The new certification is the 15th area of law recognised for paralegals and is the second accreditation in financial services as it joins the asset management practice competency.

Accreditation is available to paralegals who demonstrate experience and knowledge in their chosen field, along with meeting the required competencies.

Accredited Paralegal Committee convener Sharon Connolly said: “I am delighted we can further recognise the quality work and expertise provided by paralegals in banking and finance, building on the success of the asset management practice area.

“Bringing our paralegal accreditation programme up to 15 distinct practice areas is a landmark moment for us and shows the importance of paralegals in the workplace.”

Bruce Stephen – who assisted in the creation of the accreditation as a member of the Law Society’s Banking, Company and Insolvency Sub-Committee – said: “Demand for legal outputs in relation to banking and financial services continues to grow, and paralegals are at the centre of ensuring that work is delivered effectively.

“Accreditation recognises the skill and expertise of paralegals who are dedicating their careers to delivering this work. It also gives clients additional confidence in the work being carried out by their solicitors and paralegals teams.”