The Regulator ended its statutory intervention in September 2018 after the Association made significant progress in tackling the weaknesses that led to the Regulator taking action.

The report explains why the Regulator intervened and sets out the improvements the Association has made.

The Regulator initially made a statutory appointment of a manager and three appointees to the governing body in February 2016 after an independent investigation found evidence of inappropriate payments and flawed decision making. Further investigations and reviews found widespread governance and financial management weaknesses.

The Association acted to resolve the failures and carried out a review of its compliance with the Regulatory Standards of Governance and Financial Management.

It ended the appointment of the statutory manager in January 2018 and ended the appointments of the two remaining governing body appointees on September 28.

Margaret Sharkey, assistant director of regulation at the Regulator, said: “We intervened to protect the interests of Ferguslie Park’s tenants because there was weakness and failure across almost all aspects of the association’s business. With the support of our appointed manager and our appointees on the management board, Ferguslie Park implemented a wide-ranging improvement programme which effectively dealt with the range of complex and challenging issues at the association.”

Ferguslie Park’s chairperson Shona McIntyre said: “We have made significant improvements during the period of statutory intervention and are delighted that the Regulator is confident the association is in a much stronger position. Ferguslie Park has emerged from the experience with good governance structures, a strong management board and a new invigorated staff team, able to deliver quality services to our tenants.

“The failings highlighted in the intervention report are firmly in the past. The association has confidently moved on and plays a key part in delivering a brighter future for, not just our tenants, but for all the people of Ferguslie Park.”

Commenting on behalf of the Regulator’s appointees to Ferguslie Park’s management board, James Strang, said: “The whole experience for the appointees was very positive for a number of reasons. Firstly, being able to help an organisation to get things right, to see it once again flourish and being able to get back on track to do what it’s there to do within its community. Secondly, being able to bring your skills and experience to the fore in a unique way enables you to fine tune your abilities and in some ways confirms your own professionalism is very satisfying.

“Housing is perhaps the most important service in our communities. Good housing improves lives, health and education outcomes for the whole community. Our time with Ferguslie Park saw a renewal of the bond between the housing association and its community of this we are rightly proud.”