bankruptcy law reform common financial tool
Download
Skip this Video
Download Presentation
Bankruptcy Law Reform: Common Financial Tool

Loading in 2 Seconds...

play fullscreen
1 / 5

Bankruptcy Law Reform: Common Financial Tool - PowerPoint PPT Presentation


  • 99 Views
  • Uploaded on

Bankruptcy Law Reform: Common Financial Tool. Claire Orr. Common Financial Tool. Bankruptcy Law Reform consultation proposed a single financial tool to ensure consistency in assessment of debtors’ income and expenditure.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Bankruptcy Law Reform: Common Financial Tool' - brent-leonard


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
common financial tool
Common Financial Tool
  • Bankruptcy Law Reform consultation proposed a single financial tool to ensure consistency in assessment of debtors’ income and expenditure.
  • Common Financial Tool Working Group (CFTWG) was set up to consider existing tools or Scottish-specific.
  • CFTWG supported recommendation for CFS to become the single tool in Scotland.
  • The Bankruptcy and Debt Advice (Scotland) Act 2014 gives Scottish Ministers power to specify a common financial tool.
  • CFT regulations provide the detail of the tool and how it will operate i.e. CFS.
common financial tool regulations
Common Financial Tool regulations
  • All money advisers will be required to use the CFT with clients to assess surplus income prior to entry into a statutory debt solution.
  • Money advisers must verify income and expenditure and confirm debts.
  • Debtor’s contribution will be the surplus income identified using the CFT.
  • No contribution will be taken in bankruptcy or PTDs where the debtor’s sole income is derived from welfare benefits.
  • The CFT must be used to re-assess surplus income where debtor is seeking variation or payment break.
  • AiB will undertake a programme of random annual audits to monitor the use of CFT.
next steps
Next steps
  • Scottish Common Financial Tool Working Group met to discuss draft regulations and guidance in July 2014.
  • Future SCFTWG meetings will take place during rest of year to develop scenarios and CFT guidance.
  • Common Financial Tool Regulations have been introduced to Scottish Parliament and will commence 1 April 2015.
  • AiB representation on CFS Client Support Steering Group (CSSG).
  • Monitor progress on UK discussions on single income and expenditure statement (based on CFS format, principles and trigger figures).
  • The new ‘CFS-Plus’ will improve the CFS including revising categories and allowing for savings provision.
slide5

Claire Orr, Executive Director Policy & Compliance

THANK YOU

1 PENNYBURN ROAD, KILWINNING, AYRSHIRE, KA13 6SA

T 0300 200 2600 F 0300 200 2601 W WWW.AIB.GOV.UK

ad