Barclays Wealth said it is reviewing the IFA distribution strategy in the UK is due to the "changing regulatory landscape and rapidly growing use of third party platforms".

It was in 2011 that Barclays had announced of its decision to close its advice arm, Barclays Financial Planning, and exiting the advice market for retail consumers.

Additionally, in November 2012, Barclays Wealth had revealed its post-RDR charging structure with a new rate card for advisory clients, wherein clients using its advisory investment service would be charged an annual management fee of 0.75% on the first GBP1 million, dropping to 0.6% for assets between GBP1 million and GBP3 million, 0.5% for assets between GBP3 million and GBP7 million and 0.25% for assets over GBP7 million.

Meanwhile, Barclays will continue to offer advice to HNW clients through the Barclays Wealth arm.