A register of paraplanners similar to the Financial Services Register is to be launched with the backing of providers.

Outsourced paraplanner Sara Arthur is set to launch a paraplanner register with backing from providers such as Legal General, Aviva, Zurich and Investec. To be listed paraplanners will have to meet minimum qualification requirements.

The register will be part of a paraplanner-focused website and community that will host monthly events on best practice and product updates.

‘It’s a paraplanner-exclusive community to share ideas and best practice,’ said Arthur.

The Parahub will be free for paraplanners to use but will have to be either level four qualified or regulated by the Financial Conduct Authority to be listed on the register.

Arthur said benchmark was necessary as advisers searching the register for potential candidates would want to ensure the paraplanners are ‘vetted and qualified’.

The Parahub has received financial backing from LG, Aviva, Zurich and Investec so far who are each contributing £100,000 a year, but Arthur is looking for more support.

She said providers have been very keen to support The Parahub.

‘They [providers] are really starting to realize that it’s the paraplanners that influence the business because they choose the products. [In addition] paraplanners are not hit by the inducement rules because they are not regulated. It’s a very appealing market place form them at the moment.’