Barclays will now charge customers £155 plus VAT per annum, down from £200 plus VAT.

The fee comprises of a £30 account charge to Barclays Stockbrokers and a wrapper fee of £125 plus VAT which is paid on to AJ Bell, Barclays Stockbrokers’ SIPP administrator.

The new pricing came into effect on 1 March 2014 for both new and existing SIPP investors.

In January, the broker revealed its clean pricing structure for ISA clients ahead of new regulation aimed at making investing fairer and more transparent for the end consumer.

From April, brokers and fund supermarkets will not be able to accept commission from fund groups.

In response, fund houses have launched lower-cost clean share prices and platforms have started to charge unbundled fees to customers, which explicitly outline the ‘service charge’ to the platform and the annual fee on any funds held.

“This latest fee reduction, combined with the lower cost of investing in funds through clean share classes, and our decision to actively convert existing fund holdings into clean share classes, makes our offering great value for investors, ” said Alastair Thaw, director at Barclays Stockbrokers.