He believed that common activities should be organised through functional arrangements where communal needs prevailed, and that authority should be dispersed.
Barclays is expected to continue helping clients with their tax arrangements, but will not engage in activities where the main purpose is to avoid tax.
In our experience, few pensions fully understand the various activities in which their custodians engage or have taken the time to carefully scrutinize their arrangements with custodians, despite the fact that custodians (charged with safekeeping pension assets) are uniquely capable of misusing those assets.