275.Section 87 imposes a duty on the Commission to publish a statement about how it proposes to exercise its funding powers under the Act, which are:
section 88 (financial support to specified providers for higher education);
section 89 (financial support for higher education courses specified in regulations);
section 97 (financial support for further education or training);
section 101 (financial support for education provided by school sixth forms maintained by local authorities);
section 103 (financial support for provision of information, advice or guidance and to form links with employers and financial support for the provision of further education or training through the medium of Welsh or for the purpose of teaching Welsh);
section 104 (financial support for apprenticeships);
section 105 (financial support for research and innovation).
276.The purpose of the funding policy statement is to make the Commission’s proposed approach to the exercise of its funding powers transparent to those potentially affected by them and the public generally. In preparing the funding policy statement, the Commission must have regard to the importance of transparency in its decision making in respect of the provision of funding.
277.The Commission is also required to consult such persons as it considers appropriate prior to publishing its funding policy statement, and must keep the statement under review.