The Regulator said it is engaging with Cadder after governance weaknesses were identified in an independent investigation.

In the revised engagement plan for the landlord, the Regulator said Cadder “commissioned further independent support to develop an improvement plan to implement the recommendations of the investigation and to ensure compliance with the regulatory standards of governance and financial management.”

Cadder is also undertaking a review of its core business.

The engagement plan added: “Following the departure of the previous post-holder, Cadder has appointed an interim senior officer. Cadder intends to appoint a permanent senior officer in early 2021. Cadder is working openly and constructively with us as it takes forward the required governance improvements, the business review and plans for recruiting a permanent senior officer.”

The Regulator has requested Cadder to provide updates on progress with the implementation of its improvement plan to ensure compliance with the regulatory standards of governance and financial management; progress with the business review and the outcomes; and on its plans for recruiting a permanent senior officer.