New FCA guidance coming into force on 2nd October 2020, has a specific section on Income & Expenditures.
In this updated guidance:
Section 5.30 the FCA states…
Where a firm assesses income and expenditure we expect it to do so in an objective manner, for example by reference to the spending guidelines in the Standard Financial Statement.
Section 5.34 the FCA states…
“The firm should, where possible and within its existing systems capabilities, share a record of any income and expenditure assessment that they complete with customers or make these available to customers (so that they are able to share them with other lenders) and debt advice providers. Although firms are not required to rely on information collected by third parties, firms should support and encourage customers to re-use up-to-date income and expenditure information previously gathered where possible. For example, an income and expenditure assessment completed by another lender.”
The guidance can be read in full here:
About IE Hub:
IE Hub’s is the only platform in the UK that empowers your customers to control their data and share their income and expenditure information quickly, safely and securely with multiple creditors to meet the new guidance set out by the FCA.
Also, IE Hub’s Creditor Portal (CRM) allows creditors to validate the expenditure against SFS, as recommended by FCA.
Clients can go live on IE Hub within couple of days. With IE Hub, clients can also share an I&E they have taken from the customer as well as receive I&E that have been completed in advance. IE Hub can also provide bulk management of I&E stock so existing I&E can be uploaded to support the customers long term engagement and financial recovery.