Consumer debt advice organization MoneyPlus has teamed up with NTI Insolvency Training to launch a pioneering PIP qualification aimed at elevating customer service standards and enhancing staff retention within the UK’s debt management sector.
This new qualification will be mandatory for all customer-facing employees at MoneyPlus, which employs over 170 staff members. The initiative is part of an extensive employee support program that includes an on-site gym, subsidized meals at the company canteen, and mental health support from a qualified counselor.
With nearly 10% of UK debt advice providers considering leaving the sector within the next year, according to the Institute of Money Advisors (IMA), MoneyPlus aims to set a precedent by implementing high standards and qualifications to encourage others in the industry to follow suit.
MoneyPlus CEO Chris Davis stated: “We are committed to delivering the highest standards of advice, especially as we address the growing needs of customers impacted by the cost of living crisis. Our investment in this new qualification reflects our dedication to excellence, and we hope it will inspire others to raise their own standards.”
The Money and Pensions Service (MaPS) recently highlighted challenges in attracting and retaining talent within the debt advice sector, with many advisers reporting unmanageable workloads and insufficient time to perform their duties effectively.
Davis added: “This qualification aims to elevate the standard of training in our sector, ensuring debt advisers are equipped with the latest knowledge and highest service standards for managing insolvency and debt plans.”
NTI Insolvency Training, known for its Money Helper (FCA) accredited qualifications, is once again leading the way with this new partnership.
Neil Taylor, Managing Director of NTI Insolvency Training, remarked: “Recent Insolvency Service reports highlight a gap in training across parts of the debt management industry. Consumers need high-quality service to make informed decisions about debt repayments. This new PIP training not only covers technical expertise but also emphasizes understanding and empathizing with those seeking help.”
