Mis-sold investment advice from bank

polyfillef

Advice please on seeking compensation from Barclays Bank's financial advisor/customer investment services. My parents had a Barclays current account. When they received, for them, substantial amounts on retirement, they asked their bank for investment advice. They were not used to having such sums and the "riskiest" investment was a Post Office Investment Account.  Barclays sent one of their financial advisors who arranged for their funds to be invested in acceptable low risk products. When my father died, these accounts were transferred to my mother.  With increasing ill health, age and looking to go into residential care, she agreed to have a review by another Barclays financial adviser.  He produced a fact finding report in which there were a number of material mis-statements of facts.  I reviewed the report and wrote a letter for my mother. She sent this reply and I later found out it had been "filed to see if she would follow it up".  Barclays then proceeded to re-invest the majority of her capital in Axa Morley products that were high risk equities and to re-invest her equity ISAs (teeming and lading) which resulted in a dramatic fall in the value of her capital.  This literally made her worried sick and contributed to her ill health and she died within 2 years of these investments.  Since then I have been pursuing this mis-selling to which Barclays agreed, having been fined for mis-selling the Axa Morley products.  However, there have been frequent changes of address for Barclays and failure to get a reply to my letters both to do with compensation and complaining about the mis-handling of the mis-selling and complaints.  Notably, I have not received a letter of deadlock requested, so I can't take up a case with the FSA.  Is it now a case to employ a solicitor, or is there something else I can try in order to get Barclays to respond?

eskbanker

polyfillef said:

However, there have been frequent changes of address for Barclays and failure to get a reply to my letters both to do with compensation and complaining about the mis-handling of the mis-selling and complaints.  Notably, I have not received a letter of deadlock requested, so I can't take up a case with the FSA.

Not sure exactly what you mean by 'FSA' but complaints can be escalated to the Financial Ombudsman Service if unresolved within the eight week window allowed for their handling by the institution to which you've complained, so there's no need to wait for a final response if it's already dragged on for a lengthy time without signs of progress.

https://www.financial-ombudsman.org.uk/consumers/how-to-complain

steampowered

A fundamental question - what is the outcome you are looking for here? That will drive the best next steps.

An apology from Barclays? Compensation for the lost value of the investments - if so how much was actually lost? 

polyfillef

I asked for compensation for lost value of the investments and the return on that value that my mother did not receive.

eskbanker said:

polyfillef said:

However, there have been frequent changes of address for Barclays and failure to get a reply to my letters both to do with compensation and complaining about the mis-handling of the mis-selling and complaints.  Notably, I have not received a letter of deadlock requested, so I can't take up a case with the FSA.

Not sure exactly what you mean by 'FSA' but complaints can be escalated to the Financial Ombudsman Service if unresolved within the eight week window allowed for their handling by the institution to which you've complained, so there's no need to wait for a final response if it's already dragged on for a lengthy time without signs of progress.

Eskbanker. Thanks for this link.

AnotherJoe

"(teeming and lading)"

  ????

eskbanker

AnotherJoe said:

"(teeming and lading)"

  ????

OP would appear to be alleging something underhand over and above misselling....

https://en.wikipedia.org/wiki/Teeming_and_lading

AnotherJoe

Oh right, well that's clearly ridiculous and from what OP posted not what happened anyway.

dunstonh

Barclays had an issue a decade or thereabouts ago where they miscategorised a couple of funds in the wrong risk profile.
These funds suffered greater losses in the negative periods but better growth in the positive.  After the credit crunch, Barclays got a large number of complaints due to the losses that were outside of tolerance.  They had to pay out a fair chunk of redress.  However, those that did not complain and did nothing should have seen them return to surplus and go on to do better than the lower risk options.

teeming and lading)

clearly not that or even close.   When you are making complaints it is best to stick to facts and not introduce fantasy things.

Notably, I have not received a letter of deadlock requested, so I can't take up a case with the FSA. 

The Foods standards agency do not get involved.  Nor does the FCA, if you meant them. They regulate companies. They do not handle consumer complaints.  You want a different F.  The FOS.  You can go to the FOS after you receive the complaint outcome or 8 weeks after making the complaint.

 Is it now a case to employ a solicitor,

You shouldn't need to do that and the executor of the estate is going to be unlikely to sign off on legal costs without good reason.