Scores of elderly Barclays clients protested in Parliament this week about the investment advice they received from Barclays.
Meanwhile a BBC docomentary, to be screened tonight, will also shine a spotlight on the financial advice given by the bank.
More than 80 former Barclays clients gathered at Westminster on Tuesday to tell MPs about their losses after Barclays salespeople advised them to invest in the Aviva global balanced income fund.
In April last year, Money Marketing revealed Barclays advised cautious clients approaching or in retirement to transfer their 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.
A BBC2 programme, How to Beat Tough Times: Money Watch, will tonight highlight problems investors have faced after taking financial advice from Barclays.
Conservative MP for Wimbledon Stephen Hammond, who chaired the meeting in the House of Commons, urged other investors who have lost money because of Barclays’ advice to contact their MP.
Other MPs that attended the meeting included Conservative MP for Daventry Chris Heaton-Harris and Conservative MP for Mid Norfolk George Freeman.
No one from Barclays attended the meeting, but a spokesman says: “It is clearly evident that in some instances relating to these funds, we have failed to meet the high standards that our customers expect from us.”
For the full story, plus pictures, see this week’s issue of Money Marketing.