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Barclays Smart Investor

Grumpsimus
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Re: Barclays Smart Investor

#80663

Postby Grumpsimus » September 12th, 2017, 3:24 pm

I do wonder if the title of this thread should be changed to 'Barclays Not so Smart Investor'.

I am another one with an account firmly stuck in transfer limbo. I requested a transfer of an ISA account to iWeb in mid July, on 21 July I had an email from Barclays acknowledging the request and suspending online access to the account. However, iWeb have told me that they have not received any information from Barclays. I spoke to Barclays who claimed that they sent the valuation to iWeb that day, this was before 28 August. iWeb have told me that they have still not received any information from Barclays. Clearly someone is not telling the truth.

ISA transfers are meant to be completed within 30 working days, after 35 working days this one doesn't appear to have even got started. I am sure many others are in the same situation and the most frustrating aspect is the inability to bring any pressure to bear on Barclays to get them moving. Today I read that Hargreaves Lansdown have said that Barclays have stopped answering the phone regarding transfers.

Sandy123307
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Re: Barclays Smart Investor

#80667

Postby Sandy123307 » September 12th, 2017, 3:42 pm

Ref BT divi , I noticed that as well, I have started noting down divi's due, just don't trust them.

My ANZ shares divi paid on 11/9, checked HL account and paid that day, ANZ with barclays will probably be end of next week.
Still waiting for a Fund that pays end of month, will probably have to phone Thursday, if not paid, as that would be 10 working days.

JMN2
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Re: Barclays Smart Investor

#80814

Postby JMN2 » September 13th, 2017, 10:16 am

Regarding my transfer, some news, AJ Bells washing their hands of the matter, Barclays on the other hand are now looking into the delay and have given themselves until early October when they will write to me again unless the matter has been sorted by then. The reason for delay given by AJ Bell is the high number of ongoing transfers due to closed Pension Trader account holders having to look for other providers.

The way we used to handle bottlenecked problems was FIFO, one by one, bang bang bang and talk to the counterparties, emails often get managed into neat folders - looks like one is in control but nothing gets solved.

Alaric
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Re: Barclays Smart Investor

#80818

Postby Alaric » September 13th, 2017, 10:28 am

Hanoi wrote:The amount paid is correct. The description is wrong.

Another thing that was "tested"


They are living in the past world of 10% notional tax credits. The value quoted is 90% of the actual dividend.

Hanoi
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Re: Barclays Smart Investor

#80824

Postby Hanoi » September 13th, 2017, 11:00 am

Alaric wrote:
They are living in the past world of 10% notional tax credits. The value quoted is 90% of the actual dividend.

That was my initial reaction too. However, another dividend shows

Dividend: F&C Commercial Property Trust Limited ORD 1P (FCPT.XLON.GB) @ GBP 0.0050

and this description is correct as is was actually paid at 0.5p

It would be helpful if someone else who has had a dividend paid could compare the description with the declared amount to see if it ties up and post. Maybe it was just BT that was screwed up.

My next divis are not due until the end of this month.

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Re: Barclays Smart Investor

#80884

Postby JMN2 » September 13th, 2017, 4:16 pm

JMN2 wrote:Regarding my transfer, some news, AJ Bells washing their hands of the matter, Barclays on the other hand are now looking into the delay and have given themselves until early October when they will write to me again unless the matter has been sorted by then. The reason for delay given by AJ Bell is the high number of ongoing transfers due to closed Pension Trader account holders having to look for other providers.

The way we used to handle bottlenecked problems was FIFO, one by one, bang bang bang and talk to the counterparties, emails often get managed into neat folders - looks like one is in control but nothing gets solved.


Received a letter from Barclays "Portfolio Transfers" where they mention 30 days - but they use very scary terminology: "stock closure process". Apparently, yet again, my online access is closed.

waterstar
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Re: Barclays Smart Investor

#80993

Postby waterstar » September 14th, 2017, 8:18 am

Hanoi wrote:
<snip>

It would be helpful if someone else who has had a dividend paid could compare the description with the declared amount to see if it ties up and post. Maybe it was just BT that was screwed up.

My next divis are not due until the end of this month.
[/quote]

I have two dividends also showing the wrong amount however correct amount paid

"Dividend: Unilever PLC ORD 3 1/9P (ULVR.XLON.GB) @ GBP 0.2865", meanwhile dividend actually paid was 31.83p

"Dividend: Invesco Perpetual UK Smaller Companies Investment Trust PLC ORD 20P (IPU.XLON.GB) @ GBP 0.0320", dividend actually paid was 3.55"


AND also still waiting on a dividend from European Assets Trust (EAT) paid on 31 August, which historically took a couple of days, now it is 14 days late.

everhopeful
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Re: Barclays Smart Investor

#81013

Postby everhopeful » September 14th, 2017, 9:27 am

HL paid my European Assets dividend on 31/08. I have several incomprehensible payments appearing in my SmartInvestor account.

For example: Dividend on 0.58 NATIONAL GRID ORD GBP0.12431289 shares at 29.1P per share giving a payment of 0.17p. I hold 1805 Nat Grid shares.
Perhaps it is something to do with the transfer. The Nat Grid dividend was paid into my Barclays Stockbroker Account on 07/06.

Can anybody explain?

Alaric
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Re: Barclays Smart Investor

#81029

Postby Alaric » September 14th, 2017, 10:18 am

everhopeful wrote:For example: Dividend on 0.58 NATIONAL GRID ORD GBP0.12431289 shares at 29.1P per share giving a payment of 0.17p. I hold 1805 Nat Grid shares.


Didn't National Grid have a share reconstruction and return of capital as a special dividend? That left some fractional entitlements floating about. Some Brokers just pocketed these or maybe gave them to charities.

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Re: Barclays Smart Investor

#81035

Postby Sandy123307 » September 14th, 2017, 10:40 am

Been chasing up barclays on monthly payment of invesco fd mgrs perpetual mthly fund.

Been trying email complaint, but just get email back saying to contact help desk.

Tried chat when it works, and told within 10 working days.

So this is 10th we, will phone, got all info ready, then noticed, invesco fund had changed from fund Y to Z ?..

Phoned up, explained. Was told they are basically the same fund, and that invesco could not put Y into smart investor, only Z.
Asked why I was not informed, was told it was not a corporate action, and they done it when moved over to SI.
Total valuation was same less fund units, and price higher.

Asked when I would receive income, and told due to the conversion, it would take about 15 working days.

MrBarclay
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Re: Barclays Smart Investor

#81046

Postby MrBarclay » September 14th, 2017, 11:27 am

Important information
We will aim to update your account within five business days of receiving the (dividend) proceeds. Overseas residents should consult their professional advisers as to whether they require any governmental or other consents or need to observe any other formalities to enable them to participate in the offer.


From Smart Investor

Alaric
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Re: Barclays Smart Investor

#81052

Postby Alaric » September 14th, 2017, 11:49 am

Sandy123307 wrote:Phoned up, explained. Was told they are basically the same fund, and that invesco could not put Y into smart investor, only Z.


You might need to ask them, which is the higher charging fund.

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Re: Barclays Smart Investor

#81065

Postby Hanoi » September 14th, 2017, 12:49 pm

waterstar wrote:AND also still waiting on a dividend from European Assets Trust (EAT) paid on 31 August, which historically took a couple of days, now it is 14 days late.

I too hold EAT but opt for the scrip. New shares have been credited but not the cash balance. Secure Message sent (I have a Barclays bank account) but no reply received. Formal Complaint about to be generated.

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Re: Barclays Smart Investor

#81070

Postby mike » September 14th, 2017, 1:15 pm

waterstar wrote:
Hanoi wrote:
<snip>

It would be helpful if someone else who has had a dividend paid could compare the description with the declared amount to see if it ties up and post. Maybe it was just BT that was screwed up.

My next divis are not due until the end of this month.


I have two dividends also showing the wrong amount however correct amount paid

"Dividend: Unilever PLC ORD 3 1/9P (ULVR.XLON.GB) @ GBP 0.2865", meanwhile dividend actually paid was 31.83p

"Dividend: Invesco Perpetual UK Smaller Companies Investment Trust PLC ORD 20P (IPU.XLON.GB) @ GBP 0.0320", dividend actually paid was 3.55"


The only divi I have received since the change has been indicated correctly

07/09/2017 Dividend: Henderson Far East Income Limited ORD NPV (HFEL.XLON.GB) @ GBP 0.0530

and 5.3p was what I recieved.


AND also still waiting on a dividend from European Assets Trust (EAT) paid on 31 August, which historically took a couple of days, now it is 14 days late.


I'm still waiting for Pennon due 1 September and AstraZeneca due 11 September.

The 10 day limit for Pennon is up tomorrow, so I will chase then.

Mike

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Re: Barclays Smart Investor

#81132

Postby csearle » September 14th, 2017, 6:01 pm

MrBarclay wrote:Important information
We will aim to update your account within five business days of receiving the (dividend) proceeds. Overseas residents should consult their professional advisers as to whether they require any governmental or other consents or need to observe any other formalities to enable them to participate in the offer.


From Smart Investor
Why are you aiming for such a slow service? With Barclays Stockbrokers dividends used to (almost always) be paid on the next working day*.

Regards,
Chris

* This too is slow compared with some brokers that manage to show it on their accounts on the relevant pay day.

Grumpsimus
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Re: Barclays Smart Investor

#81145

Postby Grumpsimus » September 14th, 2017, 6:45 pm

Haven't Barclays brought all these problems on themselves. I recall that the original proposal was to move people in stages. However, they moved 34,000 customers in March, without it appearing to cause any major problems, although I understand that this group was selected to be 'easy'.

Then they moved over 200,000 customers on the 28 August, causing the current problems, which they are clearly unable to cope with. If they had stuck to the original plan and moved customers in staged groups of say 50,000, Barclays staff would have found it easier to cope with the problems and it it would have allowed more time for those who had to/wanted to leave to do so.

Why the change of plan? Was it some clueless bean-counters attempt to save a little bit of money, at the expense of the customers?

Maybe we should complain to the FCA.

MrBarclay
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Re: Barclays Smart Investor

#81283

Postby MrBarclay » September 15th, 2017, 11:21 am

Why are you aiming for such a slow service? With Barclays Stockbrokers dividends used to (almost always) be paid on the next working day*.

Regards,
Chris

* This too is slow compared with some brokers that manage to show it on their accounts on the relevant pay day.


Just wanted to say I am not "MrBarclays" and don't represent them!

Julian
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Re: Barclays Smart Investor

#81442

Postby Julian » September 16th, 2017, 9:55 am

Wow. Barclays' incompetence knows no bounds.

I am trying to transfer to Hargreaves Lansdown (HL) and have just had a secure message from HL updating me on what is going on. Barclays have rejected the HL transfer request 3 times so far. After HL told me that the request was rejected the first time I phoned Barclays and they told me that there had been a note entered on my account by the Barclays transfer team to say that my account should not be migrated to the new SmartInvestor platform because it is in process of being transferred to another broker and that a request to transfer to an external broker should NOT be rejected. Despite this note the transfer request from HL was rejected. I got Barclays to give me the exact time stamp and originator for the note that had been placed by Barclays on my account (apparently there are no reference numbers in the Barclays system so that is the most unique identifier).

After I conveyed the above info to HL they resubmitted the transfer. It was rejected again. They then called Barclays who again confirmed that there were instructions on my account not to reject, added another note to my account to the same effect, and told HL to resubmit the transfer request for a third time. HL did. It was rejected yet again. More phone conversations between HL & Barclays, another transfer request submitted by HL. HL is still awaiting the outcome of that.

Fourth time lucky?

- Julian

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Re: Barclays Smart Investor

#81455

Postby mike » September 16th, 2017, 11:37 am

I've just spoken to Barclays Smart Investor due to the lack of Pennon dividend from 1 September, and was told the following

- they are aware of the delay regarding Pennon and this matter has been raised to "critical" with Barclays Stockbrokers

- it seems Barclays Stockbrokers (BSB) and Barclays Smart Investor (BSI) are different entities, this is not just a change in web site, marketing name etc

- dividends that went ex-dividend whilst with BSB will be credited in 5-10 days

- dividends that go ex-dividend with BSI will be credited the same or next day.


From personal experience with HFEL & AZN, they were credited 5 days after the due date. I have 4 more shares that went ex-d whilst with BSB, before the first to go ex-d on the BSI platform (MYI on 5 Oct).

Mike

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Re: Barclays Smart Investor

#81464

Postby Hanoi » September 16th, 2017, 12:03 pm

mike wrote: - dividends that went ex-dividend whilst with BSB will be credited in 5-10 days

- dividends that go ex-dividend with BSI will be credited the same or next day.

Sounds possible but that does not bear out my experience. BT went xd on 10/8 with payment date 4/9. Divi was in credited to my account on 6/9 and reinvested on 7/9.

A major test will be this coming week when RDSA/RDSB and BP divis are due to be paid. Both were xd before the move and I suspect that a lot of people rely on the cash and will be very disappointed if it doesn't appear expeditiously.


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