Financial adviser network Tenet has announced what it said it believes to be the first Paraplanner apprenticeship in the country to launch since a government-backed scheme was introduced.

A standard to support a new apprenticeship for Paraplanners received official approval from the Department for Business, Innovation and Skills, last September. The initiative created a benchmark for employees taking part in the Trailblazer Apprenticeship Scheme.

Tenet announced today that employee Ryan Smith began his two-year programme on 25 January, working towards a new level 4 certificate. Successful apprentices will be officially recognised by either the Chartered Insurance Institute or the CISI.

The firm said it believes this is the first Paraplanner apprenticeship in the country, since the government scheme began.

Tenet group finance director Caroline Bradley said: “Apprenticeships are a proven way to attract, retain and develop a skilled workforce.

“We are delighted to initiate the new Paraplanning qualification and we are fully supportive of the re-invigorated apprentice brand concept.”

Independent consultant Marcus Bowsher, who was project leader for the new Paraplanner apprenticeships, said: “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.”

Tenet also confirmed the appointment of a level 3 financial services administration apprentice. It already has five others on apprenticeship schemes in IT, customer services, credit control and data analysis.

Ms Bradley said: “As an industry, we struggle to attract new talent. New apprenticeships such as this are an unrivalled way for people to develop specialist new skills and learn whilst they earn.”

The scheme is a collaboration involving the Department for Business, Innovation and Skills, an employer-led group, professional associations and training bodies. The initiative is also sponsored by Aviva, Zurich, AXA Investment Managers and Schroders.