By attaining a level four certificate, apprentices are officially recognised by either the Chartered Insurance Institute or the Institute of Financial Planning. The programme is designed to create a benchmark for employees and has been brought about by professional training bodies, professional associations and the UK government.

“Paraplanning is a relatively new discipline, but demand is currently outstripping the supply by some margin. This is a brand new, fit-for-purpose programme designed by employers for employers, to bridge that skills shortage,” said Marcus Bowsher, project leader for the new apprenticeships.

As this publication has noted, the UK’s wealth management industry hears calls for more skilled entrants to the sector, and a number of universities, business schools and financial organisations have courses aimed at post-graduates, for example. (For a collection of such courses, see this list.) One example is that of St James’s Place, the UK wealth manager, which operates a two-year academy programme where entrants work alongside a dedicated mentor.

Tenet also confirmed the appointment of a level three financial services administration apprentice and that it currently has five others on apprenticeship schemes in IT, customer services, credit control and data analysis.

State apprenticeship reforms were announced in October 2013, initially across eight sectors, including financial services. In a 2015 document, the government said it intended to grow the number of apprenticeships available, reaching 3 million starts in 2020.