Financial Management Standards in Schools (FMSiS)
From January 2007 it became a legal requirement for all schools to attain the standards outlined Financial Management Standard in Schools (FMSiS).
FMSiS was intended to help schools to evaluate the quality of their financial management and helps train staff to become better financial managers.
The standard covered the following five areas:
- Leadership and governance
- People management
- Policy and strategy
- Partnerships and resources
- Processes.
On 15 November 2010, Michael Gove, Secretary of State for Education announced the decision to end the current Financial Management Standard in Schools (FMSiS) with immediate effect and develop a simpler standard as a replacement.
Please refer to the annoucement at the following link: