New 'gold standard' certification launched by DEMSA

A new debt advice qualification has been launched by the industry to formally recognise debt managers' professional expertise and to raise the benchmark.

DEMSA, the Debt Managers Standards Association, which includes firms such as Baines and Ernst among its members, has created the new qualification in partnership with the Institute of Money Advisors.

The first batch of students who will be studying for the new 'Certificate of Credit in Money Advice Practice' had their induction in the middle of February, with the course due to officially begin at the end of the month.

A similar programme was launched back in 2010 for the debt charity sector. This scheme resulted in nearly 300 advisors completing the qualification in less than two years, a resounding success for the initiative. DEMSA has high hopes that its newest qualification, which will permit advisors from professional firms to participate, will prove equally successful.

The 12 week course incorporates key subjects such as prioritising debt, how to budget, insolvency and legislation and regulation including the Consumer Credit Act. The qualification requires students to complete a number of assessments throughout the course, followed by a final examination at the end of the 12 week period. It is anticipated around 150 hours of study will be required, depending on the existing level of knowledge and a pass rate of 70% for the final examination is necessary. Successful completion of all of the modules and passing the exam will result in the qualification being awarded, which is the equivalent of a Level 4 NVQ or the first year of a degree. At present the course is only being offered by Staffordshire University's Virtual Learning Environment.

A spokesperson from DEMSA said that they wanted to 'continue improving standards in the debt management industry' and said that the joint effort with the IMA was a 'key building block.' DEMSA also said that its members had welcomed the creation of the qualification.

The Chair of the IMA, Steve Meakin, was equally enthusiastic about the potential for the qualification and when the scheme was first announced said that the partnership represented a 'significant step in continuing to improve standards of advice.' He acknowledged the success of the previous qualification introduced in 2010 and described it as 'establishing a benchmark' in the field of debt advice. The Chair of the IMA went on to say that he believed the new scheme would 'mirror' the previous achievements made within the charity sector.

At present the qualification is being opened only to individuals working in the field of money or debt advice or related professions.

For advice on dealing with debt, you could speak to DEMSA members Baines and Ernst who follow the Debt Managers Standards Association’s Code of Conduct as approved by the OFT.

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