02 Mar 2017 | Posted In Money advice news

Following the introduction of the Money Advice Service’s Standard Financial Statement (SFS) for debt advice, creditors and others to use as a single, consistent tool for assessing an individual’s income and expenditure on 1 March 2017, Scotland’s Insolvency Service, Accountant in Bankruptcy (AiB) has confirmed that the Common Financial Tool (CFT) used in Scotland, will continue to be used until Scottish legislation changes, for which there is not yet a fixed date.
AiB will be consulting stakeholders later this year to seek views on whether or when the switch to use the SFS should be made. Therefore, any adviser or insolvency practitioner using the CFT must continue to use the Common Financial Statement in accordance with the legislation for new applications.
AiB will notify the advice community and insolvency practitioners well in advance of any change to this process.
Read more here.