The government has given the New Model Business Academy the green light for further instalments of its apprenticeship programme with a new funding package.
NMBA, part of the SimplyBiz group, launched the financial planner apprenticeship in April 2018 with funding from the Education and Skills Funding Agency.
The training academy will now expedite its plans for further programmes with the grant from the ESFA, the value of which has not been disclosed.
The grant follows news last August that the NMBA would shelve planned paraplanner and administrator apprenticeships after it received just over half the funding expected from its last application to the ESFA.
A total of 40 advisers enrolled in the group’s first adviser apprenticeship.
However, financial modelling for the apprenticeship programme – including the financial advice, paraplanning and administrator programmes – was initially based on 100 apprentices starting their training with NMBA up to the end of March 2019, which would have required funding of £412,000.
NMBA says the latest grant will “open up further opportunities for financial advisers and paraplanners.”
Joint managing director Richard Ardron says: “The apprenticeship programme is hugely important to the NMBA and to the wider industry and the additional funding from the ESFA recognises our achievements in our first year running the schemes.”
He adds: “Bringing new blood into the industry is vital to two of the issues about which we are most passionate; ensuring the ongoing success of the financial advice profession and helping to increase consumer access to advice, and remains one of our core areas of focus.”
NMBA will also consider a mortgage adviser apprenticeship, if time and budget permits.