This month marks one year since the launch of the Standard Financial Statement (SFS), an initiative designed to bring greater consistency to the way organisations assess people’s finances when they fall behind on payments.
Dan Osmond, Product Owner, Lloyds Banking Group said: “As we explore the future design of customer budgets in a fast changing environment, the SFS provides the stable foundation to build upon. As a standardised and cooperative approach, it allows our customers and those supporting them to share one version of the truth without having to reconstruct their information to suit each creditor or organisation.”
Craig Simmons, Money Advice Service Sector Co-ordination Manager said: “We are really pleased that the first year of the SFS has been a success with lots of positive feedback from those using it. It has been a project built on close collaboration between debt advice agencies, creditors and several other bodies connected with credit and debit, who have all come together to help secure better consistency for over-indebted people.
“We look forward to facilitating even greater collaboration in the sector and hope to see take-up and support of the SFS continue to grow next year, particularly in a wider range of creditors.”
Carol Marsh, Assistant Chief Officer and Project Manager, Citizens Advice Knowsley comments: “Now that we have been using the SFS as part of the Money Advice Recording Tool (MART) we are finding that it covers broader items of expenditure than the Common Financial Statement. This has resulted in a more realistic representation of household expenditure and allowances for individual & households. The savings section is also a positive addition and overall the team are finding the change to be positive as the SFS is proving to be a lot easier and quicker to use.”