We are now in the process of reviewing the completed audit packs. Our thanks to all our members for meeting the deadline and we will be liaising you directly with regard to the audit outcomes.
The 3rd Edition of the Approved Code of Practice became effective from 1st June 2016. There has been significant change across the sector since the last Code was launched 10 years ago. The industry continues to be under much greater scrutiny with a continuation of growth in private retirement housing. With the emergence and growth of the extra care model over traditional retirement housing, it comes with its own unique models for financing services which means managers need to be beyond reproach in ensuring they give clear and accurate information when people commit to buy. The Code is important as it is a statement by your organisation to your leaseholders that you acknowledge the standards in the Code and will manage to those standards.
The Code is explicitly mentioned by the CMA, the DCLG and the Law Commission as being of significance in setting standards for good practice. Its focus is very much on transparency and openness.
The Aim of the Audit is to assess the level of compliance of your organisation and support you in making improvements where required.