View more on these topics

Barclays keeps quiet over potential advice market re-entry

Barclays Alt Logo 450Barclays has remained quiet on potential plans to re-enter the retail advice market.

The bank closed its advice arm, Barclays Financial Planning, in 2011, but last February Money Marketing reported on plans that it would re-enter the market through a combination of online and face-to-face advice.

This would build on the success of direct-to-consumer platform Barclays Direct Investing, launched in November 2016, which a spokesman describes as the “first step towards a suite of new services that will help address the savings and investing knowledge gap in the UK”.

However, in its annual results announcement this morning, the bank does not reference financial advice or planning or an automated investment service.

Pre-tax profits at the bank were up 10 per cent to £3.5bn. It paid out litigation and conduct costs of £1.2bn, 0.7bn of which related to payment protection insurance sales. Barclays UK profits accounted for £1.7bn of the total.

While it still operates a high-end private client wealth management service, Barclays Wealth, it was understood to have communicated with former advised retail clients last year as part of a historic suitability review.

Barclays’ results this morning follow fellow bank Lloyds yesterday, which put financial planning and pensions at the core of a new three-year strategy.



The lure of SJP

As competition for good advisers continues apace, one firm in particular is having little trouble bolstering its ranks: St James’ Place (SJP). Last month, the advice giant revealed it had increased its qualified adviser numbers by 246 in the 12 months to 31 December 2017. This was of little surprise to many in the wider […]


The Big Interview: Ex-Skandia boss Peter Mann on why humans will beat artificial intelligence

Financial services veteran Peter Mann famously reserved a chair at board meetings to represent the client, his view being the only thing that really matters is whether they have been served. Although he winces at being described as client-centric, the ex-Skandia chief executive and Old Mutual Wealth vice chairman’s focus on the customer extends to […]


FCA puts pension transfer exam standard under review

The FCA is reviewing the content of its pension transfer specialist examination standard in light of recent issues with pension transfer advice, Money Marketing understands. The regulator does not offer qualifications but it does have a role in setting standards for exams and publishes “appropriate examination standards” guidance. Money Marketing understands a working group, mostly […]

Globe - thumbnail

Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. How they hope we forget why they closed in the first place. Closure of their advice arm followed serious problems with sale of Aviva Funds for which they were fined £7m. It was poor guidance on the funds to their advisers and poor literature not warning of the disadvantages I recall.

Leave a comment