The Regulatory Framework for Approved Housing Bodies (AHBs) outlines the functions of the Regulation Office. It provides an overview of the annual regulatory return and assessment process.
Currently, regulation of the sector is based on the Voluntary Regulation Code (the Code) and three additional Standards. The Regulation Office has developed these Standards in consultation with the sector.
The Financial Standard was revised in October 2019 and provides for robust financial regulation of the sector. Since the publication of the original Financial Standard in 2015, the Regulation Office has gained significant insights and a deeper understanding of the sector and the diversity within it. This revised Financial Standard has been developed with these key learnings in mind.
While the Code is voluntary, funding eligibility is aligned to those AHBs signed up to and demonstrating compliance with the Code, as per Department Circular 15/2016:
‘From 1 January 2017, in addition to the requirement to have signed up to the Code, only those AHBs that are able to demonstrate commitment to and engagement with both the VRC [Voluntary Regulatory Code] and the Financial Standard and Assessment Framework, having undergone a satisfactory assessment as part of the annual assessment process by the Regulation Office will be considered eligible for funding.’