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.
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.
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Digital Format
Common standard for easily exchanged data between agencies
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Standardised Categories
A standard that adapts to change without the need for re-writing data.
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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.
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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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