In Focus Consumer Credit The key findings and outputs from the
industry project group which included the ‘big four’ retail banks were that: l New staff often lacked an understanding of the concept of credit, meaning how customers apply for and use credit. They were also not aware of ‘the bigger picture’ and the importance of debt collection within the wider economy lMany staff had no knowledge of the background to the growth of the consumer debt market, and, in particular, how lenders have adapted their business models to make borrowing more accessible to an ever wider number of customers l In the lead-up to FCA regulation, many firms were struggling to change their culture from a target-driven environment to one that puts the customer at the centre of the solution l Staff who were not themselves credit users had difficulty empathising with customers in arrears with their secured and unsecured financial commitments lMore experienced staff, highly skilled in dealing with customers in financial difficulty, often felt unappreciated due to a lack of understanding of the role they played within the firm as a whole. They were often keen to progress and saw achieving a professional qualification in debt collection as beneficial to their career progression l Firms wanted to be able to provide evidence to the FCA that they had trained staff to an appropriate level to meet the new regulations. An externally assessed, academically rigorous qualification was often seen as the best way to evidence this
Implementation and launch Following the period of consultation, we carried out a period of internal development, design and testing. Finally, the CertDC qualification was launched in September 2014 and contained the following key components:
l CertDC is a level 3 certificate covering the core disciplines of debt collection l Registration for the qualification is open all year round l Comprehensive distance learning study materials are provided l Assessment is via a multiple choice examination l On-demand exams are available in over 150 locations UK–wide l Upon completion, students can use the designation ‘CertDC’
Environment – 30 multiple-choice questions l Unit 2 – The UK Regulatory Environment & Debt Collection – 40 multiple-choice questions l Unit 3 – The Debt Collection Process – 10 multiple-choice questions and four case studies, each with five linked multiple-choice questions Students must achieve 70% in each unit
to reach an overall pass. If a student fails one or more units, they
are only required to re-sit the failed units to achieve an overall pass. Since the qualification was launched in
For the qualification, there are no entry requirements, and students can register individually online or by telephone. Online access to study texts is available immediately after registration has been completed and hard copies will also be provided
Studying For the qualification, there are no entry requirements, and students can register individually online or by telephone. Online access to study texts is available
immediately after registration has been completed and hard copies will also be provided. The study text contains review questions and activities to support the student. A specimen paper for each unit is also provided to test learning. The total qualification time for CertDC is 180 hours.
Assessment CertDC is assessed through a single two and a half hour exam, split into three units: l Unit 1 – The Debt Collection
September 2014, there have been over 1,100 CertDC registrations from over 70 different organisations including banks, credit card providers, mortgage lenders, legal firms, local councils, and credit unions to name a few. Although initially launched as a solution
for major banks and lenders, the variety of organisations and individuals taking the qualification has been a surprising but pleasing aspect of its appeal in the debt- collection industry. In addition to individual registrations
from new students, a number of our large corporate customers have co-ordinated substantial pilots of the qualification across different areas of their operations including secured and unsecured lending, as well as motor and asset finance.
Conclusion CertDC is the only qualification available to individuals working in the debt-collection environment that reflects the main themes of the FCA regulation around improved collector training. It enables professionals to deliver better
debt advice and to tailor their solutions to individual circumstances in a more effective way. Ultimately this will improve dialogue between the client and the provider and lead to a more consumer-focused industry. CCR
libf.ac.uk/ccr December 2018
Excel in your career with our Certificate in Consumer Debt Collection qualification
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