Barclays Share Dealing www.stockbrokers.barclays.co.uk Review

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Barclays Share Dealing www.stockbrokers.barclays.co.uk
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iamlucky's Review of Barclays Share Dealing www.stockbrokers.barclays.co.uk

1st Nov 2009

Overall Rating

1 stars
  • Value for money
    2 stars
  • Speed of transfer
    1 stars

BARCLAYS STOCKBROKERS RENEGE ON TRADE

On 24th September I bought 22,000 LEEDS BUILDING SOCIETY 13 3/8% PIBS @1.30.

When I queried non-delivery last week Barclays Stockbrokers'spokesman told that although they do not deny confirming the trade at the time, in fact they had NOT delivered because they could not get the stock at the price at which they had sold them to me. "Human error" was his explanation. (I am awaiting the recording of this telephone conversation.) This was re-iterated in writing on 28th October. (Steven Tindal) wrote: ""I agree that you were incorrectly advised of the status of the order; however we are unable to honour the price of £1.30"

Prior to this, however, there was no attempt to advise me that the trade had failed.

The same spokesman also offered me the opportunity to buy the stock at approx 20% higher. My refusal, has, they claim, "removed any price sensitivity from this query". Presumably they are attempting to limit their liability.

I expect the deal honoured and the stock delivered to my account at the price of £1.30.

Barclays Stockbrokers have refused.

What happened to the adage "My Word in my Bond?"

How can anyone rely on telephone transactions if stockbrokers are at liberty to renege at will?

I think investors should be warned.

DAVID MOUNT
info@e-mail4u.com

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