Barclays is planning to target the direct-to-consumer market with plans to launch a Wealth Direct proposition.
The bank is hoping the proposition will go live in 18 to 24 months and it is set to pull together services across its business, ranging from investment, trading and banking.
Moreover, Barclays Wealth Direct will incorporate the Barclays Stockbrokers platform, aspects of the bank’s premier and retail services, and its financial personality assessment.
Incoming wealth and investment chief Peter Horrell said catering for increased demand for direct propositions following the retail distribution review had motivated the team to develop the proposition.
The move also fits with Horrell's aim to remove duplication within the wealth, corporate, retail and investment banking divisions and pull together different aspects across the group to enhance propositions.
‘Within the UK we have been clear about believing that the direct space is a great opportunity for Barclays, and we are building out those clients that require self-service,’ he said.