Assessing Performance

UKFI’s objectives

The UKFI Framework Document, drawn up by UKFI and its ultimate shareholder, HM Treasury, sets out the objectives for the Company and the framework within which it will pursue them. The overarching objective of UKFI is to develop and execute an investment strategy for disposing of its investments in an orderly and active way, within the context of protecting and creating value for the taxpayer. 
Each year, UKFI publishes its Annual Report and Accounts. This document includes a more detailed set of objectives for the Company for the year ahead, pursuant to its overarching objective, and provides a summary of how we have approached our role as an active and engaged shareholder over the past year. The Annual Report and Accounts also provides information on the financial performance of the investee companies, information about its internal governance and remuneration policies, the report from the independent auditor and the Financial Statements of UKFI.

The Annual Report and Accounts is agreed by the UKFI Board and HM Treasury, including HM Treasury Ministers.

Parliamentary Scrutiny

The National Audit Office (NAO) is responsible for scrutinising public spending on behalf of Parliament, and holding Government bodies to account for the way they use public money. The NAO has produced detailed reports on the buy-back of subordinated debt by the Government’s Wholly-Owned banks (published March 2011), The creation and sale of Northern Rock plc (published May 2012), The first sale of shares in Lloyds Banking Group (published December 2013), and the £13 billion sale of former Northern Rock assets (published July 2016). More information about the National Audit Office can be found on their website:
UKFI regularly appears in front of the House of Commons Treasury Select Committee, and has also appeared in front of the Public Accounts Committee.

31st March 2017

UKAR announces £11.8 billion sale of Bradford & Bingley assets
UK Financial Investments Limited (UKFI), today confirms that following an open and competitive sales process, UK Asset Resolution Limited (UKAR), the holding company for the government owned businesses of Bradford & Bingley plc (B&B) and NRAM Limited (NRAM), has agreed to sell two separate asset portfolios of performing buy-to-let loans from B&B to Prudential plc and to funds managed by Blackstone for £11.8 billion

7th October 2016

Intention to sell shares in Lloyds Banking Group plc through a trading plan
UKFI today announces that it intends to continue to sell Her Majesty’s Treasury’s (“HMT”) shareholding in Lloyds Banking Group plc (the “Company”) over the next twelve months through a pre-arranged trading plan that will be managed by Morgan Stanley & Co. International plc (“Morgan Stanley”).