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Barclays Stockbrokers - Legal Action
David Trigg
Posted: 22 September 2017 08:28:29(UTC)
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Hi,

I have been told that my transfer out of Barclays Stockbrokers will take two months. During this time I will not be able to trade and my cash will be frozen and there is nothing I can do about it.

Quite commonly when a large corporation is this inept or recalcitrant there are lawyers falling over themselves to take up the cudgel on behalf of the little guy (see PPI).

Any chance of that happening here?

David
P L
Posted: 22 September 2017 10:23:09(UTC)
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I doubt it given most brokers have disclaimers covering this sort of thing.

Best option I would have thought would be to go into cash first if you are worried about potential losses should a market crash occur.

Generally when terms & conditions are changed particular charges are waived such as exit fees.
Would have thought you could on the bac of the T&C change request that Barclays sell your holdings for free and transfer everything in cash (which I would have thought would be much quicker).
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David Trigg on 22/09/2017(UTC)
AJW
Posted: 22 September 2017 11:29:54(UTC)
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Check SLA's and if in breach file compensation claim based on losses/gains missed
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C Blockley on 22/09/2017(UTC), David Trigg on 23/09/2017(UTC)
Mickey
Posted: 23 September 2017 08:07:22(UTC)
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We have had to move a couple of times due to the companies closing down their service. In both instances the easiest and quickest option was to sell everything and transfer the cash into the new accounts. We were out of the market for a very short period of time.

I would recommend transferring as cash, it solves a lot of problems for little inconvenience.
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David Trigg on 23/09/2017(UTC), Tim Dr on 26/09/2017(UTC)
C R
Posted: 23 September 2017 09:33:06(UTC)
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If you sell all your holdings as advised, you may become liable to CGT if your gains are above the threshold (£11,300 ?).
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David Trigg on 23/09/2017(UTC)
David Trigg
Posted: 23 September 2017 10:22:57(UTC)
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Thank you all for the replies. Apart from any potential CGT Issues I have already put in place the transfer process so sale is not an option. I was rather hoping that some legal eagles would like to get their teeth into this.
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Mickey on 23/09/2017(UTC)
Garth Nicholson
Posted: 25 September 2017 15:49:48(UTC)
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I sold a number of my holdings and transferred the cash out of my Barclays account to another broker. The upside of this is that settlement is on a T+2 basis which means that effectively the cash can then be re invested within 3 -5 working days of the initial sale but the downside, assuming you re buy the same holdings in the new account, is possible price movement against you plus the frictional costs of stamp duty and other charges on the deal. You just have to weigh up your feelings about this.
However, for those who have ISAs, the option of transferring your cash out yourself does not apply, unless you are happy to destroy the 'tax wrapper' for your ISA. The only way here is to sell the holdings within the ISA and then request the broker to transfer the ISA cash to a new provider. Again time and possible price movements, etc against you. Maybe the simplest answer here is to open your next ISA with another provider and let the Barclays one just carry on as is. If this is unacceptable then you are stuck with the broker transfer route.
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David Trigg on 25/09/2017(UTC)
Keith Hilton
Posted: 25 September 2017 16:19:31(UTC)
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Garth Nicholson;51397 wrote:
Maybe the simplest answer here is to open your next ISA with another provider and let the Barclays one just carry on as is.


This is pretty much what I've decided to do. I'm now retired but not of state pension age and have no company pension, so don't have income to allocate to ISA's (unless I drawdown from my SIPP). I'll begin cashing in my Smart Investor ISA and either live off it or re-allocate the cash to a new ISA elsewhere.

So far, I've sold two holdings which will reduce the charges a little. I'll probably close the ISA once I'm below 48K, due to the minimum £4 per month fee becoming increasingly greater than the 0.1% charge.
john Instone
Posted: 11 October 2017 14:23:48(UTC)
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You can raise these issues to the financial ombudsman.

http://www.financial-ombudsman.org.uk/

Though sounds like going to cash then coming out will be faster.
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