IFA slams Barclays Wealth over client letter
An adviser has hit out at Barclays Wealth after it wrote directly to a client asking for maturity instructions for a structured product.
Key Independent Financial Services director Cliff Hammond says Barclays Wealth should have sent its maturity options form to him as the client’s IFA.
The two-page letter sets out the three options at maturity and instructs the client to complete and return the form in the prepaid envelope provided.
Hammond says: “We have trusted our clients to Barclays Wealth and this is a betrayal. Barclays Wealth is trying to bypass us. That is radically wrong, especially as it is critical to give proper advice to clients about their maturity options.”
A Barclays Wealth spokeswoman says it is company procedure to send a pre-maturity letter to the client’s IFA several weeks before a structured product matures. A letter is then sent to the client informing them of the impending maturity. Shortly after maturity, a letter is sent with a maturity instruction form to the client only.
The spokeswoman says: “We do not write to the IFA at maturity as we feel that by recommending that clients contact their IFA pre-maturity to discuss the options, we are giving them enough time to arrange a meeting.”