The Housing Corporation 鈥渇ailed to take decisive action鈥� that could have prevented Ujima from becoming the first housing association to go bust, a report into the affair has found.

The independent review, commission by the corporation, said bad management and an ineffective board were to blame for the collapse of Ujima, which was declared bankrupt in December. It also said the corporation had been 鈥渙vercautious and should have intervened earlier as a series of signals indicated mounting problems鈥�.

The review panel was chaired by Simon Braid, the head of KPMG鈥檚 UK charity practice.