Barclays Stockbrokers move to Smart Investor?

[menousername]

The issues is starting to (slowly) filter through to the usual news outlets.

Get the impression this was designed to scoop up small investments from retail clients buying an off-the-shelf Barclays fund through their ISA allowance.

Have read older articles that Barclays were responding to "robo-advisors" and other low cost platforms by offering off-the-shelf funds tailored on the client's risk profile.

Not sure why that needed the migration of BS though - ISAs were previously housed within their main retail banking and were moved across into BS - they could have kept them separate or kept them within BS

[NickCQ]

menousername said:

Get the impression this was designed to scoop up small investments from retail clients buying an off-the-shelf Barclays fund through their ISA allowance.

Exactly. Contrary to many on here the process was very smooth for me. I think that's for two reasons - (i) I happened to have a Barclays current account already so it now syncs up very well and (ii) I buy and hold in my ISA so only trade a few times a year.

However, I still maintain a dummy mirror of my portfolio on Trustnet as I find their analytics / graphs etc much more informative, so BS is just for execution and quick valuation updates.

[env]

Final kick in the nuts from Barclays Stockbrokers today!!

I still cant access my account, so over a week on a 'frequent trader' account. Well done chaps. They are resetting everything and sending me a new membership number, memorable word etc... this week to try again.

Got home tonight, good news a letter from Barclays Smart Investor, excellent, but wait, what is this, ITS A SUMMARY OF THE FEES THEY WILL BE CHARGING ME FOR CLOSING MY STOCKBROKERS ACCOUNT AND THE NEW SMART INVESTOR BILLING SCHEDULE.

The opening line is "we are delighted to confirm that we have moved your Barclays Stockbrokers account..."

I am delighted to confirm they are not getting a penny.

Zen.

[wilwak]

I've started using the new platform properly now.

I find that the research is not a patch in the old site. I am now having to use the London Stock Exchange website for RNS and news etc.

I am also finding that the quote and deal system is not working. For the first time in years I've had to place limit orders and wait for them to be executed. These are the same shares that was was buying easily on the old system.

They need to really improve things or lots of customers will leave including me.

[Jon39]

The idiots have now started addressing some of their letters, using only first name and surname.
Could they never imagine that two people in the same household might be their customers.

Do the new account numbers have any similarity to the old account numbers?
If not, it seems impossible for us to know which new account number applies to which person.

Any suggestions about how to try logging in ?
Please don't suggest telephoning them. I do not need raised blood pressure.

Perhaps a recorded delivery letter stating, 'I give in, transfer my account', would be the solution.

Edited by Jon39 on Wednesday 6th September 17:42

[wilwak]

I was with someone today while they dealt using the HL IPad App. Seemed very basic.

Is the HL website far better than the app does anybody know?

I was keen to watch as I'm looking at alternatives to Barclays.

The share he bought cost him 788p which seemed high to me. I logged in to Barclays and we did consecutive quotes. I was quoted 782p at the same moment.

It seems that HL use the full bid-offer spread whereas Barclays always beat it.

He also paid £11.95. Mine would have been £6.

So, I'm wondering whether to just stick with Barclays and give them chance to sort it all out.

[dingg]

jon


you should have received a letter with a passcode for each account , but each account will have a passcode for telephone and internet , so two passcodes for each account

also a letter to each account holder with details of each account number (12 digits) two account numbers one for telephone and one for internet.

so if you have all of that you should be good to go , make sure you use the right passcode for each account , 3 attempts incorrect entry gives you a locked account.

good luck


re the new hub , I'm sticking with it (mainly because I can't be arsed to swap everything over to another provider) and i'm getting used to it already , I don't like the fact it seems to time out quickly and if you refresh the page in certain states it bumps you out and you need to relog back in , the same if you go back it can log you out. (this is using chrome)

[Jon39]

dingg said:

jon

you should have received a letter with a passcode for each account , but each account will have a passcode for telephone and internet , so two passcodes for each account

also a letter to each account holder with details of each account number (12 digits) two account numbers one for telephone and one for internet.

so if you have all of that you should be good to go , make sure you use the right passcode for each account , 3 attempts incorrect entry gives you a locked account.

good luck


re the new hub , I'm sticking with it (mainly because I can't be arsed to swap everything over to another provider) and i'm getting used to it already , I don't like the fact it seems to time out quickly and if you refresh the page in certain states it bumps you out and you need to relog back in , the same if you go back it can log you out. (this is using chrome)

Thank you Grant.

Yes, even with the complications of the Account Number for internet, Account Number for telephone (not likely), Membership Number, Passcode, Memorable Word, and an enormous number of letters that they have sent (times three for this household), I actually managed to login at my first attempt just now.

It seems funny when arriving at a Barclays Bank webpage and thinking, I don't bank with Barclays.
I did notice that shareholding quantities are shown to 4 places of decimals (fools), and when I printed a few pages, hyperlink addresses become visible on the printed page.

I just need to reduce the cash and gradually move holdings elsewhere, to avoid the enormous annual fee increase that I will otherwise face. Will speak to another ISA provider that I use, where the annual fee went down to zero a few years ago. I am mainly only interested in the CGT protection with these schemes, not dealing.

Edited by Jon39 on Wednesday 6th September 22:16

[traxx]

Barclays really are useless

They told me yesterday on the phone that if you are a Barclays Wealth customer its going to be 3 months until the login works properly - but in the meantime you are welcome to use the telephone dealing at the internet price

Anyone know what the email address is to complain and demand compensation since I can't access my info at all?

[Jon39]

The whole mess has now been reported in The Financial Times.
https://www.ft.com/content/92813b4a-947a-11e7-83ab...

If you cannot see the article because it is behind a pay wall, try a Google search,
' smart investor switch angers barclays stockbrokers clients '
You can then probably have free access.

Barclays appear to be trying the reassuring comments technique in the article.
E.G. ' And as dealing fees have been reduced, buy-and-hold fund investors who trade infrequently will generally benefit. '

Fiction shelf for that one then. They informed me in writing, that my £36 fee will now become hundreds of pounds every year.
I wish so called company spokesmen would not lie. Perhaps generally benefit, means Barclays generally benefits.

[PostHeads123]

Just don't forget your memory word as is cant be reset over phone / online, you have get a new passcode sent out in the post if you forget you memorable word.

[Jon39]

ALERT

Suggest a look at your online ISA cash statement.

It looks as though there is a problem with the crediting of dividend payments.
I have some dividends missing, and I have heard from someone else who has the same problem.

Edited by Jon39 on Thursday 28th September 16:11

[wilwak]

I'm missing a large Dividend that was paid on Friday 22nd September.

Secure Messaging doesn't work. Chat doesn't work. Calls Are impossible to get through.

It's an almighty mess. Appalling.

[wilwak]

The dividend finally arrived after two weeks waiting.

I’m now waiting for the proceeds of a corporate action that was all settled on 29th September.

Barclays certainly aren’t fast and slick at the moment.

Still a very frustrating service and the new platform is painful to use.

I’m thinking of transferring many of my longer term holdings back in to share certificates!

[Jon39]

wilwak said:

The dividend finally arrived after two weeks waiting. . . .

I’m thinking of transferring many of my longer term holdings back in to share certificates!

My dividends are now up to date, but every one was credited late. One was 13 days after the payment date.
The amounts that I can see are correct (surprise), but unable to check a second account at all yet.
They used to show the holding quantity for every dividend, but nothing shown now. They do show the holding figures on the list of shares, but to 4 places of decimals. Perhaps someone should ask to buy exactly 1000.3745 Compass shares. Even though Barclays used to employ experts, they might now learn that fractions of shares are not possible.

Since the early days of PEPs, when most providers had hopeless administration, I have always kept mirrored holdings in certificated form. It is the easiest and best way to check up on ISA accuracy, but not huge amounts obviously because of the exposure to CGT.

Have you tried printing any of the Barclays documents? Every hyperlink is accompanied by text showing the full URL address. What a mess.

[env]

Well my transfer is in-flight, but the dividend thing is a mess... I do wonder what this must have done to their client money and asset calculation, presume the FCA will be all over that like a rash as we are not talking small sums.

I am gradually getting to grips with the new site, but am still finding it pretty painful. Real shame, as I loved the Barclays service and they were a very sensible lot to speak to on the phone always!

[wilwak]

I agree. I dispair.

I was very happy with the old system despite delays reflecting dividends and actions.

The new system is a real let down. Very disappointed.

What a shame.

[Jon39]

In view of their own decision, to change from excellent to appalling service (if they did not anticipate that, then they missed the clues in all that bumph which they posted to their customers), are they charging exit fees for us to leave the asylum?

[dingg]

the disaster with smart investor continues , using a works computer I have been locked out of my account , either a colleague has had a bash a few times to 'crack' my passcode and memorable word or the internet offshore has caused issues or barclays site is playing up , either way I have spent 2 hours mostly on hold or speaking to a halfwit this evening only to find I can't speak to anyone to unlock the account until tomorrow morning at 07.30 .

If tomorrow they tell me they can't unlock it immediately I'm off to pastures new ,I can't put up with this crap and dread to think what issues would ensue on a real market wobble.

[wilwak]

I’m still waiting for the proceeds of a tender offer that was settled on 29th September.

Two weeks later still no money and worse still the remaining shares in that holding are frozen so I can’t sell them.

Rubbish!

I asked how long transfer’s out are currently taking.

They said a transfer takes 10-12 weeks and currently due to the high demand it is taking 8 weeks to process requests.

Does that mean a total of 18-20 weeks to get out? Yikes!