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Debt Management Businesses: Accredited Training

On 25 June 2015 the Financial Conduct Authority published a far-reaching thematic review of the quality of advice offered by debt management businesses. The results were not pretty. When a Government body describes their findings as ‘very disappointing’, promising a ‘broad assessment … of individual firms’ you can be sure that this is a barely disguised euphemism for, ‘we’re appalled and are coming to get you’.

There were almost 10,000 Individual Voluntary Arrangements in Q1 of this year, adding to the 3,750 Bankruptcies. People in debt need help and they need to receive it from those who are qualified to give it. Would you go to an unregulated dentist? How about letting an unqualified teacher loose on your kids? Is a distinct lack of regulation and qualifications acceptable in a sector that must bear the responsibility for the financial angst of so many desperate people?

At Neil Taylor Insolvency we don’t think so. We are the UK’s largest insolvency training business and the only company totally dedicated to the training and development of people in our sector. Thanks to the support and input of progressive businesses such as Credit Fix and Pay Plan we have designed, developed and will launch a series of exclusive ‘Personal Insolvency Practical’ (PIP) qualifications at the end of September. More importantly these qualifications will all be accredited by the Money Advice Service and be the go to qualification for everyone in a sector which, by and large, has had its socks around its ankles for too long now.

Training is the answer. But not just ‘finger-in-the-air’ training; specific, job-related training linked to a recognised, accredited qualification which is visible both in and outside the sector. If I am in financial trouble I have the right, when calling a Freephone number, to know that the phone will be answered by a person with not just knowledge, but also a qualification. They are great at their job and their employer can prove it.

The NTIQ PIPs are unique in that 50% of the syllabus deals with the personal and interpersonal skills necessary to perform such a vital role with confidence and empathy. Of course technical training must be at the heart of every self-respecting professional qualification; however, we cannot ignore the fact that knowing the debt relief options that can be offered to clients is not enough. The debt management industry needs to up its game and must be seen to be doing so. Perception is everything. Image can make and break a person, a company … even an entire industry. Training lengthens employees’ job-life, reduces absenteeism and adds to a ‘happiness rating’ that makes people more effective and engaged.

Effective and engaged people should be dealing with client enquiries, having difficult conversations and coming up with the best solutions. A training company is bound to see training as the answer to the ills of a sector. I just bet we are right on this occasion.

For more information on the MAS accredited PIP qualifications by Neil Taylor Insolvency call 01962 77 21 81 or email us at enquiries@ntinsolvency.com

Posted: 27.09.2016
Tags:  blog

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