New financial apprentices backed by government scheme

The Scottish Government has unveiled a new plan to provide traineeships in the nation’s financial services sector.

A total of 460 positions are to be created, contributing towards the 7,800 apprenticeships provided by a new £16 million scheme covering all sectors of the economy.

The apprenticeships also reflect the contribution made by the financial sector to Scotland’s GDP.

Private banks, private wealth management firms and other financial companies make up around eight per cent of the economy and employ around 90,000 people.

However, the apprenticeships also come against a backdrop of rising unemployment, with the jobless total across the UK having gone above seven per cent over recent months.

Announcing the scheme, first minister Alex Salmond said: ’Obviously one of the keys to success is upskilling the workforce within the sector hence the Scottish Government’s concentration on skills and training.

’Scotland remains a leading international centre for life assurance, pensions and asset management. We are determined to build on these strong foundations to enable our financial services industry to face the challenges head on and grasp every opportunity that arises.’ADNFCR-2318-ID-19342206-ADNFCR