B4.3 | Transport for London is the main point of public interest oversight, although again it is too early to assess its oversight impact

Under the Greater London Authority Act, Transport for London is the public sector body with primary responsibility for ensuring that in running the PPPs the public interest is protected. TfL act with first duty to London residents, and it is seeking to ensure effective oversight in a number of ways. The Board of TfL monitors the performance of LUL and seeks to ensure that it delivers the Mayor's strategy for the Tube. Any significant transaction by LUL requires clearance by either the TfL board or the London Transport Commissioner, depending on its value. TfL have put in place a number of financial controls and conducts a rolling audit programme of different aspects of the PPPs. TfL also supports LUL by providing specialist services such as financial expertise.

Whether TfL's oversight role will work successfully will take time, and good information, a point that is covered in more detail in Section A3