s poor governance and the financial risks it faces pose significant risk to tenants’ interests, to public and private funders’ confidence and to the reputation of registered social landlords.

“We do not believe Wishaw & District has the capacity to tackle its serious problems. In these circumstances, statutory intervention is the most appropriate response to protect tenants’ interests.”

The Regulator has described the issues that led to its decision to take statutory intervention and how it will work with the Association in its regulation plan available on its website at www.scottishhousingregulator.gov.uk