The University of South Wales has been forced to close its Level 4 Financial Conduct Authority (FCA) accredited financial planning course due to a lack of demand.
There will be no future student enrolments on the BSc Financial Planning, Investment and Risk course, but the university has stated that it is committed to maximising the student experience for those currently enrolled.
A spokesman for USW said the university had to drop the course due to a lower than expected take-up from students.
'The University had high hopes for this FCA accredited course that was designed in collaboration with a number of financial services employers,' he said.
'Unfortunately, there was little demand for the course and therefore it was decided that the University’s specialist financial expertise should be focused on strengthening other programmes in our financial services portfolio.'
New Model Adviser® understands that the minimum number of students needed to run the course was 15.
Ian McIver, development director for Nexus IFA and the Personal Finance Society's education officer for South Wales, said lack of interest in the advice and planning profession from young people was down to what he calls the 'dad factor'.
'Fathers take pride in saying "Here's my Jimmy - he's going to be a lawyer". I bet my bottom dollar that when Jimmy came back earlier from the careers office and said that there was also an interesting financial planning course on offer that he was probably dissuaded by his father. It's not as credible,' he said.
'If we really wanted to solve the issue of getting new entrants to the
profession then the regulator should be talking to universities and
discussing how to get level 4 accredited courses more widespread throughout the UK.
'Okay, we still need to work on dad but it's a start.'