1.5 In 2012, PFI underwent a review which aimed to address some of the widespread concerns surrounding PFI projects, particularly with regards to value for money and transparency. In 2012 the government launched its new model of PPP, PF2, which has reformed the PFI model.
1.6 Some of the reforms made to introduce the PF2 model include:
• the government acting as a minority equity co-investor in future projects, strengthening the partnership between the public and private sectors as well as increasing transparency
• a maximum 18 month period for the tendering phase of projects, measured from the invitation to tender to the appointment of preferred bidder in order to accelerate delivery
• soft services being removed from projects, improving the flexibility, transparency and efficiency of services
1.7 A more detailed explanation of PFI and how it works, including the changes made to introduce PF2, is set out in the policy document 'A new approach to public private partnerships', December 2012, published on gov.uk.