Barclays Bank V my parents

[tightbum]

Has anyone given their life savings to Barclays and lost so much? If so, how can he complain for getting bad advice?

[tightbum]

Sorry synopsis did not show. My dad retired 9 years ago and invested his long earnt money with barclays. They promised him the world but charged him £5k to start and then £500 per year. They told him he could not lose. He took it out last week and got £44,000 back. Any help from anyone as to who he can complain.

[slick132]

Hi TB, This is really an investment question and probably not appropriate for this particular forum.

 

Various issues arise with your dad's investment not performing how he hoped but the main ones may be:-

1) Was the investment appropriate for your dad's circumstances regarding risk, ease of access to funds at short notice if needed, etc.

2) What was he expecting or promised as a return.

3) You don't say how much was invested for the £44K return..

4) Was he made fully aware of the initial £5K charge and the annual chgs.

5) Why did he cash in now, if he knew he would get less than expected.

6) Did he get advice only from Barclays and did that advice include any warnings about the type of investment being made.

 

He really needs the benefit of advice from an Independant Financial Adviser (IFA) to see if the Barclays advice and investment was good and appropriate. Building a case against the bank would hinge more on the advice and warnings he was given than on how the investment itself performed.

 

Speak to an IFA, your dad's solicitor or maybe a solicitor who has specific experience in this field.

 

Good luck, Slick