Financial Management Code of Practice for the Police Service of England and Wales

Book excerpt: This Financial Management Code of Practice (FMCP) provides clarity around the financial governance arrangements within the police service in England and Wales, and reflects the fact that the police service has a key statutory duty to secure value for money in the use of public funds. It provides high level guidance to help ensure effective and constructive relationships in all financial matters. The FMCP sets the tone while promoting flexibility and avoiding overt prescription so that the detail of arrangements can be worked out locally. The Code applies to the discharge of functions by all Police and Crime Commissioners in England and Wales and to every Chief Constable of a police force maintained by a PCC (including, unless specifically stated, the Commissioner of the Metropolitan Police, but excluding the Commissioner of the City of London Police). Sections cover: background; context; roles and responsibilities; schemes of consent; financial regulations and standing orders on contracts; accounting; strategic and financial planning; financial management; treasury management; corporate governance; value for money; transparency, collaboration and partnerships.