A groundbreaking qualification aimed at enhancing customer service and staff retention in the debt management sector has been launched by consumer debt advice organisation MoneyPlus in partnership with NTI Insolvency Training. The new Professional Insolvency Practitioner (PIP) qualification is set to raise industry standards and address growing concerns about the quality and stability of debt advice services across the UK.
The introduction of the PIP qualification will be mandatory for all customer-facing employees at MoneyPlus, which employs over 170 staff. This initiative is part of a broader employee support programme that includes on-site facilities such as a gym, subsidized meals at the company’s canteen, and mental health support from a qualified counsellor.
Chris Davis, CEO of MoneyPlus, highlighted the importance of this new qualification: “We are committed to delivering the highest standards of advice amid the ongoing cost of living crisis. Our significant investment in this training reflects our dedication to providing top-quality service. By making this qualification mandatory, we aim to set a precedent for the industry and inspire other organisations to adopt similar standards.”
The need for improved training in the debt management sector comes at a time when nearly one in ten UK debt advice providers are considering leaving the sector within the next year, according to the Institute of Money Advisors (IMA). The Money and Pensions Service (MaPS) has also reported challenges in attracting and retaining talent, with half of advisers saying their workloads are unmanageable and about 70% feeling they lack sufficient time to perform their roles effectively.
“Introducing this qualification is about raising the bar and addressing the critical need for upskilling and retaining talent in the sector,” added Davis. “It’s essential that debt advisers are equipped with the most current knowledge and are able to deliver the highest standards of service, especially in managing insolvency and debt advice.”
NTI Insolvency Training, known for its FCA-accredited Money Helper qualifications, is partnering with MoneyPlus to deliver this new PIP training. The qualification is designed to provide not only technical expertise but also to enhance advisers’ abilities to understand and empathise with individuals seeking help with debt.
Neil Taylor, Managing Director of NTI Insolvency Training, commented on the initiative: “The recent fines and disqualifications published by the Insolvency Service highlight a lack of attention to training in parts of the debt management industry. Consumers facing debt issues deserve a higher standard of service to make informed decisions about their repayments. This new qualification aims to address that need by equipping advisers with the skills to offer comprehensive and empathetic support.”
Taylor further explained that the new PIP training programme will ensure that advisers can fully explain all available options and help customers choose the best solutions for their specific situations. “The prospect of seeking help with debt can be distressing and anxiety-inducing,” he said. “Our goal is to provide advisers with the tools they need to offer the highest quality of service, combining technical knowledge with a compassionate approach.”
The launch of this new qualification represents a significant step towards improving the quality of debt management services and supporting the well-being of both consumers and professionals in the sector. As the industry adapts to these new standards, MoneyPlus and NTI Insolvency Training hope to lead the way in setting a new benchmark for excellence in debt advice.