Fund group challenges Barclays over post-RDR admin fee

Barclays' wealth arm is being challenged to show its post-RDR proposals have been given the go-ahead by the FSA, Investment Week understands.

Investment Week revealed in October that Barclays is looking at a business model which would see it charge asset managers administration fees for private client portfolios. The move would help protect margins once the Retail Distribution Review (RDR) bans trail commission next year. A senior figure at a large UK fund house said it has challenged Barclays to back up its plans with written approval from the regulator. “Barclays has contacted us over its proposals to charge administration fees to providers whose funds it selects for its portfolios,” said the source, who did not wish t...