The financial advice apprenticeship has been offered 25 per cent less government funding than its paraplanning equivalent.
Helen Stocks, educational development executive at the Chartered Institute for Securities and Investment, told the body’s financial planning conference that the financial adviser apprenticeship has been allocated a maximum government contribution of £4,500 per apprentice.
She said: “Under the current government funding rules the paraplanning apprenticeship has been given a maximum government contribution of £6,000.”
It has the support of 15 employers in the industry of different sizes and business models.
Since 2011 around 4,000 advisers have left the industry, according to figures from the Financial Conduct Authority.
According to figures from the Financial Conduct Authority the number of financial advisers offering professional advice has fallen from around 26,000 in 2011 to 24,000 in 2014, adding to concerns about an advice gap.
The fall in numbers has continued and as of November 2015 FCA figures showed there were 22,557 financial advisers across the UK.
A group of companies including SimplyBiz, Sesame Bankhall Group, Openwork and Sense have already clubbed together to create a paraplanning apprenticeship, which is being supported by the government.
A spokesman for the PFS said: “The Personal Finance Society is in dialogue with the government regarding the funding amount for the financial adviser apprenticeship.
“Our expectation is that the amount will be increased and we are awaiting final confirmation.”
The Department for Education has been asked to comment.
damian.fantato@ft.com
