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Disaster at Barclays Stockbrokers?
David Trigg
Posted: 09 January 2018 11:30:30(UTC)

Joined: 20/03/2010(UTC)
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Stephen B. Mine’s 4 months today and still not completed.
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Stephen B. on 09/01/2018(UTC)
Bad Feeling
Posted: 09 January 2018 17:36:46(UTC)

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Two articles in Saturday's Times (Pages 51 & 65 - January 6).

Their commentator, Patrick Hosking, has himself suffered from the fiasco, receiving five incorrect consolidated tax certificates. I reckon we must all find the time to check our certificates - is there no end to this pain!

He also highlights Barclays utter disdain for their stockbroking clients.
Jay Mi
Posted: 09 January 2018 17:44:49(UTC)

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David Trigg;55189 wrote:
Stephen B. Mine’s 4 months today and still not completed.


Mine's 3 and a half months. Only Shares have been transferred.
Bbox is no longer showing on the smart investor website. But it's not showing on my iWeb account either. Missing in action! When the shares transferred they disappeared from the smart investor page and reappeared straight away in iWeb, but this has not happened for BBOX.

OEICs still showing on the Smart investor website.

Painfully slow! I have to go through all this again once I transfer my isa over later in the year.
Bad Feeling
Posted: 09 January 2018 18:33:01(UTC)

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Barclays Research Centre is also useless.

Earlier today, I noticed a 7% rise in Gresham Technologies (GHT), so looked it up in the Research Centre for any News - nothing.

In fact, Gresham issued a Year-end update on RNS, presumably before the market opened this morning. What is the point of a Centre for Dumb Researchers when they still haven't picked up the News when the market closed?
1 user thanked Bad Feeling for this post.
Eileen Abell on 09/01/2018(UTC)
Steve L. Jones
Posted: 09 January 2018 23:57:51(UTC)

Joined: 20/10/2017(UTC)
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When 'Smart' Investor went into operation, we were told amid the other reams of puff that "when you first view your (SI) account, online, you may notice a difference in value from the closing balance shown on your (final) Barclays Stockbrokers statement, ...because SI uses different providers for investment prices and, sometimes, different methods of calculation".

Has anyone experienced this? Was the difference in your favour or against? Was it large or (as I'd hope and expect) was it trivial? Whatever the answers, I found this paragraph in the puff simply astonishing. Has anyone, ever, met any form of trading--shares, shoes or coffee beans--in which a transaction made, duly paid for, and settled and accepted by both parties, whether in sterling/sterling or in sterling/dollars (say) at the due exchange rates of the days concerned, can have the figures altered unilaterally by one party because that party has changed its system and altered its own calculations? Go to a car-dealer, buy a new Merc for £XY,000, pay the full price in cash, get a receipt and drive away--how would you respond if the dealer turns up next week, and says the £ has fallen against the euro, so you must pay another £Z,000??
huudi
Posted: 10 January 2018 09:47:50(UTC)

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Stephen B.;55188 wrote:
My transfer to HL has started; I asked them if they have any idea how long it will take but they declined to even give a rough estimate ....

When I switched to interactive investor the expected time was one to eight weeks, Smart exceeded this by at least a month, I received this message from ii:
"In relation to your transfer from Barclays, our Transfers Team have confirmed that Barclays have breached their Service Level Agreement (SLA) in terms of progressing your transfer. They have also breached the agreed industry market practice by failing to advise us of an acceptable reason for the delay under industry guidelines."
6 users thanked huudi for this post.
Tim D on 10/01/2018(UTC), B B on 10/01/2018(UTC), Stephen B. on 10/01/2018(UTC), Bad Feeling on 10/01/2018(UTC), David Trigg on 10/01/2018(UTC), Charles Hayes on 10/01/2018(UTC)
Charles Hayes
Posted: 10 January 2018 22:30:15(UTC)

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huudi;55203 wrote:
Stephen B.;55188 wrote:
My transfer to HL has started; I asked them if they have any idea how long it will take but they declined to even give a rough estimate ....

When I switched to interactive investor the expected time was one to eight weeks, Smart exceeded this by at least a month, I received this message from ii:
"In relation to your transfer from Barclays, our Transfers Team have confirmed that Barclays have breached their Service Level Agreement (SLA) in terms of progressing your transfer. They have also breached the agreed industry market practice by failing to advise us of an acceptable reason for the delay under industry guidelines."


Luxury.

I am trying to transfer 11 accounts. Two of them are Junior SIPPs where they have the incorrect address for my daughters (I live in a different country), one of whom turned 18 in July and so she now has to do some of this even though she has no idea she even has an account (or actually cares!). Even though they had the same incorrect address, I did get some Login account details sent to me at the correct address, but only for one of the accounts. Then they told me this should not have been sent at all as it was for a Junior SIPP which should not in fact have any Login details as it is phone only (which is a total #####g absurdity to start with). When I call about these accounts, to prove ID, they ask about the amount of cash on these accounts. Given that I cannot see them and have not been able to for 5 months or so, it was some feat of memory to get past this lookout tower.

Two belong to my ex-wife who does not understand finance and thinks a transfer happens by magic. (actually, she might have point here as I cannot find any other successful method of transfer).

One belongs to my aunt who is not in her 70s anymore and this has actually been successful and took 5 weeks or so. However, in this case, HL were able to do it “electronically”,whatever that means. I know she kept phoning both HL and Barclays and perhaps managed to wear them all down. With 10 other accounts to transfer, it would be a full time job for me to try this approach.

Two belong to my ex-sister in law. She has decided to abandon “investment”and spend the money on Bitcoins (I am genuinely not making this up). She has actually tripled her money the past few months, but alas, with a non-FCA registered provider, so whether she ends up driving a Bentley or a Morris Ital remains to be seen. (might be a good idea if the accounts of hers disappear entirely and she has no car - she passed her driving test on something like her 9th attempt). Perhaps she has her car insurance with Barclays and they are smarter than we think.

Oh, and then there are mine. My SIPP is eligible for drawdown in a month and I decided to abandon the partial transfer of part of it. Imagine a SIPP where you had elected to take 25% tax free, as a non-UK resident, stuck in limbo when that 25% was targeted as a deposit on a house. Actually, don’t - it’s too horrible a thought, so I will rely on AJ Bell (who are actually very good) to continue to administrate this. And I would not look to transfer all my ISA as Barclays is one of the very few who offer a flexible ISA, and for some including myself, this has been an extremely useful feature. It’s a shame that half of all the line items cannot currently be traded since Barclays claim not to have received the KIDs from these investment trusts. This is most odd as HL have received them all.

You think Barclays Smart Invest is bad - the marriage between itself and MiFiD II is something far uglier still.
5 users thanked Charles Hayes for this post.
Eileen Abell on 10/01/2018(UTC), chazza on 11/01/2018(UTC), huudi on 11/01/2018(UTC), DGL on 11/01/2018(UTC), Mr Helpful on 11/01/2018(UTC)
Steve L. Jones
Posted: 10 January 2018 23:52:36(UTC)

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"You think Smart Investor is bad....." writes one (over-kindly) victim. Actually no, we don't, we KNOW Dumb Investor is beyond belief awful. And of course they should many weeks ago have staffed up to deal even half-way adequately with the flood of 'customers' desperate to become ex-customers and move. elsewhere. But don't ask for the moon. Why would Barclays do that, when the result would be that their customers could flood out, not just trickle, and DI's revenues would shrink correspondingly?
huudi
Posted: 11 January 2018 11:20:00(UTC)

Joined: 11/06/2010(UTC)
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Charles Hays, I strongly suggest you copy that to Tonyhetherington@mailonsunday.co.uk, he is gathering information to put to Barclays Directors. People are waiting on transfers after 4 months for just one account so with 11 you might be waiting ~4 years? Other cases were fast-tracked after a mention on Radio 4 'MoneyBox' program.
Mr Helpful
Posted: 11 January 2018 12:02:44(UTC)

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Charles Hayes;55252 wrote:

It’s a shame that half of all the line items cannot currently be traded since Barclays claim not to have received the KIDs from these investment trusts. This is most odd as HL have received them all.
You think Barclays Smart Invest is bad - the marriage between itself and MiFiD II is something far uglier still.

+1
Same problem here.
Thank goodness other brokers are up to speed on this MiFiD malarkey.
Keep repeating "things can only get better".
Steve L. Jones
Posted: 13 January 2018 00:47:19(UTC)

Joined: 20/10/2017(UTC)
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Huudi, I think you may have got Tony Hetherington's email address wrong. Are you sure it isn't tony.hetherington etcetc, with a dot between his first name and his second?
Nigel Bell
Posted: 13 January 2018 13:29:47(UTC)

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Just noticed an article in today's Times in the Troubleshooter column talking about Barclays Smart Investor complaints. I myself have moved both my accounts to Hargreaves and AJ Bell and both are now finally complete although I have claimed compensation on 3 separate occasions (all of which have been paid) for the appalling service and constant confusion. The troubleshooter column is calling for customer experiences on Smart Investor and the email is troubleshooter@thetimes.co.uk for anyone wishing to air their grievances.


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Guest on 26/01/2018(UTC)
Steve L. Jones
Posted: 14 January 2018 09:25:36(UTC)

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sorry, I wanted to entirely zap a trivial fresh post of mine, but website not helpful and I can't find how !
Alan Selwood
Posted: 14 January 2018 12:43:43(UTC)

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If you go to your post, then click on "edit", you should be able to edit out ALL the content. Then to avoid confusion, replace the text with "Content of post removed by me" or similar.

I don't think you can totally delete a post, but you can ask Citywire to do so, since they have administrator privileges.

Hope that helps!
Philip Davie
Posted: 30 January 2018 15:07:37(UTC)

Joined: 20/09/2015(UTC)
Posts: 6

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Progress on transfer - so I started a transfer of my ISA on 23rd Nov (2017) and the stock arrived at Interactive Investor on 25th Jan 2018 so that is a touch over 2 months. Cash still waiting to come over, Barclays say that will take 2 to 4 weeks.

I think I have come out of this well compared to other posters!
Charles Hayes
Posted: 30 January 2018 16:18:20(UTC)

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Philip Davie;56160 wrote:
Progress on transfer - so I started a transfer of my ISA on 23rd Nov (2017) and the stock arrived at Interactive Investor on 25th Jan 2018 so that is a touch over 2 months. Cash still waiting to come over, Barclays say that will take 2 to 4 weeks.

I think I have come out of this well compared to other posters!

I have an account in the same situation. But the request started in mid to late October and the stock came over (just one line item) late last week. But why on earth would it take a further 2 to 4weeks to send over the cash balance? Were you to have headroom in the new ISA, you could simply withdraw it from the old one and pay it in as a new contribution to the new one. If you can, why can’t they - especially as it would preserve the ISA status of the cash if that is required.
1 user thanked Charles Hayes for this post.
Philip Davie on 30/01/2018(UTC)
Philip Davie
Posted: 30 January 2018 16:34:49(UTC)

Joined: 20/09/2015(UTC)
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Quote:
I have an account in the same situation. But the request started in mid to late October and the stock came over (just one line item) late last week. But why on earth would it take a further 2 to 4weeks to send over the cash balance? Were you to have headroom in the new ISA, you could simply withdraw it from the old one and pay it in as a new contribution to the new one. If you can, why can’t they - especially as it would preserve the ISA status of the cash if that is required.


I do not have headroom - I tend to fully subscribe each year's ISA allowance. I also note that there is next to nothing in the 'cash to invest', so I think the cash is earmarked for the transfer and is not available for either withdrawal or investment. So it will sit there earning me next to no interest!

No idea why this cannot be faster - in days gone by it took 4 working days to send payments to another bank. Then Faster Payments was created and the payment was close to instantaneous - guess there must be some manual processing that needs to be done.
DGL
Posted: 30 January 2018 17:16:00(UTC)

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When all you buggers have left the sinking ship .... I'll be getting great service - as the last customer !
I have experience of others - Fidelity (funds / ITs only (but talking of developments)
Beaufort (no real comment) , AJ Bell - OK.

Do any of those you are moving to (think I'll avoid H-L as too expensive) offer the trailing loss facility (as Barclays sometimes do) ?
Steve L. Jones
Posted: 30 January 2018 23:39:13(UTC)

Joined: 20/10/2017(UTC)
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One poster (Philip Davie) above writes: "I started a transfer of my ISA on 23rd Nov (2017) and the stock arrived at Interactive Investor on 25th Jan 2018 so that is a touch over 2 months. Cash still waiting to come over, Barclays say that will take 2 to 4 weeks." Another (Charles Hayes) adds: "Why on earth would it take a further 2 to 4 weeks to send over the cash balance?"

I suspect you can both guess the obvious answer, and I suspect you are both right.
huudi
Posted: 31 January 2018 09:54:45(UTC)

Joined: 11/06/2010(UTC)
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Steve L. Jones;55328 wrote:
Huudi, I think you may have got Tony Hetherington's email address wrong. Are you sure it isn't tony.hetherington etcetc, with a dot between his first name and his second?

Sorry this is late, I've been out of touch for a while. My mailing list shows

tony.hetherington@mailonsunday.co.uk <tony.hetherington@mailonsunday.co.uk>;

1 user thanked huudi for this post.
Eileen Abell on 31/01/2018(UTC)
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