Management Information Sheet
FMSiS Update to Schools
On Monday 15 November 2010, Michael Gove, Secretary of State for Education, announced the decision to end the current compulsory requirement to obtain and renew the Financial Management Standard in Schools (FMSiS) with immediate effect and to develop a simpler standard as a replacement. DfE have indicated a replacement standard will be introduced next year.
Please refer to the attached announcement dated 15 November 2010 for full details. www.education.gov.uk.
Guidance from the Department for Education, FMSiS Office, states that "if both parties (school & external assessor) want to continue with the evaluation they can do so. The DfE does not require them to continue with or abandon an evaluation process which is already underway. It would be for the parties themselves to determine whether the costs of completing the evaluation would outweigh the benefits of doing so, in the light of this announcement."
It is essential that schools continue to maintain good financial practice and continue to demonstrate that they are meeting current standards. We would encourage schools to continue with the current process until more detailed guidance on the replacement standard is available.
All schools due for Re-assessment in 2010-11 will be contacted by their FMSiS Assessor to discuss the implications of the change.
We will keep you informed when further guidance is provided.
Please refer to the attached announcement dated 15 November 2010 for full details. www.education.gov.uk.
Guidance from the Department for Education, FMSiS Office, states that "if both parties (school & external assessor) want to continue with the evaluation they can do so. The DfE does not require them to continue with or abandon an evaluation process which is already underway. It would be for the parties themselves to determine whether the costs of completing the evaluation would outweigh the benefits of doing so, in the light of this announcement."
It is essential that schools continue to maintain good financial practice and continue to demonstrate that they are meeting current standards. We would encourage schools to continue with the current process until more detailed guidance on the replacement standard is available.
All schools due for Re-assessment in 2010-11 will be contacted by their FMSiS Assessor to discuss the implications of the change.
We will keep you informed when further guidance is provided.