The Regulator of Social Housing downgraded GreenSquareAccord Limited (GSA) to G3 and V3 ratings on Wednesday 7 October 2026, citing serious weaknesses in financial governance, risk management, quality of information and internal controls. GSA manages around 25,500 social homes across the West Midlands, Oxfordshire, Gloucestershire and Wiltshire.

RSH said it found insufficient evidence that reviews and improvement programmes commissioned by GSA had produced sustainable improvement. It cited a history of weak financial performance, missed targets and limited capacity to absorb a reasonable range of adverse scenarios. GSA remained compliant with lender covenants at that date, but RSH said continued compliance and viability depended on significant disposals, cost reductions and transformation programmes. RSH Chief Executive Jonathan Walters said governance concerns had undermined assurance in the organisation's financial resilience and long-term viability.

GSA had been on the gradings under review list since May 2026 and was removed from it with the judgement. Its C2 consumer grade, published in October 2025, was unchanged because consumer standards were not part of the investigation. RSH said it would continue intensive engagement and that failure to respond could lead to further regulatory action.