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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 refurbished 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 all declined to comment. 

The Platforum head of D2C platforms Jeremy Fawcett says: “Barclays Stockbrokers, along with other stockbrokers, has brought funds more closely into the fold over the past two years.

“Working with FNZ will enable it to take this one step further, even if it means ending a successful collaboration with Fidelity.”

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