Following the Serious Fraud Office (SFO) announcement on 14 January regarding the investigation into former management at Home REIT, and to outline the key risks and considerations for public sector organisations.

The SFO has arrested six individuals as part of an estimated £300m fraud and bribery investigation relating to Home REIT’s collapse. The case surrounds concerns over property valuations, financial governance, and the sustainability of rental income associated with housing for vulnerable groups, including rough sleepers and veterans. While the investigation is ongoing, it raises several important issues for organisations that commission, fund or interact with supported housing providers or social‑impact investment structures.

 Key Risks for Public Sector Bodies
  • Governance & Oversight: The case highlights the importance of robust scrutiny of third‑party providers, particularly where service delivery relies on complex investment models.
  • Supply Chain Resilience: Provider instability can create sudden pressures around rehousing and safeguarding, with direct impact on vulnerable individuals.
  • Financial Exposure & Value for Money: There may be indirect financial impacts for organisations with links through pension schemes, partnerships or commissioned arrangements.
  • Property Compliance: Issues such as inaccurate valuations, poor condition or non‑compliance with safety standards can increase liability for commissioning bodies.
  • Reputational Impact: Association with failing schemes may attract negative attention, particularly where vulnerable communities are involved.
How TIAA Can Support
  • We can assist you in assessing and strengthening your internal controls and assurance arrangements in several areas, including:
  • Independent reviews of governance and oversight of third‑party providers
  • Financial and commercial due diligence
  • Contract management and supply‑chain risk audits
  • Housing compliance and property‑related assurance
  • Incident response, lessons‑learned reviews and business continuity assurance
  • Tailored training for boards and leadership teams on risk and governance in supported housing

If you would find it helpful, we can provide a more detailed assessment or discuss any potential exposure within your organisation. Contact us if you would like to arrange a short call.