Common Financial Statement (CFS)
The Common Financial Statement (CFS) is a budgeting tool that can be used by advice agencies and other third party organisations to make debt repayment offers to creditors on behalf of clients. It provides a detailed budgeting format enabling an accurate overview of a client's income, expenditure, assets and liabilities to be produced.
Trigger figures
The CFS uses trigger figures to assess reasonable levels of expenditure across specific expenditure categories. The trigger figures are typically updated annually, however may be updated more often at other times of the year if necessary.
An independent third-party conducts the calculations to determine the trigger figures, using research from the Government’s Living Costs and Food Survey. This survey is based on a random sample of lower-income UK households produced by the Office for National Statistics.
AiB has no involvement in the calculation process, which has been applied consistently since adoption of the CFS as Scotland’s statutory Common Financial Tool.
CFS authorisation
In order to use the CFS and have access to the associated trigger figures you need to apply for authorisation.
Authorisation can be given if you meet either of the criteria below:
- a third-party organisation negotiating debt repayment offers for a client or providing financial advice on statutory debt solutions
- an organisation that is involved in making decisions in relation to debt repayment
The CFS authorisation covers users at an organisational level, therefore only one authorisation is required per organisation.
To apply for authorisation, email the CFS mailbox.
The CFS is not intended for general public use, as it must be administered by a third-party organisation. Individuals seeking assistance with budgeting or financial concerns should speak to a money adviser.
For agencies in England and Wales, the Standard Financial Statement (SFS) operated by the Money and Pensions Service, has replaced the CFS and you should therefore apply for a licence to use the SFS rather than the CFS.
FAQ
What are the benefits of using the CFS?
The CFS:
- features a detailed budgeting format to assist with the preparation of repayment offers that are designed to be realistic, sustainable and stand the test of time
- is underpinned by a commitment from supporting creditors to accept offers made using this budgeting format providing the underlying principle is met. The CFS principle is that offers are made by independent money advisers, based on expenditure within trigger figures following guidelines
- encompasses a partnership approach to dealing with over-indebtedness
- improves communication and transparency between creditors and third-party organisations negotiating on behalf of clients
- is recognised within a range of formal schemes and codes of practice
How do I access the trigger figures?
You need to be authorised to access the CFS trigger figures.
To apply for authorisation, email the CFS mailbox.
How often are the trigger figures updated?
The trigger figures are reviewed annually and published in April. Interim changes to the figures may be made if there is a significant increase within any expenditure category.
What expenditure categories do the trigger figures cover?
There are trigger figures for telephone, travel, housekeeping and other costs. Fixed expenditure categories such as rent and mortgage payments do not have a trigger figure. This is because what people spend on these items varies widely from household to household.
Further information regarding expenditure and trigger figures can be found in the Notes for Guidance - Common Financial Tool.
What is the current version of the trigger figures?
The current version of the CFS trigger figures was published on 1 April 2024, following revision of the figures.
To obtain the current trigger figures, email the CFS mailbox.