Treasury Management Code Consultation


CIPFA is pleased to present the consultation Treasury Management in the Public Services: Code of Practice and Cross-Sectoral Guidance Notes (Treasury Management Code) (2018) to be updated to reflect the changing environment in which it is applied.

While this code covers all public services, it is primarily designed for the use of local authorities (including police and fire authorities), providers of social housing, higher and further education institutions and the National Health Service.

The Treasury Management Code was last updated in 2017. Since then the landscape for public services has changed. The increasing profile of the role of treasury management as a result of the pandemic, the disciplines and skills required to meet the advances brought forward by issues such as the Markets in Financial Instruments Directive, known as MIFID II, and the increasing complexity of transactions in the sector all underline the importance of the Treasury Management Code and its guidance. In addition, the rise in commercial non-treasury investments is a contributing factor behind the need to strengthen its provisions to ensure that they are fit for the 21st century.

CIPFA is now issuing the Consultation on Proposed Changes to the Treasury Management Code.

The Prudential Code of Capital Finance in Local Authorities, CIPFA 2017 (Prudential Code), is currently also under review and we recommend responding to both consultations. This is the first of two consultations this year, on a principles basis with more details following in the second consultation.

The closing date for responses is 12 April 2021. Please e-mail your response to

It is intended to publish the revised code towards the end of the year for 2021/22 implementation.

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