Wednesday 22nd February 2012
The first batch of students to take a new professional qualification in debt advice as a result of a partnership between the Debt Managers Standards Association (DEMSA) and the Institute of Money Advisers (IMA) had their induction last week.
The qualification, entitled ‘Certificate of Credit in Money Advice Practice’, officially starts next week and is designed to continue to raise the benchmark for the fee payable debt advice sector.
DEMSA’s Richard Wharton commented on the qualification: “Our aim is to continue improving standards in the debt management industry and we see the implementation of the DEMSA/IMA training scheme as a key building block to achieving and improving the offer to the consumer. Our members have welcomed the introduction of the scheme.”
Back in 2010, a similar scheme was launched for the free advice sector, which has seen almost 300 advisers achieve the qualification so far. Over 16 weeks, key areas of debt advice which include priority debts, budgeting, insolvency and relevant legislation such as the Consumer Credit Act will be covered.
Successful completion of the qualification offers the equivalent to an NVQ Level 4 or first year degree level.
Delivered exclusively through Staffordshire University’s Virtual Learning Environment, the course is assessed by formative assessments throughout the learning term and a final exam at the end of the 16 weeks.
Steve Meakin, Chair of the IMA, said when the scheme was first announced: “The agreement with DEMSA represents a significant step in continuing to improve standards of advice in the fee charging sector. The IMA’s ‘Certificate in Money Advice Practice’ was introduced in 2010 for advisers in the free advice sector and has played a key role in establishing a benchmark for high quality advice.
“I believe that our work with DEMSA in introducing a new qualification and CPD scheme will mirror what has already been achieved in the free advice sector.”
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