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Barclays ditches Woolwich IFA brand

Barclays is scrapping the Woolwich IFA brand and restructuring all its advisers into three tiers which will see its 600 IFAs operating in different segments of the market.

Around 350 of the IFAs will operate alongside Barclays&#39 400 tied advisers serving the mass market with 200 in the high-net worth market offering independent advice to the wealthy.

This tier includes 130 former high-net-worth tied advisers who were retrained as IFAs last year.

The 50 RIs at Sedgwick will occupy the third tier, maintaining their separate branding and continue serving the corporate market.

Barclays has also confirmed former Zurich IFA managing director Jim Reeve will be joining, as revealed in Money Marketing last week, taking over from Phil Hyne as managing director of Barclays Financial Planning. He joins his former Zurich boss Ray Greenshields, managing dir-ector of Barclays investment division since last May.

Hyne will become chief operating officer within Greenshields&#39 group, with another senior appointment this week as Steven Mendel arrives as business development director from consultants McKinsey & Company.

Despite the restructuring, Barclays says it will not finalise its post depolarisation plans until it has seen all the details from the FSA.

Greenshields says: “We are committed to making these changes work for Barclays and its customers. Today&#39s announcement marks a statement of intent in this regard. We have not made any decisions as to what we will do following depolarisation and will not do so until we see the final details.”

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