An adviser claims that Barclays is using delaying tactics to prevent significant lump sum investments moving away from the bank.
Park House Financial Services senior partner Richard Davis says several of his clients’ cheques have bounced over the last month for large amounts to be transferred from Barclays.
Three cheques relate to a £725,000 damages award made to a client left housebound after a road accident. Another is from an 86-year-old widow and relates to a compensation award made by Barclays for a previous misselling complaint.
Davis says: “Barclays seems to be bouncing cheques made payable to other financial institutions almost as a matter of routine. The reason given is the cheques are ’not signed in accordance with the mandate’.
“No one really understands what that means. The cheques when compared to other cheq-ues the clients have written are absolutely identical.”
Davis believes that Barclays is bouncing the cheques in order to allow its branch staff to approach clients directly about reinvesting the money through Barclays.
He adds: “What other motive can there possibly be?”
A Barclays spokesman says: “We take particular care when clearing cheques for large amounts in order to protect our customers. We are investigating what has happened in these cases.”