Scottish Government withdraw Common Financial Tool Regulations

Scottish Government Minister, Jamie Hepburn, Minister for Business, Fair Work and Skills, has written the Economy, Jobs and Fair Work Committee of the Scottish Parliament to withdraw the Common Financial Tool (Scotland) Regulations 2018.

The Regulations, which were intended to migrate Scotland onto the Standard Financial Statement method of calculating how much those in debt get to live on, were initially laid in June 2018, but then withdrawn in August 2018 (See here)

However, the Minister has written to the Committee again to withdraw them after critical evidence was given on the 6th November (see here), by a number of advice agencies and professionals. This followed on evidence given on the 30th October 2018 by Money Advice Scotland, the Money Advice Service, The Institute of Chartered Accountants of Scotland and R3 (see here).

Mr Hepburn’s letter withdrawing the Regulations can be read here.

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