OfS report signals step in the right direction for UK universities

The Office for Students (OfS) has published a report today ‘Fit for the Future: Higher Education Regulation Towards 2035’, which includes recommendations for the regulator to monitor the financial sustainability of all higher education institutions.

Lisa Randall, partner and head of higher education at RSM UK, comments: 'Today’s announcement is an important step in the right direction for UK universities, having faced significant financial challenges due to higher education being a globally competitive market. This includes the impact of static tuition fees versus inflation, rising costs and falling international student numbers, all which have added further pressure amidst ongoing redundancies and transformation plans.

'With financial stability outlined as a key priority within a reduced number of strategic objectives for the OfS moving forward, this ensures quality of education, better access to research and innovation, enhanced student support services and enabling universities to contribute to their local and national economy. In addition, it will also promote long-term growth and ensure universities are equipped to manage future economic and geopolitical challenges.'

She added: 'It is also positive that today’s report includes recommendations on ‘regulating in the student interest’, which will raise the profile of the student voice at regulator level. Student voice is an important aspect of ensuring the long-term growth and success of educational institutions and their students, with concerns raised in the recent NSS Results. As the sector has witnessed, student voice helps to increase engagement, encourage collaboration, improve culture and enhance the learning experience. Overall, the government’s commitment to improving higher education from a financial and student experience perspective is a sign that things are moving in the right direction.'