24
Accepted
Increased investment in data analytics by SLC enhances detection of student loan fraud.
Conclusion
SLC told us that one reason behind increases in the value of detected fraud was its investment in using data to detect issues.60 SLC uses a range of data, not just its own. To help with identifying individual-level fraud, it is now part of the National Economic Crime Centre, so receives public and private sector intelligence, and links in with the Public Sector Fraud Authority.61
Government Response Summary
The department and SLC already collaborate on setting risk appetite and on risk management arrangements.
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
4.4 The department and SLC already collaborate on setting risk appetite and on risk management arrangements. DfE attend SLC Audit & Risk Committee (ARC) and Board. SLC provides reports on fraud prevention and reduction to ARC and works with the DfE to consolidate quarterly fraud reports to the Cabinet Office, the Public Sector Fraud Authority (PFSA) and DfE ARC. Additionally, SLC agrees its fraud savings target annually with the DfE / PFSA.
Source
Committee
Public Accounts Committee
Inquiry
Investigation into student loans issued to those studying at franchised higher education providers
Report
Twenty-Eighth Report - Student loans issued to those studying at franchised higher education providers
24 Apr 2024
HC 455
Addressee Bodies
HM Treasury
Timeline
Recommendation age
2.1 yrs
Report published
24 Apr 2024