Barclays is set to close its financial advice arm due to declining returns and has promised to refer new clients to IFAs.
The bank is consulting on whether to close Barclays Financial Planning, which employs around 1,000 staff, with a final decision set to be made on 18 February. "We are proposing to make changes to our financial planning business due to the fact we have seen a decline in the commercial viability of the service," a spokesperson says. Should the closure go ahead, the bank will enhance its online investment service, Investor Zone, to cater for "changing investor trends" with clients now looking to access investments 24 hours a day. Existing customers will continue to have their investme...
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