Following the announcement by the Money Advice Service (MAS) of the forthcoming new Standard Financial Statement (SFS), MAS has now published two explanatory flyers aimed at front-line advisory staff and creditor staff.
The SFS is a tool used to summarise a person's income and outgoings, along with any debts they owe. The SFS provides a single format for financial statements, allowing the debt advice sector and creditors to work together to achieve the right outcomes for consumers struggling with their finances.
Recognising that the information provided to date was mainly aimed at management rather than front-line staff, MAS has introduced these two one-page flyers to give a brief guide to the function and benefits of the new SFS from an advice agency and creditor point of view.
The SFS is due to go live on 1 March 2017, marking the beginning of a transition period during which creditors and debt advice providers will move to using the new format.