Goodwin Barrett and Bradford and Bingley shares

2 Posts

A few years ago my mother was given shares in Bradford and Bingley building society when it changed to a bank. It was subsequently taken over by Santander and everyone lost their shares and got nothing for them, despite there being several campaigns to try and get the Bradford and Bingley share holders some compensation. She has just been contacted by a company called Goodwin Barrett, who say they are starting a mis-sold investment campaign to get some compensation for the shareholders who lost all their shares. My mother told them she was given the shares and didn’t buy them, but they are adamant they can include her in the claim. They charge 40% plus VAT of whatever she gets. She’s not sure what to do, so I just wondered if anyone else had been contacted by this company, or knows anything about them? Or has anyone heard from any other company doing the same thing?
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For clarity, Santander never bought B&B, it simply went bust and was nationalised. It's shares were worthless as a result, this was confirmed in the report put together by Peter Cloakey. There is nothing anyone can do regarding B&B shares, they're worthless and gone forever.
Whatever this company is doing it is not going to generate compensation from a defunct bank/HM Government/A.N.Other entity.
Here is the legislation regarding compensation from the Government upon nationalisation.
https://www.legislation.gov.uk/uksi/2008/3249/schedule/made
Here is the original valuation report determining the compensation due being £0
https://pwc.blogs.com/press_room/2010/07/peter-clokey-independent-valuer-for-the-purposes-of-the-bradford-bingley-plc-compensation-scheme-iss-1.html
and a revised report, still valuing the company at £0
https://pwc.blogs.com/press_room/2011/03/peter-clokey-independent-valuer-for-the-purposes-of-the-bradford-bingley-plc-compensation-scheme-iss.html
No, they're not the first and probably won't be the last ambulance chaser
The only people who got anything from Bradford and Bingley were the directors, who paid themselves handsomely including an extra one off bonus in 2007, as they felt they were "falling behind" and of course PwC who created the report upon which B&B's value was determined to be £0
I suspect this is a misunderstanding. When they refer to missold investments they are looking to put in complaints about regulated investments. Not individual non-retail share holdings. i.e. they can use the regulated complaints process to complain about retail investments. However, there is no complaints process for share holdings.
I asked for the reason. i.e. what did Goodwin Barrett say the missale reason was?
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Thank you anyway, I’ll know not to ask for any advice again