Barclays Wealth advice review

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Bish397
Bish397 Posts: 5 Forumite
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in Savings & investments
Hi everyone,

Despite browsing the site for ages this is my first post, I hope that its in the right forum.
I have today recieved a recorded delivery letter from Barclays Wealth saying that they want to speak to me to check that financial advice I was given in 2009 was right for me. Back in '09 i put about £3000.00 into a stocks and shares ISA. The letter states that "if the advice was wrong then we want to put it right" and "we are keen to resolve this matter". Has anyone else had one? I don't remember a great deal about the advice I was given to be honest so not sure if it was good or bad!!

Thanks everyone

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  • dunstonh
    dunstonh Posts: 116,521 Forumite
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    Has anyone else had one?

    yes they have.

    Loads of these going out at the moment from all companies. It uses an FCA template and is an invite for you to have the advice reviewed if you feel the advice you were given may have been unsuitable. It does not mean the advice was unsuitable. The only measure for you to get the letter is a product purchase between certain dates.

    If you had a fixed term ISA product that no longer exists (maturity for example) then there is unlikely to be an issue. If you invested above your risk profile (Barclays were prone to this) then you can ask for the review. Although many of those that do this find the case classed as unsuitable but no redress as the investment has done better than the alternative.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jimjames
    jimjames Posts: 17,653 Forumite
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    Bearing in mind the stock market performance since 2009 if its classed as misselling you have to hope they don't give you what you'd have got as interest at 0.5% instead of doubling your money in shares.
    Remember the saying: if it looks too good to be true it almost certainly is.
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