Homes managed by the Kincardie Housing Co-Operative are to be transferred to Grampian Housing Association, the Scottish Housing Regulator has announced.

The Regulator took this decision after 70% of Kincardine's tenants who responded to a consultation were in favour of the transfer. The consultation was carried out for the Regulator by independent tenant advisor, the Tenants Information Service.

It is the first time the Regulator has taken the decision to transfer the assets of an RSL.

It proposed the transfer after a period of statutory intervention and independent investigations identified serious governance and financial management failures which presented a significant risk to the Co-operative's tenants and service users.

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Director of Regulation, Ian Brennan, said: "We have taken this decision to protect the interests of Kincardine's tenants and to ensure they receive good quality homes and services.

"The failures in governance and financial management in Kincardine Housing Co-operative were very serious and presented a direct risk to its tenants. The Co-operative did not have the capacity to address these issues.

"The majority of tenants who responded to the consultation were in favour of the transfer to Grampian which has been providing services to Kincardine's tenants since July. Transferring Kincardine's homes to Grampian will improve the services tenants receive and the management of their homes. We expect the transfer to be completed early in the new year."