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The existing Value for Money Standard, introduced in 2012, has had a positive impact, encouraging board engagement in driving improvements and supporting a greater level of transparency and accountability across the sector.
The proposed Standard aims to build on the progress made and move the focus of our regulatory approach away from the primarily narrative self-assessment to more outcome-based reporting from registered providers on targets, including a suite of metrics to be defined, from time to time, by the regulator. It places value for money at the heart of the business.
This consultation is an opportunity for interested persons and organisations to influence how the VfM Standard and the associated Code of Practice are developed and implemented.
The current VfM Standard can be found on the Regulatory Standards page.
The regulator has written a letter to registered providers and also issued a press release.