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Barclays quits Aifa

Barclays has responded to Aifa’s decision to exclude multi-ties by terminating its membership, leaving its Sedgwick and Gerrard Financial Planning IFAs unrepresented.

Some commentators believe the move, which comes as the bank launches a multi-million-pound TV ad campaign to promote its new multi-tie proposition, Select Choice, marks a clear shift away from whole of market and independent advice.

But Barclays says the decision was made purely on a commercial basis and says it remains committed to IFAs.

The move does mark something of a U-turn for Barclays as the bank indicated to Money Marketing this month that its Select Choice proposition would apply for membership of the newly created Association of Financial Advisers and expressed a desire to continue a close relationship with Aifa.

But relations between Barclays and Aifa have been strained since the onset of depolarisation, with former Aifa director general David Severn publicly dismissing Select Choice’s whole of market credentials and its claims to be “multi-linked”, not multi-tied.

Barclays spokeswoman Emma Rees says: “This decision was based on commercial reasons and has no reflection on our commitment to IFAs.”

Informed Choice managing director Nick Bamford says: “This just confirms that Barclays have absolutely no commitment to IFAs.”

The move coincides with the announcement that the vast majority of Positive Solutions’ partners are to renew their

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