skip to content | Accessibility Information

Financial and Legal Services Financial Regulations, Policies and Procedures


A. Introduction

A1 - Why Do We Need Financial Regulations?
A2 - Format and Status
A3 - Glossary and Terminology
A4 - Further Advice

A1 - Why do we need Financial Regulations?

The University´s activities are supported by substantial public funds and as a publicly funded body, the University is accountable to its stakeholders in ensuring the most efficient and effective use of its resources in support of the University’s approved strategy. 

This means the University has a responsibility to operate within a compliance framework and in a transparent manner.   This compliance framework dictates that the University must develop systems for internal control which include the Financial Regulations. 

These Financial Regulations 

  • are approved by the Board of Governors in accordance with its statutory responsibilities for the control of University finances. When applied, the regulations ensure the proper use of University financial resources, satisfying the University's requirements for accountability, internal control, and the management of financial risk;
  • fulfil any legal or financial obligations established by HM Revenue & Customs, the Higher Education Funding Council for England (HEFCE), and other government agencies, and;
  • provide assurances that the resources are being effectively applied for the achievement of the University’s Strategic Plan and business objectives on a sustainable basis whilst achieving value for money

The Board of Governors has approved these regulations on 26th June 2015 and is required to approve any amendments.


A2 - Format and Status

These regulations, together with the supporting Financial Procedures and Policies set out the fundamental principles that underpin all transactions by, or on behalf of, the University.  They apply to all activities of the University, including any subsidiary undertakings, and compliance with them is compulsory for all employees who are involved in activities falling within their scope. They are also compulsory for all temporary and agency staff.


As the Regulations set out general principles, it is unlikely that they will change very often.  The more comprehensive Financial Policies and Procedures describe in detail how a specific financial activity can best be carried out.  As such, the Policies and Procedures set out recommended best practice and should be followed, unless the Director of Finance specifically approves a variation in writing.

It is the personal responsibility of the head of department to ensure that the existence of the Financial Regulations, Policies and Procedures, and the importance of observing their provisions, is made known to all employees within their department. 

A member of staff who deliberately fails to comply with the Financial Regulations and Financial Policies and Procedures will be referred to the University's disciplinary processes and may be subject to disciplinary action under the University’s disciplinary policy.


A3 - Glossary of Terms

Definitions and abbreviations used in the Regulations, Policies and Procedures


A4 - Further Advice

Members of staff in Financial and Legal Services are always willing to help staff in departments who have queries concerning any matter relating to Financial Regulations or Financial Policies and Procedures.  If you have any concerns, or are unsure about a particular aspect of a specific Regulation, Policy or Procedure, please ask for advice.  Financial and Legal Services staff contact details.

Similarly, if your Department is about to undertake a new activity which you feel is not adequately covered by existing Financial Regulations, Policies or Procedures, please contact Financial and Legal Services at an early stage so that we can advise, and if necessary develop with you a new policy.


Article last updated: Friday, October 30, 2015

Page Feedback and Performance

Did you find this information useful?

Please leave any comments below

Featured Services

How do I?

about this feature

Do you need to do something specific? Most common questions are answered here.

Documents Library

about this feature

All the documents related to FLS categorised and explained.