Have your say on the future of the Common Financial Tool in Scotland

Accountant in Bankruptcy (AiB) has called on everyone involved in the insolvency and debt management processes to voice their opinions on the mechanism used to determine how much debtors pay towards their debts.

The Common Financial Tool is currently the standardised method used in Scotland to assess a debtor’s income and expenditure to help determine the amount a debtor can contribute towards what they owe if they are in a Scottish debt solution. 

However, across the rest of the UK, the Standard Financial Statement is now being adopted to provide a single format for summarising a debtor’s income and expenditure.

AiB would like your views on whether it should replace the Common Financial Tool with the Standard Financial Statement, and if so, when the change should be made.

A consultation has been launched which will last until 27 October 2017. To ensure an informed policy is developed following this consultation, it is important views are gathered from all parties who may be affected by a change to the current process and legislation.

Anyone can voice their opinion and AiB is particularly interested in hearing from those individuals, organisations and companies who currently use the Common Financial Tool or the Standard Financial Statement. 

The consultation document featuring five questions can be found here.