Financial Education Claire Orr

Financial Education The introduction of mandatory advice and targeted Financial Education, is a key part of the ‘Financial Health Service’ seeking to build financial capability and prevent individuals from repeated financial difficulties. Money Advice Scotland has developed the financial education module for the purposes of the regulations. –It will be available as an e- learning module and will be hosted on the Money Advice Scotland portal and AiB’s Financial Health Service website. –Where a debtor does not have access to online services, the trustee must inform AiB, who will print a hard copy of the module and forward to the debtor.

Financial Education BADA(S) sets out specific criteria determining those who is required to complete financial education and those who are exempt. Regulations have been laid in the Scottish Parliament which: –Stipulate that the programme of financial education is the financial capability module developed by Money Advice Scotland. –Require the debtor to complete the financial education module prior to receiving their discharge. –Define the role of the trustee and the process to undertake and complete the financial education module. –Define the information to be included and the process by which a trustee notifies the debtor that they are required to undertake a course of financial education.

Claire Orr, Executive Director Policy & Compliance 1 Pennyburn Road, Kilwinning, Ayrshire, KA13 6SA T F W THANK YOU