Financial Management Code

We are required to develop a Financial Management Code relating to the organisation and management of the financial affairs of regulated institutions. We will monitor compliance with the Code and intervene should a regulated institution fail to comply with the Code. This ensures that regulated institutions are well run, have effective financial management arrangements and are sustainable for the future. This protects the interests of students, safeguards public funds and protects the reputation of higher education in Wales.

The Code took effect from 01 August 2017 and we continue to keep it under review.

Universities are accountable to us, and ultimately to the National Assembly for Wales, for the way they use our funds. We have a number of processes in place through which we ensure that the funds we allocate are used properly and that institutions’ financial health is sound.

Memorandum of Assurance and Accountability

We have a Memorandum of Assurance and Accountability: circular W15/32HE with each university, which sets out the terms and conditions for payment of HEFCW grant.