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  • FIRST POST
    • MSE Guy
    • By MSE Guy 18th Jan 11, 12:32 PM
    • 1,628Posts
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    MSE Guy
    MSE News: Barclays to pay 60m compensation for investment mis-selling
    • #1
    • 18th Jan 11, 12:32 PM
    MSE News: Barclays to pay 60m compensation for investment mis-selling 18th Jan 11 at 12:32 PM
    This is the discussion thread for the following MSE News Story:

    "Thousands of customers are set redress after the bank mis-sold risky investments to those wanting a safe haven for their cash. ..."

Page 2
    • dunstonh
    • By dunstonh 28th Jan 11, 4:02 PM
    • 98,579 Posts
    • 67,061 Thanks
    dunstonh
    Thank you.
    Yes they did stress at the time of investing that they wanted something safe as it was there retirement money. When they realised they were loosing money they met with the sales advisor to complain that they had been ill advised. The sales advisor said 'sorry, we weren't expecting this to happen.' My father the asked for the worst case scenario on his investment and was told they could be looking at 24,000 from initial investment of 42,000. My parents are were obviously very afraid by this and withdrew the funds. I believe they were miss-sold this investment and as a direct result of Barclays incompetence and have suffered a financial loss.
    Originally posted by jo2757
    What was their definition of safe?

    Safe as in cash only (but subject to real terms loss due to inflation and possible shortfall risk) or a low level of risk taken?

    Obviously withdrawing it was the wrong thing to do as they would not be in a loss now. However, Barclays would not be responsible for that decision. They are only responsible for the advice given at the time.

    Did you parents have any history of investing in the past (e.g. endowments, shares, insurance agent arranged policies, pensions etc)?

    How much of their money was invested compared to how much they had cash savings left?

    There is potential for mis-sale but making a short term loss is not grounds in itself. If the recommendation is consistent with the documented information and appropriate then a complaint can be rejected. If a fault is found in the advice then that can lead to the complaint being upheld.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jo2757
    Thanks very much for your help
    I think you have made me see things a lot clearer now. Im going to hunt out their paper work and go through it with them.
    They had lost around 5000 when withdrew the funds, to me that is loads of money ,i am now thinking though that part of this money could be a fee to barclays
    thanks again
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