Regulation of the English Higher Education Sector
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The new tuition fee regime sees HEFCE move from funder to regulator - but without the benefit of enabling legislation. As an interim measure, a draft Operating Framework for Higher Education in England has been published, and HEFCE are also consulting on a draft revised Financial Memorandum and Audit Code of Practice.
While much remains the same, in particular reliance on institutional governance and HEFCE’s monitoring of the risk profile of each HEI, there are also some changes. HEFCE can, as an ultimate sanction, remove an institution’s designation as an HEI, and with this, the ability of students from affected institutions to access Student Loans Company funding.