The Independent Federation of PCHA Tenants and T.A.s

Is Genesis/PCHA in meltdown?

In January, the Group Chief Accountant left. Then, a couple of months ago, PCHA's boss went. A month ago, three members of the Genesis Housing Group board left.

Now we hear that the chief executive is taking early retirement at the age of 54. In addition, we see interest repayments of £100,000 per day on loans taken out for purposes not for the benefit of PCHA tenants, and we note that the group current accounts show a loss of £200m trading on interest rates going up, resulting in their desperately selling our homes at auction if a tenant should move.

The time has come for the Tenant Services Authority, now in charge after the disbanding of the Housing Corporation, to set up an immediate open enquiry into what is going on. The failure of the TSA to do this will threaten their own credibility.

Pathmeads' managing director, Tom McGregor, has also left.

Toxic assets: They've been at it too - £200m feared lost

According to their March 2008 accounts, £200m appears to have been lost gambling that interests rates would go up. They didn't. (The government did not make the mistakes made in the last recession). This is discreetly tucked away on page 50, note 31. Download accounts

At PCHA's AGM, PCHA voted through an increase in permission to borrow from a massive £1B to £3B. (The whole Genesis group has now clearance to borrow a total of £11.1B). But there is only £1.5B of security in the form of our homes. This makes no sense. What is going on?

This position is almost a year old. We have asked for an up-to-date statement, and this has been refused. The Audit Commission have refused to bring forward their periodic inspection. We have written to the TSA who have been unhelpful.

Now the TSA's Head of Regulation, Clare Miller suggests that housing associations with toxic assets to mix 'n' match and spread them out through the industry; in other words, do what the banks have so disastrously done.

BMG survey: Now they are telephoning tenants

The people running the BMG survey are now ringing up people trying to get them to answer their survey, and supply them with personal information.

As stated below, this survey is ENTIRELY VOLUNTARY. You are at liberty to hang up on them. If you have any problems with them, let us know.

PCHA/Genesis boss gets 25% rise 

In an article and feature published in Inside Housing, it was revealed that Mr. Anu Vedi, chief executive of Genesis, received the fourth largest pay increase out of the country's 2,000 housing associations. Previously, he got £130,000 out of our rent money, and now the figure has been increased to £170,000. Also, he gets a bonus of £20,000.

In addition to these sums, he is almost certain to get pension benefit of about 10% of his pay, and as a result, this year he will be walking off with £207,000.

This amounts to £934 per working day. Is this what social housing has become?

New BMG survey

All tenants of Pathmeads, PCHA, Sutherland and Springboard should have received an advanced warning letter followed a week or so later by a survey form from a company called BMG Research. It is headed:

and includes what many will see as some impertinent personal questions, three of which are labelled "optional"; the other fifteen are not, and so may be seen as compulsory.

The Fed believes that all the questions are optional, as is participation in the whole exercise. A letter has been sent to PCHA's managing director, Pamela Lockley, (pamela.lockley@ghg.org.uk) who has been asked to write to every tenant pointing this out.

Furthermore, the advance letter says:

"Anyone who does not return this form will receive a phone call, or be visited at home in a few months"

We believe this to be intimidation and grossly improper. We are asking Ms. Lockley to confirm that she holds this view, and to advise all tenants accordingly. If you are concerned about the form, please feel free to email us at the usual address:

independentfederation@yahoo.com.

We will keep you in touch.

In a letter dated September 7th to the Fed's chair, Peter Denton, Pamela Lockley, the boss of PCHA, says that every part of this survey is voluntary. She said that mention of a visit is to provide assistance to those who are disadvataged in one way or another.

The Fed specifically asked her to contact all tenants and make sure they understood the position. She has failed to give this undertaking.

So, if you want to fill it in, do so; and if you want to tear it up, do that. And when a second form comes through the post, you may give it the same treatment.