The Office for Students (OfS) has imposed a fine of £37,231 on the University of Buckingham after it failed to meet the deadline for submitting its signed audited financial statements for the year ended 2019.
The OfS today published a report that summarises the decision to impose a monetary penalty and the reasons for it, including how the appropriate level of penalty was calculated. This report also sets out how this failure by the university breached general ongoing condition F3, which compels a registered university or college to provide information to the OfS to assist its monitoring.
The OfS uses audited financial information to help assess a university or college’s financial viability and sustainability. Without this information, the OfS’s ability to effectively and efficiently monitor and anticipate financial risk is impeded, which can impact students and the wider sector.
The university had been granted three extensions to the original deadline, but was not able to provide the OfS with these signed audited financial statements by the amended deadlines. Following this, and having considered representations made by the university, the OfS reached a final decision to impose a monetary penalty for a breach of general ongoing condition F3 in respect of the period 1 February to 30 September 2021. The audited financial statements for the year ended 2019 have now been submitted.
The University of Buckingham is required to pay a monetary penalty of £37,231, which represents 0.1 per cent of the provider’s qualifying income of £37,230,717.
Notes
- Read the full regulatory report.
- The University of Buckingham submitted its signed audited financial statements for the year ending December 2019 to the OfS on 1 June 2022.
- Read our regulatory framework.