The Regulator of Social Housing has issued a new Value for Money Standard and Code of Practice, both of which will come into effect on 1 April 2018.
This follows the recent consultation process, and doesn't contain any surprises - drawing on the Sector Scorecard, but not making it mandatory. The "metrics" set by the Regulator differ from the Sector Scorecard, but there are parallels to be drawn.
"Optimum economy, efficiency and effectiveness" in delivering strategic objectives must be shown - but in balance with available resources, risks and other duties (e.g. health & safety requirements).
Reporting on VfM will now be via each RP's statutory accounts: against each of the new metrics and taking account of the group structure.
English social housing regulator unveils new value for money standard