O-Regen

The East London Credit Union crashes into administration, leaving several important questions unanswered

October 8, 2019 Cllr. Paul Douglas, East London Credit Union, Past failures: O-Regen, Stella Creasy MP, the Labour Party in Waltham Forest

On 11 September 2019, the East London Credit Union (ELCU), trading as the Waltham Forest Community Credit Union, collapsed into administration. Simultaneously, the UK Financial Services Compensation Scheme announced that it was stepping in to safeguard ELCU’s 5,500 members’ deposits, valued at £2.25m, and most could expect like-for-like payment within a week. The administrator, LBWF, and the East London and West Essex Guardian posted similar reassurance. In some ways, this upshot was surprising. Credit union failures are not unknown – on average, about seven go bust every year. And although UK... »

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Documenting Past Failures: (11) some conclusions, part one

June 10, 2015 Past failures: overview

The previous ten posts in this series have looked at LBWF’s record of extensive failure over the past decade or so, and it is now apposite to offer some general conclusions. First, it is notable that, by and large, the cases examined share some common characteristics, which may be summarised as follows: (a) rule breaches On paper, LBWF has always possessed clear rules to govern programme inception and governance. Yet the evidence shows that these were often disregarded.  Contracts were procured without seeking the requisite number of bidders; contract documents remained unsigned, sometimes und... »

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Documenting Past Failures: (10) LBWF and Worknet: a tale of underperformance, failure, and the betrayal of local people

March 24, 2015 Worknet

Between 2008 and 2014, LBWF operated Worknet, a multi-million pound programme, funded from London and central government sources, delivered by outside ‘partners’, and aimed at helping local people find employment. At first, LBWF gave Worknet significant publicity, and presented it as a major initiative. For example, in November 2009, Council Leader Cllr. Chris Robbins told WFN: ‘“Waltham Forest have always said our 2012 Legacy…will be…jobs, education and opportunity…Huge strides have been taken towards achieving that…with our Worknet jobs programme”’. However, by late 2013, Worknet... »

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Documenting Past Failures: (9) the collapse of LBWF’s pet charity, O-Regen

March 18, 2015 Past failures: O-Regen

The registered charity O-Regen was set-up in 1997 as part of the redevelopment of Cathall estate, and charged with running community facilities in the south of the borough together with various programmes to benefit local residents. From the start, O-Regen appeared blessed. It was presented with a £4.5m endowment as well as a portfolio of 16 leasehold properties yielding an income of £120,000 p.a.; its board of trustees included many of the borough’s ‘great and good’ – at one time or another, the likes of Michael Polledri and Guy Davis (‘big players in the business and construction scene in Wa... »

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Some background: a short history of local scandals

February 2, 2015 Past failures: overview

Here’s an article that I contributed to the Dec14/Jan15 issue of Labour Briefing (which I reproduce with the kind permission of the editors). It looks at some recent Waltham Forest history, and gives more than a clue as to why this blog was set up. Waltham Forest’s missing millions ‘In 2009, spurred on by a spate of bad publicity about its flagship Neighbourhood Renewal Fund (NRF) programme, and premonitions that the Audit Commission was about to halve its star rating, London Borough of Waltham Forest (LBWF) appointed an Independent Panel, chaired by the LDA’s Sir Peter Roger... »

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