Consumer debt advice organisation MoneyPlus has partnered with NTI Insolvency Training to deliver a trailblazing PIP qualification, designed to raise customer service standards and improve staff retention rates across the UK’s debt management ecosystem.
The new course and qualification will be mandatory for all customer facing employees of MoneyPlus, which currently employs more than 170 employees. It adds further gravitas to the MoneyPlus employee support programme which includes access to an on-site gym at the firm’s head office, subsidised lunches at an on-site canteen, and on-site mental health support from a fully qualified counselling practitioner.
With nearly one in ten UK debt advice providers (eight per cent) planning to leave the sector entirely within the next 12 months according to the Institute of Money Advisors (IMA), MoneyPlus is seeking to encourage other actors in the debt management ecosystem to follow its lead by introducing similar standards and qualifications.
MoneyPlus CEO Chris Davis, says: “While we’re proud of the training that we already provide for our staff, we are intent on delivering the highest standards of advice to the ever growing number of customers that we are advising as a result of the ongoing cost of living crisis.
“We believe that our significant investment into training underlines our commitment to provide the best advice in the sector and we hope that by introducing this new mandatory qualification within our business, that we will inspire others to follow.”
The Money and Pensions Service (MaPS) has recently gathered evidence to show the extent of challenges facing UK debt advice providers when it comes to attracting and retaining talent. With low awareness of debt advice as a career option, retaining trained and experienced staff within the sector is critical to meeting growing demand for consumer debt services. Furthermore, half of the advisers in a MaPS online adviser panel say their current workload is not manageable and around 70% consistently say they do not have enough time to do their job well.
“By introducing this new qualification we’re looking to raise the bar and ensure that we are doing what we can to help upskill, attract and retain talent within the sector. This higher standard of training is critical in ensuring that all debt advisors are positioned to offer the most up-to-date knowledge and the highest standards of service when it comes to managing insolvency, debt advice, and debt management plans.”
NTI Insolvency Training has already led the way for the sector with its Money Helper (FCA) accredited qualifications. The organisation is seeking to break the mould again via this newly announced partnership with MoneyPlus.
Neil Taylor, managing director of NTI Insolvency Training says: “Recent lists of company fines and disqualifications published by the Insolvency Service demonstrate there is currently a lack of attention to training across certain parts of the debt management industry. Consumers deserve a much higher standard of service to ensure they’re empowered to make informed decisions, especially when it comes to debt repayments.
“The prospect of reaching out for help with debt can cause extensive distress and anxiety and as the Money and Pensions Service advised in a report earlier this year, the best service that can be offered is where the advisor can fully explain all available options and help to choose the best solution for each customer’s situation. It is in this spirit that we’ve partnered with MoneyPlus to deliver this new PIP training which not only provides all the technical know-how, but how to understand, empathise and work sensitively with those seeking help.”
