Goodwin Barrett and Bradford and Bingley shares 16 January at 2:24PM in Savings & Investments 5 replies 336 views

Rubia1409

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? 

kaMelo

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

dunstonh

despite there being several campaigns to try and get the Bradford and Bingley share holders some compensation.

....by people that don't understand about investing in shares.

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

And how exactly was she missold?

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.

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.

Generally, the staff at most CMCs on the phones are targeted to get people signed up and are not qualified or trained to know the differences in investments.      It's possible that the person here is mistaken or is desperate to hit this weeks target.

Rubia1409

dunstonh said:

despite there being several campaigns to try and get the Bradford and Bingley share holders some compensation.

....by people that don't understand about investing in shares.

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

And how exactly was she missold?

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.

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.

Generally, the staff at most CMCs on the phones are targeted to get people signed up and are not qualified or trained to know the differences in investments.      It's possible that the person here is mistaken or is desperate to hit this weeks target.

Wow! That’s quite an abrupt reply! I won’t ask for advice for an 80+ year old lady again! 

I didn’t say my mother had been mis-sold the shares, that’s what Goodwin Barrett said. I was very clear that she had been given them, as has she been clear to Goodwin Barrett. 

I advised my mother to be cautious, but as there have been efforts in the past to recover the money that people lost whether shares were no more, I  wanted some friendly advice from others as to whether this was legitimate or not. Not all of us are financial experts! 

Thank you anyway, I’ll know not to ask for any advice again

dunstonh

I didn’t say my mother had been mis-sold the shares, that’s what Goodwin Barrett said. I was very clear that she had been given them, as has she been clear to Goodwin Barrett. 

You said GB told her there were missold.
I asked for the reason.    i.e. what did Goodwin Barrett say the missale reason was?

I advised my mother to be cautious, but as there have been efforts in the past to recover the money that people lost whether shares were no more, I  wanted some friendly advice from others as to whether this was legitimate or not. Not all of us are financial experts! 

Goodwin Barrett is a legitimate company.  However, CMCs in general, have a reputation for generating complaints whether there is a complaint or not.  GB has been active in complaint generation in respect of retail investments. They have not been active in the B&B shares loss.  Hence why I believe this is probably a misunderstanding.

Wow! That’s quite an abrupt reply! I won’t ask for advice for an 80+ year old lady again! 
<snip>
Thank you anyway, I’ll know not to ask for any advice again

I think you have misread the post.   I have read it again and certainly see nothing abrupt.

jimjames

Rubia1409 said:

dunstonh said:

despite there being several campaigns to try and get the Bradford and Bingley share holders some compensation.

....by people that don't understand about investing in shares.

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

And how exactly was she missold?

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.

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.

Generally, the staff at most CMCs on the phones are targeted to get people signed up and are not qualified or trained to know the differences in investments.      It's possible that the person here is mistaken or is desperate to hit this weeks target.

Thank you anyway, I’ll know not to ask for any advice again

I'm not sure quite what you think is abrupt but I'd reiterate what dunstonh said. It's good information that she should take on board and it's always worth asking for help - bear in mind it isn't advice though - it's comments and feedback.