Responding to questioning from Money Marketing, Barclays admitted mistakenly classifying the fund as balanced instead of adventurous, but insists it compensated investors.
However, I have been approached by countless investors in the fund, who say they were not notified of the classification error, let alone offered compensation.
In this week’s Money Marketing we will outline a couple of individual cases where Barclays has formally denied wrongdoing in response to complaints from clients who invested in the fund when it was incorrectly classified.
We also highlight a case where one low-risk investor was put into the fund five months after the error was identified.
Park House Financial Services partner Richard Davis, who is now dealing with more than 30 people that were advised by Barclays to enter the fund, says he is also unaware of any compensation payments.
Davis says most people have seen their investment halved and he is expecting the number of investors coming forward to reach 100 by the end of next week.
Last week Money Marketing revealed that Barclays advised clients who were approaching or in retirement to transfer their long-term savings into the specialist fund. The fund has fallen 45 per cent in the 12 months to March 2009.
The Barclays Investment Victims Club has been established to help consumers suffering huge losses due to poor advice.
Investors can contact the club on 0800 0232 973 or via email on firstname.lastname@example.org
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