My Lords, Amendment 7, tabled by the noble Baroness, Lady Twycross, and in the names of the noble Lord, Lord Addington, and the noble Baronesses, Lady Wilcox of Newport and Lady Thornton, Amendment 8, tabled by the noble Lord, Lord Addington, and Amendment 11, tabled by the noble Lord, Lord Watson of Invergowrie, would place requirements on the Government to review the impact of the Act. I take this opportunity to confirm that the Government agree with the sentiment behind these amendments and are fully committed to monitoring the impacts of this transformation of student finance.
As your Lordships will be aware, the Government have published an impact assessment for the Bill which includes a consideration of impacts on learners, providers and employers. A full impact assessment and an equality assessment were also published alongside the Government’s response to the LLE consultation. In addition, parliamentary accountability mechanisms are already in place to review Acts of Parliament, including post-legislative scrutiny reviews, and I take this opportunity to acknowledge the Education Select Committee in scrutinising the work of the department.
Amendments 7 and 8 would require the Government to review the impact of the Act in relation to multiple different areas. However, vehicles through which these areas can be monitored already exist. For example, I take this opportunity to refer your Lordships to the publications produced by the Higher Education Statistics Agency, which will continue to publish data on learner uptake, personal characteristics of learners, including disabilities, and student course enrolments. Similarly, data on the take-up of level 3 courses, as referenced in Amendment 11, is available on the government web pages. I also refer your Lordships to publications from the Office for Students, including its annual report and accounts, as well as publications on the financial sustainability of the sector. Furthermore, information on student loan borrowers is publicly available from the Student Loans Company.
The Government are working jointly with the Student Loans Company and the Office for Students throughout the development and implementation of the LLE. I refer your Lordships to the framework document between the DfE and the OfS, which was updated in January 2023. It sets out the governance framework within which the OfS and the DfE operate, including in relation to financial matters. The department and the OfS will continue to work together to monitor expenses, funding, resources and efficiency via business planning.
I note that Amendment 8 references the impact of the credit-based method on students with disabilities and those with a need for a sharia-compliant loan system, among other criteria. I clarify that the fee limits are set on courses, not students. Therefore, the credit-based method, like the current fee-limit system, will not depend on any characteristics of individual students. All students on a course will have their fees determined in line with the same fee-limit rules, regardless of whether they have a disability, self-fund or use alternative loan arrangements.
I take this opportunity to assure your Lordships that the Government remain committed to delivering an alternative student finance product compatible with Islamic finance principles alongside the LLE. We were
grateful for the support and contributions of noble Lords on this issue during the passage of the Financial Services and Markets Act. I can confirm that, in April, I met the noble Lord, Lord Sharkey, and representatives from the Islamic community, including the Islamic Finance Council UK, to discuss the steps the Government are taking to deliver alternative student finance as swiftly as possible. I look forward to meeting them again—later this week, I believe.