Barclays not releasing funds due to India lockdown

KLBCayman

Has anyone experienced issues with Barclays not releasing funds due to the lockdown in India?  Apparently all Barclays back office functions are done from India and my buyer’s buyer is saying that is what is holding up completion of our sales. 

Thrugelmir

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

KLBCayman

@Thrugelmir. Thanks. So there should be no issues then and funds will be released?  We were meant to complete 2 weeks ago. 

Thrugelmir

If it's just a matter of the drawdown of funds then one would assume not. 

AdrianC

Have you exchanged?

TuppenceWorth

Just for the heads up...
I was due to exchange and complete 2 weeks ago. The 10th working day was actually last monday. Barclays have messed about with the draw down and re requested the CoT. The current 10th working day will be next Tuesday. Not holding my breath.
Solicitor has advised against exchange until the funds have landed.
Luckily there is no chain and vendor has been understanding.

Crashy_Time

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

davidmcn

Crashy_Time said:

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

Indian people or UK people? I don't know specifically about Barclays, but even for UK-based offices it hasn't necessarily been straightforward to shift everybody to home-based working if they were previously all in one building - things like how do you sort out telephony, call recording, data security etc, and simply sourcing and distributing necessary equipment. I would guess Indian employees' homes are even less likely to be equipped with suitable spaces, broadband connections etc.

Thrugelmir

Crashy_Time said:

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

Of course. I forgot that all we need do these days is to ask Alexa and the next day a fully functioning office will be installed in several thousand homes. 

Crashy_Time

davidmcn said:

Crashy_Time said:

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

Indian people or UK people? I don't know specifically about Barclays, but even for UK-based offices it hasn't necessarily been straightforward to shift everybody to home-based working if they were previously all in one building - things like how do you sort out telephony, call recording, data security etc, and simply sourcing and distributing necessary equipment. I would guess Indian employees' homes are even less likely to be equipped with suitable spaces, broadband connections etc.

You don`t need the entire workforce in a functioning office to release funds though, not funds that have been already approved for release?

AdrianC

davidmcn said:

Crashy_Time said:

Thrugelmir said:

The outstanding case work is being transferred back to the UK. India was completely locked down without any prior warning due to the virus threat. 

People can work from home though? How would that affect the transfer of funds?

Indian people or UK people? I don't know specifically about Barclays, but even for UK-based offices it hasn't necessarily been straightforward to shift everybody to home-based working if they were previously all in one building - things like how do you sort out telephony, call recording, data security etc, and simply sourcing and distributing necessary equipment. I would guess Indian employees' homes are even less likely to be equipped with suitable spaces, broadband connections etc.

SWMBO proof-reads work that's come through from a typesetting firm in India. They're working from home, and content is coming through in pretty much the same time as normal.

A bigger issue for the financial industry, though, is simply going to be data security. You can't just chuck remote access to internal systems open to all from insecure machines and over insecure connections...