The NMBA says that acceptance onto the register would accredit NMBA as a Government-recognised training body, enabling it to support the apprenticeship requirements of financial advice firms throughout the industry. NMBA will discover if it has been successful in its application in March.

The NMBA believes the government’s recent approval of a Financial Adviser Apprenticeship Standard could be a “game changer” for the sector but that more needed to be done to ensure it was a success.

NMBA managing director Tom Hegarty said that the move would enable the NMBA to help the industry find new talent and boost the role of apprenticeships in encourage new blood to the sector, tackling declining numbers in some areas.

He said: “Whilst many have commented on the fact that diminishing numbers have been an issue in the financial advisory profession for a number of years, very little has actually been achieved in response and, as a sector, nobody has yet been able to produce a viable solution.

“The Government’s recent approval of a Financial Adviser Apprenticeship Standard could be a considerable game changer for bringing new blood into the industry. Whilst this new regime would still require support from employers, the development path and the external training would be provided and funded through an approved training provider.”

He said the NMBA can provide support to any advice firm in the UK market.

He added: “We know that there is a real appetite within the adviser community for a viable way in which to bring new financial services professionals into their firms; in a recent survey of NMBA Members, 95% indicated they would be interested in taking on an apprentice under the new scheme.

“I’m delighted that we are already experiencing a huge amount of interest from firms, and I hope we can be instrumental in replenishing the profession with the next generation of financial advisers.”