Levy plans welcomed by CII

The Chartered Insurance Institute has welcomed the forthcoming introduction of the Apprentice Levy, hailing it is an opportunity to refresh and revive the sector.

“Much of the current crop of advisers came across from banks and insurers’ direct sales forces, but those routes have dried up in recent years, which begs the question of where the next cohort is coming from?” said Steve Jenkins, director for financial services and insurance markets at the Chartered Insurance Institute.

Jenkins was speaking as new research covering the financial services sector showed that of the 417 financial adviser firms surveyed at the end of April and start of May, three quarters would be interested in taking on an apprentice.

“The profession has to reproduce itself to evolve and we think this is a great way to help that happen, so the CII will support the government in making apprenticeships a viable alternative to graduate trainees,” he added.

 

Growing number of FS apprenticeships

The survey was conducted by the Personal Finance Society, and PFS CEO Keith Richards said his organisation was firmly behind the widening out of apprenticeships to include more focus on financial services. “The PFS is sponsoring the development of this new financial adviser apprenticeship, complementing the recently-launched, government-supported financial services administrator and paraplanner apprenticeship schemes,” he said.

“The new scheme will augment a comprehensive range of staff development opportunities for financial advice businesses, making it easier for them to develop new talent, support their client proposition and facilitate business growth.”