Personal Finance Society  

Apprenticeship standards unveiled as PFS prepares launch

Apprenticeship standards unveiled as PFS prepares launch

An advice apprenticeship will be launched early next year, Keith Richards has said.

The chief executive of the Personal Finance Society said the government has approved a standard for the scheme, which it published on Monday (28 November) and Mr Richards said there would be funding of £9,000 available for the apprenticeships.

While firms can take advantage of the apprenticeship already, he said the PFS is working on material to help firms make use of the scheme which will be ready in 2017, saying many practices might not have the resources of large human resource departments.

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He said: “We are hoping to provide a whole suite on how to bring an apprentice into your firm.

“We will be providing a good practice guidance hub on attracting now blood into the profession.

“We find a lot of firms intend to take on new people in their firm but don’t know how to go about it.”

Earlier this year the PFS secured the backing of 15 firms in its bid to create a government-funded apprenticeship scheme.

The standard published by the Skills Funding Agency is designed for apprentices with no previous experience and employers will set their own entry requirements – though level two English and maths will be required.

At the end of the scheme the apprentices will be assessed based on a case study test and a viva based on a portfolio of evidence gathered over their time in the scheme.

Advisers will have to demonstrate they have learnt about managing risk, understanding the client’s needs and objectives, cash flow modelling, and the wider financial services market.

Darren Smith, head of Old Mutual Wealth’s Financial Adviser School, said: “We have applied to be added to the Register of Apprenticeship Training Providers so that from May next year, firms placing apprentices with FAS will receive financial support from the government towards the cost of the training. 

“Having a recognised apprenticeship standard for the financial planning profession will  help to attract young people leaving education as they consider what career path they would like to pursue.

“Financial advice is in huge demand in the UK and a career as a professional financial adviser represents a great opportunity.

“We hope that by creating a clear, accredited career path with endorsement from the government Skills Funding Agency, financial planning apprenticeships can play an important role in fostering the next generation of financial advisers.”