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Old Mutual calls for parties to address apprentice funding in manifestos

Old Mutual calls for parties to address apprentice funding in manifestos

Old Mutual Wealth Financial Adviser School has called for political parties to address the delay for apprenticeship funding in manifestos.

Earlier this month the Personal Finance Society (PFS) had to postpone its apprenticeship courses in Manchester and Bristol due to government delays in allocating funding. 

FWD Training & Consultancy, which was working with the PFS to run the Aspire training course, told advisers hoping to take part in the courses that it would look to continue the courses but could not make a decision until after the general election in June. This means the courses could be delayed until 2018.

Old Mutual Wealth was also hoping to run an apprenticeship scheme through the Financial Adviser School, which it acquired from Sesame Bankhall in October 2015. 

Darren Smith, head of the Financial Adviser School,  said the delay represented a major setback for job creation in the UK and called on political parties to raise it in their manifestos.

'With the upcoming snap election, political parties have the opportunity to outline how they plan to address the issue of apprenticeships and to ensure that the merits of this initiative are not destroyed,' he said. 

He added: 'Whoever comes to power needs to address the funding issue quickly to ensure the scheme, which is crucial to the economy’s growth, is a success,' he said.

'The UK population is being faced with a huge squeeze on incomes. Research from the Chartered Institute of Personnel and Development revealed that pay growth for most employees will be minimal and expect an average wage growth of just 1.7% in the next year.

'Government needs to set out its plans for how it is going to address this issue and in particular consider how to improve opportunities for those who are on the lower end of the pay scale. The apprenticeship levy is a key way to combat this problem as it offers the population opportunities to upskill through education.'



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