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Barclays wraps up deal for IFA sector

Barclays is setting up a wrap proposition for the IFA market that will allow advisers and investment managers access to its sharedealing service as well as its fund market.

The service, which was originally being developed for the mass retail market but has now been extended to IFAs, allows advisers to wrap all their accounts up together and access them from one page.

Barclays is considering the possibility of adding Sipp dealing accounts to the proposition but says it is still defining the service at the moment.

The dealing capability allows IFAs to deal in stocks on a real-time basis as well as an at-best basis and a quote and deal basis. They can also deal in all of the big European stocks in sterling at UK commission rates.

Access is provided to Barclays&#39 funds market which has18 fund managers and 700 funds. This has a 1.5 per cent initial charge but if shares are being sold through the fund market, there is no charge.

Barclays is charging £60 per client for membership of the service with online deals costing a flat rate of £12 falling to £7.50 once 10 deals have been carried out in a quarter.

Corporate relationship management George Maxwell says: “This is an excellent opportunity for IFAs to offer one of the most attractive share dealing services in the market in terms of price, value for money and for the client. It reduces the account administration that IFAs would normally undertake as all accounts are held on one platform.”

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