The Consumer Duty Alliance, the body aiming to boost trust and confidence in financial advice, is launching a major initiative to help recruit new industry talent.

The New Talent Alliance (NTA) will bring together several industry and professional groups under one umbrella to help find new recruits for the profession.

The new alliance aims to create a “united approach ” to industry recruitment.

It will devise strategies to position the profession as a career of choice and help firms “attract, train, and retain the brightest talent.” It will bring together several industry bodies.

The Steering Group is made up of key stakeholders from CII, CISI, LIBF, M&G Wealth, SJP, Quilter, NextGen Planners, Verve Group, Bespoke Training Solutions, Brand Financial Training and Anthony George Recruitment. Other key stakeholders will be encouraged to join the Alliance through working groups, ensuring diversity and inclusivity.

The NTA says its initiative will drive growth, innovation and opportunity for the sector.

The new group will be chaired by Tom Hegarty, MD of M&G Wealth Advice, previously MD of the SimplyBiz New Model Business Academy and chair of the Financial Adviser Apprenticeship Standard. The London Institute of Banking and Finance (LIBF) will act as Secretariat for the steering group.

The not-for-profit Consumer Duty Alliance (CDA), led by former PFS CEO Keith Richards, says the New Talent Alliance (NTA) will bring together many of the sector’s leading academies, training organisations, recruiters and qualification bodies with the aim of “reshaping” talent acquisition and development within the financial services profession.

Keith Richards, CEO of the CDA, said: “With positive government and regulatory focus brought to bear on addressing the advice gap, latest FCA adviser statistics suggest that we may instead be heading for an advice crunch. The solution to attract new talent ultimately sits within the gift of the whole sector, which is why we believe there is a need to come together and collectively promote the profession as a career of choice.”

Tom Hegarty, chair of the NTA, said: “We intend to create guides and ‘good practice’ sharing to support firms of all sizes, as well as, sign-post to additional support and initiatives across the Alliance.

“We believe that together we can make positive progress without impacting the importance of diversity, choice and competition. Our overriding purpose is clear - to help firms attract, train, and retain the brightest talent, thereby driving growth, innovation and opportunity across the sector."

The NTA plans to engage with key stakeholders, including regulators and government departments.