Pictured above: Kevin M Jenkins, Independent Financial Adviser, Key Financial Management

The recent closure of Barclays' retail advice arm, Barclays Financial Planning, has left thousands of investors within Staffordshire and the West Midlands with money invested in the stock market and without access to financial advice.

The closure means that Barclays no longer offers financial advice or sales to their branch customers.  Barclays said the service was no longer commercially viable and now only offers retail investment services online, a move it claimed reflected a trend towards its customers purchasing and managing their investments over the internet.

Kevin Jenkins, a Lichfield independent financial adviser with 2Plan Ltd commented: "Whilst access to financial services over the internet is on the increase, people still value the ability to meet with their financial adviser.

"Most independent financial advisers offer a free initial consultation and can provide people with the ability to package together and manage all their financial products in one online place. With this in mind I would urge anyone who used Barclays for their pensions, investments and stocks and shares ISAs to speak with an independent financial adviser to gain ongoing advice and information to ensure they are getting the maximum return for their money."

The implementation of the Retail Distribution Review, which comes into force in 2013, will mean that banks are to be subjected to the same set of rules as independent financial advisers for the provision of financial advice. This will require 'bank advisers' to be professionally qualified and work on a transparent remuneration basis.  

Many industry experts now believe the Retail Distribution Review could lead to more and more banks following Barclays lead and choosing to close their financial planning operations, rather than raise their standards to meet the new regulatory requirements.