The New Model Business Academy (NMBA) has received formal accreditation for its new apprenticeship programme from the Skills Funding Agency (SFA).
The NMBA will now be launching its apprenticeship programmes in financial services advice, administration and paraplanning from July 2017.
NMBA said the scheme was designed to address the current skills shortage within the financial services advice industry and encourage new recruits to the sector to help build the next generation of advisers and support capabilities.
In December last year, when the body first applied to be part of the scheme, NMBA managing director Tom Hegarty (pictured) told Professional Adviser the scheme's unique selling point would be its ability to take an individual with no experience and train them to a competent adviser level, where most schemes only take an individual through to qualified level.
According to NMBA, more than 100 advice firms have already registered their interest in the programme, with some planning to recruit an apprentice from scratch, and others planning to train employees already at the firm.
Hegarty said that, while there had been a dramatic decrease in the total number of advisers in the UK market - from 250,000 in 1988 to around one-tenth of that today - he was "delighted" to see an increase in the value of professional advice over the past few years.
He added: "This isn't just a numbers game, however. Although new blood is desperately needed for the adviser pool, it is imperative new recruits offer quality, rather than solely quantity.
"I believe the NMBA apprenticeship programme has the potential to prove hugely beneficial to the adviser community and, as a result, to consumers."
The academy is currently finalising the content for the three programmes launching in July and said it would shortly be contacting the firms and apprentices who will make up the first intake of students.
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