20 Feb 2017 | Posted In Money advice news

The Money Advice Service has announced that the Standard Financial Statement (SFS) begins operation on 1 March 2017 and thanked the many advice agencies, creditors, trade bodies and others involved in its development, including the MALG members who were part of the governance group.

The first advice providers will begin using the new SFS format on 1 March and until April 2018, a transition period will be in operation while the rest of the sector make their switch to SFS. During this time, the SFS will be in operation alongside Common Financial Statement (CFS), the StepChange method and other current statement formats.

Registration to become a SFS user is now live on the SFS website. Any organisation planning to use the SFS must complete the online application which will also include agreeing to a Code of Conduct outlining best practice usage of the SFS. Once you have a login you will be able to access the approved formats, user guidance, spending guidelines, an Excel tool, links to eLearning material and FAQs.

While creditors will not be required to apply to use SFS simply to receive statements from the advice sector, it will be required to access the spending guidelines and for those intending to use the format in their own collections processes.

For further information, visit sfs.moneyadviceservice.org.uk or contact sfs.support@MoneyAdviceService.org.uk