(6 years ago)
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The Minister for Universities, Science, Research and Innovation (Mr Sam Gyimah)
I am announcing today the start of a tailored review of the Student Loans Company, a non-profit making Government-owned organisation, which disperses grants to students in universities and colleges in the UK. The SLC has been classified as an Executive NDPB since 1996 and its current shareholding structure, split between the Department for Education (DFE) and the devolved Administrations, has been in place since 2013.
As a non-department public body (NDPB) sponsored by DFE, the Student Loans Company is required to undergo a tailored review at least once in every Parliament. The principal aims of tailored reviews are to ensure public bodies remain fit for purpose, are well governed and properly accountable for what they do.
The review will provide a robust scrutiny of, and assurance on, the continuing need for the Student Loans Company—both its function and its form. It will assess the governance and control arrangements in place to ensure they are compliant with the recognised principles of good corporate governance and delivering good value for money. The structure, efficiency and effectiveness of the Student Loans Company will be considered throughout the review.
A challenge panel, chaired by a DFE non-executive director, will examine the findings of both stages of the review.
The review will follow guidance published in 2016 by the Cabinet Office: “Tailored Reviews: Guidance on Reviews of Public Bodies”. This can be found on gov.uk.
In conducting this tailored review, officials will engage with a broad range of stakeholders across the UK, including across UK Government, devolved Administrations, business and civil society, as well as with the Student Loans Company’s own staff and management.
I shall inform the House of the outcome of the review when it is completed and copies of the report of the review will be placed in the Libraries of both Houses.
[HCWS1095]