Standard Financial Statement

About itWhats Wrong with it

Standard Financial Statement

How it works, and how it should be better
What is it

A Standard Financial Statement is a way of collecting and formatting the details of a financial ‘fact-find’ for use when applying for finance, negotiating debts, assessing benefits, claims, and suitability for financial service products such as insurance and pensions.

Whats Wrong with it

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A Solution

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What is the Standard Financial Statement

A free and open project to standardise information exchange when dealing with financial affairs of clients.
Information is the Key to better service

The Standard Financial Statement SFS is a standard that allows the storage, exchange and display of information. This information is primarily financial but also includes some essential details about the people named in the SFS. There will be many different ways of capturing and displaying the information but the SFS project is primarily concerned with the format of the data in digital form and the ‘trigger figures’ on expenditure categories. The format will be publicly available on a BSD Licence so that any agency can use it to store and exchange information. Promotion of this standard amongst the wider communities of Financial Services and Advice groups will be key to the success of the standard and users will be encouraged to spread the word about how simple and efficient the format is.

  • Digital Format

    Common standard for easily exchanged data between agencies

  • Standardised Categories

    A standard that adapts to change without the need for re-writing data.

  • Inclusive and Relevant

    Working with providers of energy, financial services, retail and health means that the best possible quality of essential information can be exchanged.

  • Open and Free

    This project is not a commercial venture; it is designed to be available to everyone as a tool for processing information that cuts through boundaries and stops IT departments re-inventing the wheel time and time again.

a new Standard Financial Statement?

The rationale behind this new and innovative project
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When the Money Advice Service (MAS) in the UK announced their Standard Financial Statement, it was welcomed as a licence-free standard way of exchanging financial information. Unfortunately, the MAS has now been scrapped by the Chancellor of the exchequer. In consultations with MAS it was discovered that their new format made no attempt to include a digital version of the format and would not be able to be changed, or extended without significant rewriting. The Standard Financial Statement’s digital format will allow Debt Advisors, Benefit Agencies, Financial Service companies and others exchange data in a single format which will reduce costs at every level and allow for automation of services which previous formats do not. Projects like this have often failed in the past because of a lack of support for the poor IT departments that will have to program the latest thing into their systems. In the case of the Standard Financial Statement, we will provide a selection of software developer tools in several languages to help implement the format. Training resources will also be available in PDF and video to make the SFS a simple format to adopt.

How to fix it

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