The FINANCIAL — Barclays has on November 28 announced the launch of a new online direct investing service that puts people in control of their financial decisions and helps them achieve their goals.
The service will provide Barclays customers1 with the first opportunity to view their investments, savings and current accounts in one place through a single log-in – making it easier for them to access more of their finances than ever before.
The new direct investing service has been developed drawing upon extensive customer feedback and expertise from across Barclays. Banks are in a particularly good position to develop solutions which help people understand investing; they have long-term relationships with customers who interact with them on a daily basis and at key stages in their lives, as they make important financial decisions, according to Barclays.
A new simple fee structure, free from hidden charges, has been designed to make it easy for customers to understand exactly what they will pay. There is one fee and one transaction charge – common charges levied by other providers such as exit fees, reinvesting dividends and probate valuations are not charged. Independent research2 shows that for many it will be amongst the lowest-cost online investment services available.
The pricing structure has been developed to encourage customers to take a long-term approach to saving and investing, choosing to buy and hold investments for a number of years. The new service is aimed at those who are comfortable making their own investment decisions, without advice.
Initially, the service will be available to Barclays customers, and existing Barclays Stockbrokers customers will be transferred across to the new service next year. The service will be made more widely available to non-Barclays customers in 2017.
Rupert Dickinson, Managing Director, Head of Direct Investing at Barclays, says: “This launch combines the direct investing services from one of the UK’s leading providers, with banking services from the UK’s second largest bank. We have over 30 years’ experience in direct investing through Barclays Stockbrokers and our new, integrated service draws expertise from across the whole business.”
Akshaya Bhargava, CEO, Wealth and Investments UK at Barclays, says: “This is the first step towards a suite of new services which will help address the savings and investing knowledge gap in the UK. The world of investing can often seem complex, and changes to the advice market in the UK have left many people without the help they need to navigate it. It is vital that the banking industry draws upon its experience to help customers by providing accessible, value-for-money services that build confidence.”
The new direct investing service follows the launch of Financial Wings, an online personal finance hub designed to give people the knowledge and confidence to take control of their money. Barclays has a history of delivering easy-to-use digital innovations3 that put customers in control of their finances – ultimately making banking, saving and investing simpler for all.
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