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The student loans scheme was introduced by the:
The Student Loans Company was established to administer this scheme within the policy context and legislative framework laid down by the government. It was incorporated as a private limited company in 1989 and started trading in 1990. The company is subject to the provisions of:
In addition it is required to operate within the limits of a Framework Document between the company and the government.
The company's objectives and performance targets, and the resources it will be provided with to deliver these, are outlined in the:
Our business plan details what we are going to do this financial year to achieve the Annual Performance and Resource Agreement.
The Student Loans Company, which is owned by the Department for Education, Scottish Ministers, the Welsh Assembly Government and the Department for the Economy in Northern Ireland is entirely Government-funded and non-profit making.
As an Executive Non-Departmental Public Body (NDPB), the Company's control framework is set out in the Framework Document. A revised Combined Code on Corporate Governance was published in September 2012.
As a matter of good practice the company has, since 1995, adopted published corporate governance guidelines and has reported accordingly in the annual directors' reports. This is despite the fact that the company is not a listed company of the type to which these requirements were directed. However, with the publication of the Combined Code in 1998, and subsequently the revised codes in 2003, 2006, 2010 and 2012, there are a number of matters with which, due to its status as a NDPB, the Company cannot comply.
The following exceptions from its provisions should therefore be noted:
As defined within Government Accounting, the Accounting Officer is charged, in the Accounting Officer Memorandum, with maintaining a sound system of internal control that supports the achievement of the company's policies, aims and objectives; and regularly reviewing the effectiveness of that system. The Accounting Officer is also responsible for signing the Statement on Internal Control. The latest version can be found in our Annual Report. David Wallace, Acting Chief Executive, is the current Accounting Officer.
Registered office of the Student Loans Company Ltd:
Memphis Building, Lingfield Point, McMullen Road, Darlington, DL1 9RW.
Registered in England No. 2401034
VAT registration number. 556 4352 32