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Disaster at Barclays Stockbrokers?
Jay Mi
Posted: 26 March 2018 19:49:37(UTC)

Joined: 11/03/2017(UTC)
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After 5-6 months I finally received a letter from iWeb saying my transfer from Barclays was complete.

7 Holdings to transfer.

Only 6 are showing in iWeb. - Contacted iWeb via the email address supplied on the confirmation letter - no reply after a week. Contacted them by their web-chat today - turns out the one remaining holding was 'cancelled'.

Cancelled!!!!

They don't know why, they had to forward it to the transfer team to contact Barclays and find out why.

I have to contact iWeb at the end of the week to get an update.

How can an investment go missing/ get cancelled mid-transfer. No idea who cancelled it, Barclays or iWeb.

It 'left' the Barclays account months ago.

chazza
Posted: 26 March 2018 21:14:01(UTC)

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If the shares left Barclays months ago, it sounds as though iWeb is no better than Barclays...
Tyrion Lannister
Posted: 26 March 2018 22:26:09(UTC)

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If I transfer a pension, I’ll do it as cash. It’s the only sure way you know there’s been no shenanigans or cockups..
Charles Hayes
Posted: 26 March 2018 22:47:04(UTC)

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Tyrion Lannister;59468 wrote:
If I transfer a pension, I’ll do it as cash. It’s the only sure way you know there’s been no shenanigans or cockups..

But do you want to risk being out of the market for an indeterminate period? I transferred mine in two halves so that I always had an ability to change investments to a degree. Furthermore, the part that was being transferred had funds or stocks that I did not mind holding in any circumstance and for any period of time.

When I transferred the junior SIPPS, which took 6 months, I had moved their money into hold-for-ever funds just prior to transfer.
Tyrion Lannister
Posted: 26 March 2018 23:13:55(UTC)

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Charles Hayes;59469 wrote:
Tyrion Lannister;59468 wrote:
If I transfer a pension, I’ll do it as cash. It’s the only sure way you know there’s been no shenanigans or cockups..

But do you want to risk being out of the market for an indeterminate period? I transferred mine in two halves so that I always had an ability to change investments to a degree. Furthermore, the part that was being transferred had funds or stocks that I did not mind holding in any circumstance and for any period of time.

When I transferred the junior SIPPS, which took 6 months, I had moved their money into hold-for-ever funds just prior to transfer.


I see that, most sensible investors want to stay invested, particularly with “hold forever” funds.

However, even though I invest a lot of money, I have an instinctive distrust of the finance industry, mostly down to lack of transparency. Nothing’s more opaque than seeing your funds disappear from one platform and reappear on another several weeks later.

Stephen B.
Posted: 26 March 2018 23:23:16(UTC)

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With my transfer to HL that isn't what happened. The holdings remained visible in the Barclays account until the transfer, although not sellable. They then vanished at the same time as they appeared on the HL side, at least within a day. I have since checked that everything transferred correctly, and also that dividends have been paid correctly at least up to now.
Jay Mi
Posted: 27 March 2018 17:08:22(UTC)

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chazza;59467 wrote:
If the shares left Barclays months ago, it sounds as though iWeb is no better than Barclays...


I’ll wait and see who they say ‘canceled’ it.

Then I’ll be complaining.

It went ex-dividend on the 15th of March and the payment date is March 29.
Interesting to see where (if) this dividend turns up.

I’m surprisingly calm about this at the moment.
Tony Peterson
Posted: 28 March 2018 19:15:35(UTC)

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Jay Mi

Nobody seems to have said it, but I am sure we are all concerned about your missing transfer.

My hunch is that it may have something to do with those x-dividend dates,

But, keep us posted. Keep that calm. Neither party can afford further investor wrath.
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Jay Mi on 29/03/2018(UTC)
Alan Selwood
Posted: 28 March 2018 23:09:02(UTC)

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Sometimes sales close to the xd date result in the dividend being allocated to the previous owner, and then need to be transferred on to the new owner.

This may take a while, but the new owner is certainly entitled to that dividend if the share purchase is cum-dividend. One just hopes that the systems are good enough to cope!

Keep nagging if it doesn't arrive.
2 users thanked Alan Selwood for this post.
Jay Mi on 29/03/2018(UTC), adrian jarvis on 30/03/2018(UTC)
Nigel Bell
Posted: 17 April 2018 08:14:56(UTC)

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I have finally had my transfers to AJ Bell and Hargreaves completed. The initial tranche of shares went through at the end of October 2017. I was told that final completion for residual shares and dividend payments would take place 90 days later which would take the date for completion to the end of January. This never happened despite regular phone calls and complaints to Smart Investor. It now has finally completed although clearly well outside their own guidelines.
I would encourage people in a similar situation to complain and ask for compensation payments for poor service - this seems to be the one thing that Smart Investor seems to be able to do well - must be due to experience I suppose .
Campbell
Posted: 18 April 2018 07:51:40(UTC)

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Hi All long Suffering Barclays Clients

Having started the transfer from Barclays in August to Interactive Investor, still awaiting final release of residual cash. Only receive my statement this month showing the various transfers. From being a good platform and having competent staff and access to all the required information to a total disaster. The ombudsman is dealing with my issues with Barclays. Also my Wife has similar issues all though she instigated her transfer in September to Hargreaves Lansdown, awaiting residual cash - Barclays stated last week in response to a letter they have no indication when the transfer will complete because the department is busy. If she was to phone they would transfer the amount to her bank, failing to point out she would be liable for tax charge. Also in my wife case they have still to provide details to HL regarding how much is in drawdown etc, And they have been approved as competent to carry on, it is time they were reassessed.

Steve L. Jones
Posted: 18 April 2018 09:36:54(UTC)

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to Nigel Bell, above: You wrote...

"I would encourage people in a similar situation to complain and ask for compensation payments for poor service - this seems to be the one thing that Smart Investor seems to be able to do well - must be due to experience I suppose ."


"Compensation" ?? I wonder. I suspect you will find that Smart Investor pays out piddling sums to people who may have lost thousands through its incompetence--and most probably does so only in the hope that they will keep their mouths shut.

I hope anyone who has received any serious sum (A) for what he/she considered serious losses (B) will now inform this forum and give us the figures for A and B . But I can't say I expect many entries to that effect...
Nigel Bell
Posted: 18 April 2018 14:32:54(UTC)

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Hi Steve

I expect that depends on individuals interpretation of small amounts! I can't say that I have lost out by not being able to trade. I like to invest and stay invested and harvest divies. However I have spent a significant amount of time contacting Smart Investor by phone and by email to push for the completion of my transfers. I have had two transfers that have failed to be transferred according to their guidelines and as a result I have made several claims relating to poor service and being given incorrect information. For example on one occasion I had 9 letters delivered on one day all telling me that my transfer was complete - which of course it wasn't. Individually the compensation amounts range from £100 to £300 and collectively the multiple claims add up a fair amount to reflect the time I have spent on sorting out problems. At the end of the day I think it depends on how badly you feel you have been served and how you present your case for the time that (an individual) has spent on handling problems.

I am certain that transferring away from Smart Investor has been the right decision for me - it may not be for everyone. But I think the financial information available on other platforms is now vastly superior to that which exists on Smart Investor. Why they decided to change what they had for such an inferior and not fit for purpose platform frankly beggars belief.

As with many complaints if you argue hard enough and support that with evidence of their own failed guidelines they will pay. Hope that helps.
Steve L. Jones
Posted: 19 April 2018 23:17:48(UTC)

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Thank you, Nigel Bell. Glad to hear you are getting something better than peanuts out of these incompetents. And your "beggared belief" about the whole ludicrous shambles precisely reflects mine: as I think I've written earlier in this long series of complaints, the only rational thing they could do now would be 1. sack, summarily, all the braindead "managers"--board members included--responsible for it; and 2. go back lock stock and barrel to the previous system, which had its faults but nothing compared to those of Dumb Investor.

Which of course won't happen--not even the long-overdue sackings.

Incidentally, of the rival stockdealing firms, which one are you moving to? I've read many opinions on these, but am--perhaps foolishly--doing nothing until I think it at least conceivable that DI will have got its pitiful self sufficiently organised that the transfer process won't take six or nine months. I just can't face the idea of spending hours on (or hanging on to) the phone trying to deal with these idiots. And since DI evidently doesn't believe in having an email address, let alone using it, that seems to be the choice .
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Eileen Abell on 19/04/2018(UTC)
Stephen B.
Posted: 20 April 2018 09:10:06(UTC)

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In my case the majority of the transfers took about 6 weeks, although technically it isn't complete yet (6p in cash and one unlisted holding still in SI). Now we're into the new financial year it's probably as smooth as it's going to get - up to you if 6 weeks with no trading is OK or not. I didn't bother to chase it, just accepted that it would take quite a while.

My latest complaint is that they just sent me a statement for January to April, but there was no statement before January ... also they offered me a bit of compensation for a previous complaint but haven't actually paid it so I need to chase that too ...
Tim D
Posted: 22 April 2018 16:10:50(UTC)

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Heh... my reading of this https://www.moneymarketi...back-robo-advice-plans/ is that they've had to delay plans for Dumb Investor to offer "robo advice" because they're still fixing all the other problems.
john curran
Posted: 22 April 2018 16:51:53(UTC)

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The Barclays computer seems to be programmed to move the shares and most of the cash vey slowly, keep a little bit of cash to keep the account open "in case of further dividends " though in one case I know the shares were transferred 4+ months ago, find lame excuses for transferring the remaining cash very very very slowly or not at all, charging monthly fees in the meantime - -and refunding them only, as in my case, when the customer complains.

One excuse is that they need another request from the new broker, although the first request was to transfer ALL shares and cash.

Useful email addresses are
client.relations@barclays.com - the address for complaints, though not given in their "How to Complain" brochure.
Alastair.thaw@barclays.com
jes.staley@barclays.com - but be careful he doesn't hire private detectives to come after you
Dena Brumpton is Head of Wealth and Investment, but I don't have her email -- if anyone has it, please share.

Nick Cousins' CV at www.angel.co/nick-cousins includes
"Employee -- Barclays
Delivered a new online investment business for Barclays. Accountable for the definition, design and development of Barclays new D2C online investment platform in the UK. Set strategy, secured multi-year funding, and drove business execution ( full lifecycle from research, proposed definition, digital design, platform build/test/implementation).".

So he's the one "accountable" and if you're into effigies and sticking pins, there's a new candidate for you.

And please share his email address if known.
Peter59
Posted: 22 April 2018 20:56:29(UTC)

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I`m with First Direct share dealing and looking at these messages I dread the day I would have to move to another broker. Over almost 20 years there has been good service and they only recently introduced a £10 quarterly account fee. I`m always giving then feedback to not change anything!!
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dyfed on 23/04/2018(UTC)
huudi
Posted: 23 April 2018 11:10:10(UTC)

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Jay Mi;59462 wrote:
After 5-6 months I finally received a letter from iWeb saying my transfer from Barclays was complete.

7 Holdings to transfer.

Only 6 are showing in iWeb. - Contacted iWeb via the email address supplied on the confirmation letter - no reply after a week. Contacted them by their web-chat today - turns out the one remaining holding was 'cancelled'.

Cancelled!!!!

They don't know why, they had to forward it to the transfer team to contact Barclays and find out why.

I have to contact iWeb at the end of the week to get an update.

How can an investment go missing/ get cancelled mid-transfer. No idea who cancelled it, Barclays or iWeb.

It 'left' the Barclays account months ago.


I also opened an I-web account with the intention of moving from Barclays but when I tried to buy shares in Amedeo Air 4(AA4(LSE listed)) they could find no trace of them. As this would have been my second purchase from I-web then I expect 50% of shares will not be recognised so it seems losing only 1-in-7 is a good score for I-web. I am now looking elsewhere for my Barclays transfer. Any suggestions anybody?
Tim D
Posted: 23 April 2018 11:39:00(UTC)

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huudi;61088 wrote:
I also opened an I-web account with the intention of moving from Barclays but when I tried to buy shares in Amedeo Air 4(AA4(LSE listed)) they could find no trace of them.


Have you tried contacting them and asking them to add it? I've done this a few times with ATS for ETFs they didn't have available and they've always been able to add them to the platform within a few days, or a few weeks at the most. FWIW, AA4 seems to be tradeable on both ATS and HL.
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