The PFS says delays and confusion over funding has forced it to cut the number of apprentices entering the first phase of its new financial adviser development programme.

The Aspire scheme has been hit by snags, the professional body has reported.

The snap General Election has been partly to blame for the problems, the PFS said.

But chief executive Keith Richards stressed the commitment to the scheme, despite the teething troubles.

The organisation announced the scheme in February.

Comprising a combination of apprenticeship funding and PFS sponsorship, Aspire is set to be a structured training programme lasting 18 months, during which participants will achieve the necessary qualifications and skills required to become a fully qualified financial adviser.

Aspire's launch followed the development of the new Financial Adviser apprenticeship standard, which was sponsored by the PFS and approved by the Department for Education in November.

Mr Richards said: “Due to unforeseen delays and confusion regarding government funding, and together with other affected apprenticeship programme providers, the PFS has no option but to reduce the initial intake into our new Aspire programme.

“The delays have been compounded by the snap election, which has placed further discussions with the Government on hold due to Purdah rules.”

He said: “It goes without saying that we are disappointed by the impact on members, but remain fully committed to Aspire as an important pathway for the next generation of financial advisers.”

The PFS has been able to secure funding for two regional cohorts in May, and due to “an overwhelming response from the profession” these are already fully subscribed.

Mr Richards said: “We have advised all organisations affected by the delays, and will continue to seek clarity over funding for future cohorts in the Aspire programme, which we are confident will resume in due course.

“Given the uncertainty over the government’s apprenticeship funding, and in light of the upcoming General Election, we have advised organisations affected to continue with any other development and study programmes they have planned.”

He added: “We will provide continued updates to those affected by the delays as clarity over funding develops, with the possibility of trainees joining the programme at a later stage, even if they have started their diploma studies.”