Barclays' blunders blocking transfers
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Some Barclays clients in the Aviva global balanced income fund have been waiting more than three months for their investments to be re-registered due to a string of admin blunders.
In April last year, Money Marketing revealed Barclays advised clients approaching or in retirement to transfer long-term savings into the single specialist fund.
The value of the fund plunged by almost 50 per cent in the 12 months to March 2009 and the bank admitted it erroneously categorised the fund as balanced rather than adventurous between July and November 2007.
Park House Financial Services partner Richard Davis is advising ex-Barclays clients to re-register their investments with Cofunds. But he says Barclays is causing long delays in the re-registration process and has failed to pay dividends to clients.
Brenda Fitzgerald applied to re-register her Isa and non-Isa holdings to Cofunds on February 3. She says Barclays transferred her non-Isa holdings on March 5, but sold her Isa holdings in error and has yet to correct the mistake. Barclays has also failed to pay dividends for February.
Jack Smith has been waiting since December for Barclays to process his transfer and Barclays mistakenly sold the non-Isa holding of Stan Richardson.
CLAIMS senior partner Paul Cooper, who is handling a number of complaints against Barclays, says: “Barclays seems to lose interest in its customers when they finally decide to get out.”
A Barclays spokesman says the complaints “appear to be individual instances where our performance has fallen short of our normal operational standards”.
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Readers' comments (2)
Julian Stevens | 8 Apr 2010 6:01 pm
I'd still like to know why and just what "special training" has been given to FOS adjudicators in respect of consumer complaints about what has very evidently been a mass mis-selling campaign on the part of Barclays.
And why has the FSA not intervened in the same way as we all know it would if the perpetrator of this campaign had been an IFA?
How many complaints have been raised against Barclays?
How many of those rejected have been referred to the FOS?
How many of those referrals have been upheld?
How much compensation has Barclays paid out voluntarily and how much, on top of that, has it been forced to pay out by the FOS?
Why doesn't the FSA regulate the banks?
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Jamie | 9 Apr 2010 10:46 am
I'm surprised all these clients are suitable for one wrap.
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