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FundsNetwork to lose contract as Barclays agrees D2C deal with FNZ

Barclays has agreed a long-term deal with technology provider FNZ to power the bank’s refurbed D2C proposition, Money Marketing understands.

The wealth division of the bank announced at the end of last year that it would be relaunching its D2C service. It plans to unveil the new platform in the first half of 2015. 

It currently offers listed securities dealing through its Barclays Stockbrokers business, which includes fund dealing powered by Fidelity FundsNetwork.

The deal means fund dealing through Barclays, outsourced to Fidelity since 2012, will be transitioned over to FNZ. Money Marketing understands a long-term deal in the region of eight years has been agreed.

FNZ currently powers advised platforms in the UK including Standard Life, Axa and Zurich.

Barclays, FNZ and Fidelity declined to comment. 

The Platforum’s head of D2C platforms Jeremy Fawcett says: “A desirable effect of the NISA would be to turn some of the nation’s savers into investors – 23 per cent of us have savings but no risk-based investments. The banks are perhaps best positioned to do this but they need to design and build genuinely accessible digital propositions.

“That’s not easy and it’s unlikely to have a speedy payback but it’s a genuine opportunity that fits with Barclays responsible new values. Barclays Stockbrokers, along with other stockbrokers, have brought funds more closely into the fold over the last two years and working with FNZ will enable them to take this one step further even if it means ending a successful collaboration with Fidelity.”

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  1. Anthony Smith 6th June 2014 at 2:40 pm

    Actually FNZ stands for First New Zealand but they also operate in Australia. Well done by the way!

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