Following a detailed consultation and analysis, Account in Bankruptcy (AiB) has announced that it is recommending to Scottish Ministers that it introduces the Standard Financial Statement (SFS) for assessing the income and expenditure of debtors from October 2018.
The Standard Financial Statement has been introduced across the UK as a unified method for assessing a debtor’s income and expenditure. By the end of 2018, it is expected more than 90% of the UK’s debt advice providers and over 1000 organisations in total will be using the Standard Financial Statement.
AiB has also received positive feedback about the SFS from current users of this system. The decision to recommend the adoption of the SFS follows AiB’s detailed consultation on the future of the Common Financial Tool (CFT), which ended in October 2017. 63 responses were received from across the money advice and creditor sectors and a summary of the responses to the consultation. The consultation report records full details of responses, post-consultation work and analysis and AiB’s proposal to introduce the SFS. As a result, AiB will present the proposal that the SFS is introduced in Scotland from 1 October 2018 to Scottish Ministers.