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TSA assurance worth millions of pounds a year

Millions of pounds have been saved by the existence of the Tenant Services Authority (TSA). In his speech today at the annual National Housing Federation conference, Chief Executive Peter Marsh will explain how better regulation of housing associations has attracted investors and maintained the confidence of both existing and new lenders, meaning more favourable interest rates.

Peter Marsh will explain, “The TSA’s existence has given confidence to lenders and investors by ensuring the financial stability of the sector and its ability to manage emerging risks. In plain terms, the housing sector might have paid £100 million in extra interest on the £7 billion of new finance raised by housing providers in the last 12 months. With banks having lent £35 billion to the sector, this works out as a £500 million a year saving. 

“As well as safeguarding tenants’ homes, regulation has a value on the bottom line too.”

Peter Marsh will also use his keynote speech to:

  • Set the scene for a new world of co-regulation, which will place tenants at its core and allow providers to help the regulator design some of the rules. Providers will be expected to set out how they will meet the outcomes they are looking for, what targets they choose agree with their tenants and how they validate and benchmark their performance
  • Put poor performers on notice that the TSA is prioritising its efforts on identifying and tackling the worst landlords
  • Unveil plans to set up a new advisory group to explore the role of mutual, shared and co-ownership housing. The group will include leading housing experts Jim Coulter, Kate Barker and David Orr who will look at a range of key issues including why there is a lack of appetite for shared owners to increase the share of their home.

Copies of the speech and slides are now available.

For media enquiries, contact the press office on 020 7393 2094/2118/2115 or by email pressoffice@tsa.gsx.gov.uk

Notes to editors:
1) The annual National Housing Federation conference is taking place in Birmingham from 23-25 September 2009

2) The Tenant Services Authority (TSA) is the independent regulator for affordable housing. It launched on 1 December 2008 and currently regulates housing associations. From spring 2010, the TSA will also regulate other providers of social housing, such as local authorities and arm’s-length management organisations.

3) As part of its National Conversation, the TSA is consulting with social housing tenants across five million households and their landlords to develop new standards to improve services for tenants.

4) Initially the TSA will operate under the legal powers of the Housing Corporation while it consults on the powers set out in the 2008 Housing and Regeneration Act.

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