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Disaster at Barclays Stockbrokers?
Keith Hilton
Posted: 29 December 2017 23:42:23(UTC)

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Stephen B.;54679 wrote:
Bear in mind that trading will have been very thin this week, and if you look at the FTSE graph in the last few minutes of trade it abruptly rose about 60 points, which looks like a bit of manipulation. In the specific case of RIO, HL says the last 5 trades went:

12:59 - 29/12
Buy 404 3,888.26p £15,708.57
12:59 - 29/12
Buy 1001 3,883.35p £38,872.33
12:35 - 29/12
Buy 834771 3,942.00p £32,906,672.82
12:29 - 29/12
Buy 186 3,940.00p £7,328.40
12:29 - 29/12
Buy 46 3,940.00p £1,812.40

So which do you actually want as the closing price, 3942 which was the last sizeable trade, 3888 which was technically the last but for a small number of shares, or around 3910 that it was before that final surge? Not to mention that the pre-xmas trading finished at around 3750 so apparently it's gained about 5% this week on (probably) hardly any trading - any bets on where it goes next week?


The bigger issue for me was that the valuation was based upon an sp of £36.00, which makes the valuation approx. 8%-10% less, and therefore useless, meaning that I have to manually calculate the value of each holding, to achieve an accurate valuation.

Update: Just checked and its now correctly (?) showing the sp as £39.42.
Mickey
Posted: 30 December 2017 08:57:04(UTC)

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Surely it is the data provider at want here, not HL or Barclays?
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Nigel G on 30/12/2017(UTC)
Sara G
Posted: 30 December 2017 11:44:01(UTC)

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Keith Hilton;54675 wrote:
My despair with Barclays SI continues unabated. Working out my end of year figures, and saw that RIO sp was given as £36.00 (down 6.6%), although I thought that I'd seen them at about £39 earlier in the day. Going to the Analysis tab showed an sp of £38.88, although LSE gives a close of £39.42!!!

All I wanted was an accurate total for my portfolio value, but with unreliable prices, I've had to check out each holding elsewhere.

The sooner I make a decision on where to transfer to the better.


Bear in mind if verifying prices on the LSE website that they show the buy price, whereas if Barclays is the same as HL they will be showing the sell price, presumably because it is a more accurate reflection of what a portfolio is worth.






Roger Hutton
Posted: 01 January 2018 10:38:42(UTC)

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This is just a warning note - I hold some JPMorgan Private Equity IT (JPEL) via Barclays and I've just checked the receipt from the December distribution.
The money is effectively a forced sale of shares so should be reported to HMRC under the CGT section - however, the new Barclays system seems to treat it as a dividend. I shall check the end of tax year figures from Barclays but it looks as if they are making an error.
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charles goody on 01/01/2018(UTC)
Milo Don
Posted: 01 January 2018 12:47:17(UTC)

Joined: 18/05/2016(UTC)
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Roger,

I think all distributions from listed companies are now treated as 'income' dividends, thanks to George Osborne's absurd changes a couple of years ago. Where companies used to be able to, for example, offer B shares (for immediate cancellation) as an alternative method (i.e instead of a special dividend) of returning capital to investors, everything is now treated as income for tax purposes.

As far as I know, this includes private equity type investments - so when, say, Melrose gets round to selling Nortek and returning the capital to shareholders, it will be taxed as income even though it is clearly capital (and the capital to purchase Nortek was raised via a rights issue).

Don't take it as gospel, but it might be worth doing a bit of digging to make sure.
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charles goody on 01/01/2018(UTC)
huudi
Posted: 01 January 2018 19:06:42(UTC)

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Quote from a similar discussion on ii, is my 4 months wait(so far) a record? Barclays themselves seem to refuse to contact Smart Investor, acting as if its nothing to do with them.

*******************************************
P.S. I have a Barclays 'smart investor' ha.ha! account. despite 3 written complaints to Barclays I have yet to receive the new login details, SINCE AUGUST? is this a record? I get replies saying '4 weeks', 'another 4 weeks'! etc. There must be complete chaos at Barclays, one letter or E-mail should have fixed it.

That seems incredibly patient of you, I think that I would be causing quite a fuss if I had no access to my account since August.

I am causing a fuss but its water off a ducks back, I've written to 'complaints', 'head office' & 'customer enquries'. Each reply within 4 weeks with a letter quoting another 4 weeks. The last reply said I could ask the Ombudsman to sort it or wait a bit longer?! I am sure nobody has actually read my complaint, simply a stock reply. I know from experience that anything to the Ombudsman will be locked for years. My last resort is transfer out which is the subject of this blog. It annoys me more because I had this account since before it became Barclays. I wonder if they have earmarked older accounts for their 'slush fund'?
Mr Helpful
Posted: 01 January 2018 19:10:20(UTC)

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@ huudi
as per parallel thread

Horrific experience !!!

One suggestion if not already tried, use the freephone telephone number and sit on the phone until they give the details needed.
And persist relentlessly, not taking no for an answer.
Some info might be withheld on security reasons initially, but the confidential info already in their possession from your old Barclays Stockbrokers account (which only you will know) should theoretically (incompetence excepted) be sufficient to permit the necessary log-in info to be given to you.
It worked for us to get that missing info in the lead up to the launch of so called SmartInvestor.
Following the launch it is anybody's guess (sigh).
Letters or Emails seem to achieve little.
Complete overload?

Sincere sympathies.
huudi
Posted: 01 January 2018 19:37:03(UTC)

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Mr Helpful;54782 wrote:
@ huudi
as per parallel thread

Horrific experience !!!

One suggestion if not already tried, use the freephone telephone number and sit on the phone until they give the details needed.
And persist relentlessly, not taking no for an answer.
Some info might be withheld on security reasons initially, but the confidential info already in their possession from your old Barclays Stockbrokers account (which only you will know) should theoretically (incompetence excepted) be sufficient to permit the necessary log-in info to be given to you.
It worked for us to get that missing info in the lead up to the launch of so called SmartInvestor.
Following the launch it is anybody's guess (sigh).
Letters or Emails seem to achieve little.
Complete overload?

Sincere sympathies.


Thanks Mr helpful, I do not know of a Freephone number for SI, could you post it if you have one please? secondly I am stone deaf in one ear and partially in the other (thanks to NHS incompetence) and find any phone conversation a struggle, which gives the impression that I am severely retarded, not there yet though.
Blue S
Posted: 01 January 2018 20:24:18(UTC)

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Quote:
The last reply said I could ask the Ombudsman to sort it or wait a bit longer?! I am sure nobody has actually read my complaint, simply a stock reply. I know from experience that anything to the Ombudsman will be locked for years.

Yes, but for each complaint Barclays will be charged.
The Ombudsman website states:
"We don't charge a business for the first 25 cases we deal with during the year. For the 26th and each subsequent complaint, we charge a case fee of £550."
I wonder how many complaints they have received with regard to Barclays and if it will start to concentrate minds at Barclays ?
Steve L. Jones
Posted: 01 January 2018 23:24:36(UTC)

Joined: 20/10/2017(UTC)
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[quote=huudi;54781]Quote from a similar discussion on ii, is my 4 months wait(so far) a record? Barclays themselves seem to refuse to contact Smart Investor, acting as if its nothing to do with them.

*******************************************
"P.S. I have a Barclays 'smart investor' ha.ha! account. despite 3 written complaints to Barclays I have yet to receive the new login details, SINCE AUGUST? is this a record? I get replies saying '4 weeks', 'another 4 weeks'! etc. There must be complete chaos at Barclays, one letter or E-mail should have fixed it."

Do not be surprised. Barclays Dumb Investor "system" (1) is impossible to reach by phone--eg to find out your lost or invalidated personal passcode, and/or press them for a new one--unless you can quote that new passcode, which you of course have never seen, to its electronic barbed-wire defences !; (2) does not reveal its email address; and (3) simply ignores letters sent to it by post. Try smoke signals?

Presumably the stumblebum managers who put this shambles in place are still in their jobs. I wonder why and for how long. I doubt that the stockbroking business in Glasgow will have any customers--or the Glasgow staff, from those incompetents down to the innocents below them--any jobs a year from now.
2 users thanked Steve L. Jones for this post.
huudi on 02/01/2018(UTC), Eileen Abell on 09/01/2018(UTC)
Micawber
Posted: 02 January 2018 06:36:00(UTC)

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....see my post #397 above. Write to the Mail's Tony Hetherington.
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huudi on 02/01/2018(UTC), Mickey on 02/01/2018(UTC)
huudi
Posted: 02 January 2018 07:25:08(UTC)

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Stephen B.;54043 wrote:
Personally I don't use brokers' cost figures anyway, I keep my own records. I'd be more worried about dividends, I'd suggest anyone transferring should check that all the dividends have appeared and are correct.

Correct, not to be trusted with dividends. I had 2 accounts(one for the wife) and have been unable to access either. I transferred one to ii. The final statement from dumb investor simply listed the stock and the cash transferred, no details of dividends, charges etc and no way to check what had been received or deducted. This was the only document ever received from Dumbo and could easily have done by a 5-year-old. I am sure they took something for their Xmas but I have no way of checking.
huudi
Posted: 02 January 2018 08:20:49(UTC)
#43

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Freddie the Sheep;50494 wrote:
I've been with Barclays Stockbrokers since the Charles Schwab days (20 + years) and am completely dismayed. I'm off with a £1.4m portfolio. But as yet I'm not sure where!

Any suggestions?

iii & selftrade have both had unpopular changes lately, I-web and X-O followed by AJ Bell then HL seems to be the order of choice. It could of course all change next week.
Steve L. Jones
Posted: 02 January 2018 09:03:56(UTC)

Joined: 20/10/2017(UTC)
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[quote=huudi;54800][quote=Stephen B.;54043]
" Correct, not to be trusted with dividends. I had 2 accounts(one for the wife) and have been unable to access either. I transferred one to ii. The final statement from dumb investor simply listed the stock and the cash transferred, no details of dividends, charges etc and no way to check what had been received or deducted. This was the only document ever received from Dumbo and could easily have done by a 5-year-old. I am sure they took something for their Xmas but I have no way of checking." [quote/]

"Not to be trusted with dividends".... Maybe not, but would you trust Dumbo with anything? Even the crude self-interest of wanting to keep its remaining customers? By, for example, elementary competence?
Mr Helpful
Posted: 02 January 2018 10:00:00(UTC)

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huudi;54784 wrote:

Thanks Mr helpful, I do not know of a Freephone number for SI, could you post it if you have one please? secondly I am stone deaf in one ear and partially in the other (thanks to NHS incompetence) and find any phone conversation a struggle, which gives the impression that I am severely retarded, not there yet though.


Freephone number : 0800 279 3667

I too have hearing issues so make them talk slowly and loudly.
The initial auto-questions as to which service is required are difficult to hear, but push any button and press on regardless.
Staff are generally helpful albeit haplessly struggling, and might move you from department to department with yet further 5-10 mins delays, but hopefully progress will eventually be made.

Was on the phone to them this morning with yet another problem, so unprofessional an issue that in their shoes would be hanging head in shame (maybe they are).
Problems seem widespread both in Admin and IT.
Sympathies are with the ever willing, overloaded and harassed phone team(s).
Things can only get better?

Good Luck
huudi
Posted: 02 January 2018 18:54:35(UTC)

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Micawber;54797 wrote:
....see my post #397 above. Write to the Mail's Tony Hetherington.

4 months of nothing then after 2 days on the Barc Blog I get a call from Smart Investor, an amazing coincidence? or do they read this?
I had just posted an e-mail to Tony Hetherington, maybe he's really sharp on his phone.
It is all promises so I'm not holding my breath and yes they did ask for the ID they hadn't given me. Watch this space.......
Mr Helpful, thanks for the phone number, if the staff are struggling it may be that the older hands took voluntary redundancy leaving the rest floundering.
B B
Posted: 02 January 2018 20:10:12(UTC)
#54

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DGL;50525 wrote:
I have just tried to email B's to ask if their senior management were aware of this forum, and asking for a response. .
I spent 30 mins composing an erudite message, only to have it wiped out when I pressed the 'Smart Investor' button, with instructions that the only way I could contact them was by phone...... 40 mins wait....
Serious management incompetence (again !)







Mr Jes Staley Chief Executive. jes.staley@barclays.com


john.mcfarlane@barclays.com


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DGL on 09/01/2018(UTC)
Steve Cameron
Posted: 03 January 2018 12:02:29(UTC)

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In response to Steve L Jones post:


Well if the Glasgow staff lose their jobs they can always walk round the corner to Interactive Investor and join that thriving band!
huudi
Posted: 09 January 2018 10:35:37(UTC)

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Barclays have coughed up £250 in compensation for the 2 accounts that I could not access for 4 months! I hope I didn't lose much in that time. Is that the end of it? no, I am spending their money in sunshine and as I am not home to receive the post I the activation details will be null & void by the time I return. Here we go again.......
Stephen B.
Posted: 09 January 2018 10:37:50(UTC)

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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 ....
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