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Barclays banks on combination deal

Barclays is developing a proposition for customers approaching retirement that will combine the bank&#39s products with offers from third parties.

It is looking into offering equity release, long-term care, investment planning and tax planning either through third parties or by itself.

The project is in the early stages but Barclays says it could include a dedicated advisory force.

Barclays Financial Planning commercial director Alan Keegan says the new at-retirement proposition will be more of an advice process than a product sale. It will be headed by new recruit Steven Mendel who joined as business development director in February from consultancy McKinsey & Company.

Keegan says after depolarisation, there will be more flexibility in the way that products are funded and points out that it will be much easier for an organisation such as Barclays to put together a proposition combining bank products and third-party products.

The at-retirement proposition will be the second recent major development at Barclays, as Money Marketing revealed in February that it is ditching the Woolwich IFA brand and moving its advisers into three tiers.

Keegan says: “At retirement is a big project that we will be looking at over the next month or so. Obviously, a significant number of Barclays customers need these sorts of products and at the moment we do not offer a co-ordinated service for those approaching retirement.

“We hope to build a very joined-up proposition for these people that will combine Barclays products with offers from third parties, and possibly introduce a dedicated advisory force. Depolarisation will allow us to be much more flexible than we are today.”

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