The New Model Business Academy (NMBA), the not-for profit training and development division of The SimplyBiz Group, has received formal accreditation of its new apprenticeship programme from the Skills Funding Agency (SFA).

The NMBA, which is the only organisation of its kind to have received SFA approval, will be launching apprenticeship programmes in financial services advice, administration and para planning from July 2017.

The scheme is 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 skilled advisers and support capabilities.

Each individual will journey through a clearly defined development structure that will focus on developing core skills, required behaviours and the necessary capabilities to carry out future roles within the industry.

Tom Hegarty, managing director of the NMBA, said: “Delighted as I am to have seen an increase in the understanding of the value of professional financial advice over the past few years, there has, unfortunately, been a simultaneous decrease in the number of advisers in the market; in 1988 there were 250,000 advisers operating in the UK, in 2016 there are approximately 25,000.

“However, this isn’t just a numbers game, although new blood is desperately needed for the adviser pool, it’s imperative that new recruits offer quality, rather than solely quantity. The NMBA’s apprenticeship programme was accredited following a lengthy and thorough due diligence process conducted by the SFA, which means that advice firms who select us as the route through which to appoint and train their apprentices can rest assured that the NMBA programme is formally and officially recognised as one of the most prestigious available.

“More than 100 advice firms have already registered their interest in the programme, some will use our service to recruit an apprentice from scratch whereas others have identified a candidate already in their business who will benefit from becoming an apprentice.

“I believe that 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 syllabi content for the three programmes with which it will launch in July, and will shortly be contacting the firms and apprentices who will make up the first intake of students.