CIPFA has played a key role in the development of the prudential framework for capital investment by local government. This replaces the present complex regulatory frameworks in England, Wales and Scotland. The new system is one based largely on self-regulation by local authorities. At its heart is the CIPFA Prudential Code for Capital Finance in Local Authorities. This is potentially the most significant and positive change in local authority finance for decades and will enable authorities to take greater control of their investment in the fixed assets that are central to the delivery of quality local public services.

Local authorities throughout Great Britain will, from 1 April 2004, be required by Regulation to have regard to The Prudential Code when carrying out their duties in England and Wales under Part 1 of the Local Government Act 2003, and in Scotland under Part 7 of the Local Government in Scotland Act 2003.

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