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Alternative to Barclays Marketmaster
Patrick Grant
Posted: 11 February 2018 18:05:15(UTC)
#1

Joined: 11/02/2018(UTC)
Posts: 2

Anyone got any good suggestions for an alternative trading platform to Barclays (not so) Smart Investor?

Problems I have with NotSo SmartInvestor are:
1. It prints contract notes on both sides of the paper .. which means I cannot easily manage the investments I have...so if I keep copies of purchase contract notes to match with sell contract notes, its not possible or easy to keep tabs on what shares I should have
2. I cannot manage multiple accounts for myself and my wife using a single user id to access both sets of accounts
3. The customer services hours exclude most of the weekend,so if I discover a fraud or problem of any kind, I would have to wait till Monday
4. The email notifications for stops appear not to work too well

All of this was possible and worked well under Market Master until Barclays had a brilliant business idea to increase the price and reduce the level of service.
Mr Helpful
Posted: 15 February 2018 11:44:16(UTC)
#2

Joined: 04/11/2016(UTC)
Posts: 639

Thanks: 721 times
Was thanked: 845 time(s) in 398 post(s)
Some discussion here :-
http://moneyforums.cityw...clays-Stockbrokers.aspx
http://moneyforums.cityw...-Investor-problems.aspx
http://moneyforums.cityw...website-app-issues.aspx

and currently :-
http://moneyforums.cityw...s-revamped-website.aspx

Suggestion : work through the Barclays problems for now, to avoid the horror issues reported in trying to transfer.
Meanwhile open accounts with others in parallel for fresh money.
When the exodus from Barclays abates, then maybe reassess.

The choice of alternatives will be heavily influenced by the type of investor, and/or the support/research needed.
If cost to service is an issue, comparisons are not straightforward.
Patrick Grant
Posted: 16 February 2018 12:07:49(UTC)
#3

Joined: 11/02/2018(UTC)
Posts: 2

Thank you for your reply.

I have written to Barclays suggesting it may have contravened FCA rules as it is mis-selling by offering a service by offering stop loss and not supporting it. If Barclays does not reinstate its stop loss and power of attorney facilities, I will go to another provider and may expect Barclay to meet transfer costs and losses. My reasons for leaving are it exposes me to a level of risk I would not accept and a lot of extra of unnecessary administrative inconvenience. I cannot see why Barclays expect a customer to agree to that set of arrangements....

I am looking at alternatives - Saxo offers a stop loss with no expiry, so it does not need an email alert for expiry. Share Centre offers 365 days with an email alert. Both offer simple power of attorney arrangements. These get close to what I and other Market Master customers would like. The final choice is likely to be based on cost.

Few sensible investors would want an Online Share Service which does not offer a stop loss feature or a power of attorney. It is only suitable for a very small segment of the market. (e.g.People who are single and wish to invest without stop loss.)

Barclays and some other large players offer Online Share Dealing Services without Stop Loss Features or Powers of Attorney. That says a lot about their grasp of what customers expect. It also says a lot about the FCA's regulation of the industry.
DGL
Posted: 19 February 2018 14:39:41(UTC)
#4

Joined: 27/03/2012(UTC)
Posts: 85

Thanks: 35 times
Was thanked: 46 time(s) in 31 post(s)
Unfortunately not too many brokers offer A TRAILING LOSS facility - which I tend to use with Barclays a lot.
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