I need Martin's help! Barclays have stolen my ISA!

red

Hi, I do not know if Martin can help, but I tried to open an ISA last year.

I heard nothing from Barclays, but having opened the ISA in a branch by one of the private bankers I was not too worried.

A couple of months later I called the ISA helpline and I was told everything was in order.

A couple of months later still I had heard nothing so went into the branch.

They called the ISA helpline who said that the ISA needed my passport to be opened (they had taken a copy at the branch when it was opened).

I came back in with my passport and they called the helpline again and was then told that they had verified my passport two months earlier.

They said they had sent me a new application (they had not) and then they said they would send another application (they did not).

Anyway, eventually, I went back in, put in a complaint and got through to someone who said they would not be able to open the ISA application as it was too late.

This was the first time anyone had said the application would not be opened and still I had never heard anything from Barclays.

They were willing to offer me the interest I would have gained in one year as compensation.

They have written to me and apologised, and taken full responsibility for their mistakes and repeated the same thing on the phone.

They want me to take the compensation as an agreement to drop the whole thing, but it seems wrong to me: I have said to them, what's about the interest that I would get in year 2, 3, etc? They refuse to comment.

I have said they should open a savings account for me that tracks the ISA, including the deductions I would pay in interest. They have refused. Is there ANYTHING I can do?

Debt_Free_Chick

red wrote: »

They were willing to offer me the interest I would have gained in one year as compensation.

That's about the best thing you can expect. This way, you have not lost out.

They want me to take the compensation as an agreement to drop the whole thing, but it seems wrong to me: I have said to them, what's about the interest that I would get in year 2, 3, etc? They refuse to comment.

You're asking for too much, now Yes, you'll lose future (ISA) interest on the first year's amount of interest. But you can still get some interest on this amount by putting it in a normal savings account (taxable, of course). So the best you could claim is the difference between the two amounts and you can't project that forwards into the future.

I have said they should open a savings account for me that tracks the ISA, including the deductions I would pay in interest. They have refused. Is there ANYTHING I can do?

They only need to put you in the position NOW that you would have been in, had they not made the mistake. There is no requirement in law in compensate you again and again, in the future.

Accept it - they're being quite fair.