NMBA – which is part of the SimplyBiz Group – was included on the Register of Apprenticeship Training Providers in March 2017.

The programme was awarded funding from the Education and Skills Funding Agency (ESFA) in December last year.

The application process for the first group of apprentices opened this week.

“There is a desperate need for more financial advisers to meet the needs of consumers and there have been very few, if any, viable solutions to support the entry of new advisers to the sector,” said Tom Hegarty, managing director at the NMBA (pictured above).

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“This initiative by the NMBA is a major step forward towards solving this shortage through a modern apprenticeship programme. 

“Though a relatively modest step initially, we expect it to expand significantly over the coming years.”

The NMBA said it looked forward to working with product providers and other interested parties over the coming months and years to grow the pool of well-qualified and professional financial advisers.

Ken Davy, chairman of the SimplyBiz Group, added that the process  to secure first its accreditation and then funding for its apprenticeship programme had been arduous and time consuming. 

“The initial funding from the government is also lower than originally hoped, nonetheless it is an important first step and the urgent need for new blood in the financial advice sector meant that it was imperative we grasped this opportunity to help new entrants.

“The value of professional financial advice has been demonstrated time and again and, in order to ensure that we continue to meet the needs of the firms we serve and their clients, it was essential that we invested in helping to create the next generation of advisers.”