"Trouble finding an apprentice? Here's why" "Trouble finding an apprentice? Here's why"

06 Dec 2017

Last week, we were informed of another stumbling block on the government’s disaster-filled path towards putting a viable apprenticeship funding plan in place.  
For those of you unfamiliar with this frustrating tale, a quick recap. the New Model Business Academy (NMBA) was one of the firms which last year applied for, and received, accreditation as an apprenticeship training provider, in order to support employers who wanted to take on apprentices. We then waited, on tenterhooks, for the time at which we’d be able to begin work shaping the desperately needed next generation of financial advisers. And waited.

Then, on 12 April, the government announced it had paused the procurement for funding for non-levy paying firms, before cancelling the funding allocations on 21 July.  A new invitation to tender followed, which closed on 8 September; NMBA again underwent this arduous process.

We were due to receive an outcome for this on 21 November though, on the 17th we received an update informing us that the high volume of tenders meant a change to the timetable, and that the process to decide the allocation of funding has been postponed yet again, with no new date given.

Until that point, training providers won’t know if any funding is available, which hinders planning and ultimately delays employers bringing new blood into their businesses. A close look at the new funding plan suggests that even when we do receive an update, there will not be adequate funding available to meet demand.  

It sounds so bureaucratically farcical that it could be funny, if it was not for the thousands of apprenticeship opportunities which had been wasted, across all business sectors, since this debacle began.

I met some firms when undergoing the first tender process which launched specifically to fulfil the needs of this apprenticeship scheme. Inevitably, as the funding has faltered, some of these training suppliers have gone out of business.  

Financial advice desperately needs new blood, and the apprenticeship scheme seemed an ideal way to try and keep the sector alive. Whether last week’s news is simply (another) delay, or the death knell for the government’s plans, those involved urgently need to know.  

The issues around the next generation of financial advisers are only getting worse with time; if government-funded apprenticeships aren’t the answer then we need a plan B – and quickly.  

Tom Hegarty is managing director of the New Model Business Academy 


Testimonials

"I would recommend that anyone contemplating the journey towards direct authorisation enlists the assistance of SimplyBiz. They are veterans of the direct authorisation application process and have succeeded thousands of times at taking firms through to successful authorisation. SimplyBiz made the whole application process less stressful and easier to manage, particularly when it came to corresponding with the Regulator.

All of the staff at SimplyBiz that I have had the pleasure of coming into contact with appear to be very highly trained and good at what they do. The overall impression is that they have the right people, with the right skills, in the right job, that enables them to get the right result. It gives me great pleasure to be associated with such a forward looking, pioneering and progressive organization.” 

Clive Webb 
CW Capital Management

Read More

Latest News

"30 years on, the prinicpal still carries the can"

April 11, 2018

Ken Davy considers the future of networks given recent court rulings on who carries liability for the actions of Appointed Representatives.

Read more >

Understanding what makes a good advice process

April 10, 2018

Dan Russell, Managing Director of SimplyBiz Investment Services, looks at how to make the most of all your client interactions and how the 'first meeting' may no longer be a  potential customer's first impression.

Read more >

SimplyBiz Mortgages adds The Melton to panel

April 09, 2018

SimplyBiz Mortgages has added The Melton Building Society and its subsidiary MBS Lending to its lender panel.

Read more >

SimplyBiz enters Aim market at 170p a share

April 04, 2018

The SimplyBiz Group successfully entered the AIM market at 8am on Wednesday 4 April 2018.

Read more >