Barclays Bank is to stop offering financial advice in retail branches after a review deemed Barclays Financial Planning no longer commercially viable.
Barclays is planning to stop offering financial advice through its retail branches after a review deemed Barclays Financial Planning no longer commercially viable. The bank will continue to offer advice to high-net-worth clients through Barclays Wealth and Barclays Stockbrokers although it expects financial advice in bank branches to decline.
A Barclays spokeswoman said that the decision to exit the market was “not a direct result of the RDR,” but that they “do anticipate that the outcome of the RDR may have an impact on the performance of the business”.
Barclays claim the move to an online execution-only service follows market trends, identifying “really strong trends amongst consumers to actually purchase and manage investments online – we expect this to increase steadily”.
If the proposals go ahead, around 1,000 staff will be affected. Barclays said that it could not comment on job losses and would work with the union Unite to redeploy the staff in other areas.