Responding effectively to the requirements of the Provider Financial Handbook
The ESFA Provider Financial Handbook came into effect on 1 August 2024 and places increased emphasis on the need for Fraud and Error prevention strategies. An approach which is worth consideration, is to organise your fraud prevention along similar lines to your Safeguarding and Prevent arrangements. In practical terms this would mean identifying a Designated Fraud Prevention Lead who has the responsibility to:
- Keep up to date with relevant guidance.
- Ensure fraud and error policies are maintained and updated annually.
- Ensure that the risk policy and risk registers are kept up to date.
- Ensure that the Whistleblowing policy and Conflict of Interest Policy is kept up to date.
- Investigate, document and externally refer (as appropriate) matters brought to their attention.
- Plan and oversee annual staff fraud and error awareness training.
- Ensure that reporting to the Board/ Audit Committee is timely, accurate and complete.
To assist providers, we will be delivering Solvendis certificated ‘Fraud Prevention Lead Training (FPL)’ with a view to ensuring that your designated lead:
- Understands the Governments Counter Fraud Strategy and its impact on the sector.
- Is clear about their responsibilities as the Fraud Prevention Lead.
- Knows what policies are needed.
- Is able to recognise a scenario that requires further investigation.
- Knows when and how to refer matters internally and externally to funders, insurers and other agencies.
- Understands how to investigate, record and report issues.
- Understands what good internal fraud and error training for staff looks like.
