Barclays

CryptoPlankton
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Re: Barclays

Postby CryptoPlankton » December 1st, 2016, 11:29 am

Breelander wrote:My fees are going to nearly double due to there now being a percentage fee levied on all holdings including shares - bad for LTBH.


The main part of my HYP is in an ISA with this lot and my fees will increase by an outrageous percentage. I was going to reduce risk by transferring some to another provider - I may now transfer the lot elsewhere. I have been less than impressed with how inefficiently and sluggishly they have been dealing with another matter and this really hasn't done anything to improve my impression of them!

I am already with TD Direct, but any suggestions for another couple of suitable ISA providers (for LTBH equity portfolios) would be greatly appreciated...

Crypto

genou
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Re: Barclays

Postby genou » December 1st, 2016, 1:09 pm

CryptoPlankton wrote:
I am already with TD Direct, but any suggestions for another couple of suitable ISA providers (for LTBH equity portfolios) would be greatly appreciated...

Crypto



AJBell - https://www.youinvest.co.uk/isa/charges-and-rates

Selftrade - http://selftrade.co.uk/our-services/our-charges

I have accounts with both. ST seem to have a poor reputation in some parts, but I've never had any problems with them.

DiamondEcho
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Re: Barclays

Postby DiamondEcho » December 1st, 2016, 2:10 pm

Sounds about right YeeWo ;)

CryptoPlankton
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Re: Barclays

Postby CryptoPlankton » December 1st, 2016, 2:36 pm

genou wrote:
CryptoPlankton wrote:
I am already with TD Direct, but any suggestions for another couple of suitable ISA providers (for LTBH equity portfolios) would be greatly appreciated...

Crypto



AJBell - https://www.youinvest.co.uk/isa/charges-and-rates

Selftrade - http://selftrade.co.uk/our-services/our-charges

I have accounts with both. ST seem to have a poor reputation in some parts, but I've never had any problems with them.

Thanks genou, was altready considering AJ Bell so that gives me more confidence - will investigate Selftrade as well...

GeoffF100
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Re: Barclays

Postby GeoffF100 » December 1st, 2016, 6:30 pm

Halifax and iWeb are both worth considering. They are both owned by Lloyds Bank, and run by the same staff. iWeb is a cheaper cut down version of the Halifax account, but has recently acquired a £200 account opening fee. I have had an iWeb account for about ten years, and have been very happy with it. They have been less trouble than the other brokers that I have used.

Jon46
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Re: Barclays

Postby Jon46 » December 1st, 2016, 6:37 pm

Been with them for a good chunk of our investments for a very very long time, so this is disappointing.

New fee structure looks really ugly when I feed numbers in a model. High percentage increase.

How can they even pretend that this is progress, I doubt that more than a tiny minority of customers will see a reduction.

Sent them an incandescent e mail, but a waste of time really just letting steam off. They most probably have lost these two customers, plus quite a few from the family. I reckon their transfer out dept will need extra staff or such transfers will be a very drawn out affair!

Now for the next bit, who to transfer to who won't change the fee structure for the worse within a couple of years anyway. We nearly transferred some accounts to Youinvest not so long ago, form filled but luckily not sent, but stopped that process as soon as we saw their new fee structure, might need to re visit that.

More research, more hassle, nothing new.

Jon

SMarkus
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Re: Barclays

Postby SMarkus » December 2nd, 2016, 10:04 am

I've talked to Barclays this morning - firstly they are unable currently to manage joint accounts within their migration, so those people with joint accounts will be migrated later on in the process. Secondly, I have confirmed that they will be offering free transfers to other brokers once they start the migration process overall, at some point (probably January/February) in 2017. Apparently they will be writing to customers 45 days prior to the start of their individual migration to notify them of when this will happen.

I have also pointed out to them that in comparison with Hargreaves Lansdowne or A J Bell, Barclays fees will be much higher for those of us with ISAs in excess of £200k in equities alone, H-L cap their fees at £45, and A J Bell at £30. Barclays will be charging £200! I have also emailed Alastair Thaw, with whom I have had some previous conversations, to ask him whether he really wants to lose all his high-value customers, as that will surely be the effect of this change in fee structure. All seems very poorly thought through to me, and I will be sorry to be leaving Barclays as in general they're not a bad broker.

Cheers,
Steve.

yyuryyub
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Re: Barclays

Postby yyuryyub » December 2nd, 2016, 10:11 am

This is bad news for my household, although I haven't worked out the fine detail. We have a joint account plus 2 ISAs, all quite high value (mostly equities, no funds). We make about 10 transactions per year for each account. I will certainly be looking for a long term replacement broker, as it stands.

Although fees and charges are important, the no.1 priority for me is security (actually this is also no.2 and no.3). I have rated Barclays Stockbrokers as acceptable for security, though certainly not as robust as I would like. Customer service is another major priority and I've always found the BSL staff in Scotland (I presume) to be excellent. I don't want to use a broker with most of their business offshored. And I certainly don't want to put most of my equity investments, my current account and cash management ALL under one online banking account.

Perhaps it would be a good idea to start a new thread of "Best choice of broker for high value portfolios"

Julian
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Re: Barclays

Postby Julian » December 2nd, 2016, 11:36 am

SMarkus wrote:I've talked to Barclays this morning - ... I have confirmed that they will be offering free transfers to other brokers once they start the migration process overall, at some point (probably January/February) in 2017. Apparently they will be writing to customers 45 days prior to the start of their individual migration to notify them of when this will happen.


Thanks Steve. Incredibly helpful. At least Barclays are doing the right thing as far as waiving transfer-out fees is concerned.

On this bit though...

SMarkus wrote:... for those of us with ISAs in excess of £200k in equities alone, H-L cap their fees at £45, and A J Bell at £30. Barclays will be charging £200!..


... a pedantic correction based on what Breelander discovered for us on Wednesday. I believe the above should read:

"for those of us with ISAs in excess of £200k in equities alone ... Barclays will be charging £200 for the three year transitional period offered to existing customers. After that they will not have any cap at all and hence will charge even more!"

(Source: Breelander's report in his post "Regarding the 3-year 'special rate' for Barclays Stockbrokers migrated customers, I asked "so what's the rate for new customers who didn't come from Barclays Stockbrokers?". The answer was that the same 0.1% fee applies, but it doesn't cut off above £200k as it does for our 'special rate'.")

- Julian

SPIKEYZ
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Re: Barclays

Postby SPIKEYZ » December 2nd, 2016, 12:49 pm

I have sent an email to Barclays informing them of my dissatisfaction with their proposed charges and of my
intention to look for an alternative DIY broker. Maybe if they have enough complaints they will rethink their charges.

DiamondEcho
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Re: Barclays

Postby DiamondEcho » December 2nd, 2016, 2:21 pm

yyuryyub wrote:Perhaps it would be a good idea to start a new thread of "Best choice of broker for high value portfolios"


I'd welcome that. Especially if the scope included both on- and offshore. Since in a year or so I too am likely to also need to find a new one [offshore].

DiamondEcho
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Re: Barclays

Postby DiamondEcho » December 2nd, 2016, 2:29 pm

Barclays strategy on their stock accounts seems similar to that of a few years ago on their 'higher end' bank accounts. Weed our the smaller clients not earning much for them in fees, or force them into much more expensive offerings. At least in part they're relying on 'customer stickiness' ie knowing many customers won't notice or be unmotivated enough to move, and hence will just stick around and pay up. Sure, some will leave, but the majority will stick around so overall they're expecting to overall earn more from them.
[I once wrote a business plan for a new project in a bank, and projected the gross customer fee income several years out, and was amazed to learn from business consultants the incredibly cynical concept of reaming 'customer stickiness'!]

simoan
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Re: Barclays

Postby simoan » December 2nd, 2016, 3:05 pm

SMarkus wrote:Secondly, I have confirmed that they will be offering free transfers to other brokers once they start the migration process overall, at some point (probably January/February) in 2017.

Hi Steve,

Thanks very much for this information. Trusting you as I do, I have used it as further evidence in the case against AJ Bell, who did not allow free transfers out in very similar circumstances.

All the best, Si

PeterGray
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Re: Barclays

Postby PeterGray » December 2nd, 2016, 5:42 pm

Barclays strategy on their stock accounts seems similar to that of a few years ago on their 'higher end' bank accounts. Weed our the smaller clients not earning much for them in fees, or force them into much more expensive offerings

Except that somewhat bizarrely it's the bigger customers who are going to end up paying more, and be likely to move away - it's certainly something I'm seriously considering after nearly 20 years with Schwab/Barclays.

SMarkus
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Re: Barclays

Postby SMarkus » December 2nd, 2016, 5:55 pm

Hi Si. Thanks for the kind words. I'm actually thinking of moving to AJ Bell, as their charges for large equity portfolios seem very reasonable.

All the best,
Steve.

Paultry
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Re: Barclays

Postby Paultry » December 2nd, 2016, 6:10 pm

We have a HSBC invest direct+ account. Having £50k invested enables you to be a premier customer with the associated perks.

As of January 2016 a share dealing account fee of £10.50 per quarter was introduced. We have remained with them because the free travel insurance element of the perks far outways the cost of buying this insurance, if you have had open heart surgery that is.

With the Barclays marketmaster account, £100k invested makes you a premier customer, again some nice perks. The quarterly fee of £12 plus VAT = £14.40 could always be offset by just doing a trade costing £11.95 plus stock cost and tax. On £100k the fee will be £100 excluding any trades, or £8.34 per month which is approximately twice the present minimum cost. If trades now become £6 then a moderate amount of trading will be cheaper than the present system and could break even with it.

Best of all is iWEB at £5 a go. Just please don't tell me they are going to introduce a holding fee. Paul

simoan
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Re: Barclays

Postby simoan » December 2nd, 2016, 10:45 pm

SMarkus wrote:Hi Si. Thanks for the kind words. I'm actually thinking of moving to AJ Bell, as their charges for large equity portfolios seem very reasonable.

All the best,
Steve.

Hi Steve,

I assume you forgot to add the proviso "at the moment" to your last sentence! The problem with AJ Bell is they will increase the fees without offering a free transfer period like other brokers, including Barclay's, have done. So you could be joining the rest of us frogs in a pan of slightly warm water...

BTW Good to see you around again. I always enjoyed reading your posts on TMF.
All the best, Si

Ivyrobert
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Re: Barclays

Postby Ivyrobert » December 3rd, 2016, 12:34 pm

So they have vowed to charge £1,500 a year max to offer the service we have been using and a saving of £6 a trade for a seldom trader.
The fee based culture creeps out steadily. I have accounts with Computershare and Equinity and nearly opened one with Halifax.
PERHAPS THE FCA THINKS FEES SHOULD BE CHARGED FOR "EXPERT" ADVICE- IT IS ONLY RIGHT THAT CLUB MEMBERS SHOULD HAVE A DRAW!
I DON'T WANT THEIR ADVICE, JUST A TRANSACTION SERVICE.
Maybe I will move back to certificates ( they are being phased out by 2025) which will be tiresome but at least we have some time to adapt.
It is a relief to have contact with people in the same quandary and look forward to working out an action.
My wife thinks we should just spend it!

Julian
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Re: Barclays

Postby Julian » December 4th, 2016, 8:35 am

Ivyrobert wrote:... Maybe I will move back to certificates ( they are being phased out by 2025) which will be tiresome but at least we have some time to adapt.
It is a relief to have contact with people in the same quandary and look forward to working out an action.
My wife thinks we should just spend it!


Could you elaborate a little on the 2025 thing please because I'm very seriously considering moving to certificates. Maybe 2025 is too far off for us to know details but if not then it sounds as if you've looked into this. Is it simply a matter of going paperless and each registrar will be required to provide an online mechanism for shareholders to maintain and trade their holdings, much like Equiniti and Computershare do now I think, or is it something more draconian?

Ironically my Barclays account was set up when Fastrade were taken over and the fees for its personal CREST accounts soared (again, it was people with big portfolios who were the most affected) hence I do have experience with what were essentially electronically certificated shares and the consequent administration overhead of recording every dividend payment in a spreadsheet and then downloading and archiving the corresponding tax certificates for my SA100 records. There was also the initial hassle of getting electronic communication preferences and direct bank credits for divis set up. In contemplating a move back to certificates all this hassle is beginning to come back to me and I confess that I now realise how much I like not having to do all that stuff.

I confess that I have some sympathy with your wife's position, the same thought did pass briefly through my mind for my situation!

- Julian

mike
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Re: Barclays

Postby mike » December 4th, 2016, 10:01 am

I'm caught by this too. With around five transactions per year (HYP style), my fees will be going up 2½ times. But mine is in an ISA, so I haven't the option to certificate the holdings. Barclays will certainly get no more ISA subscriptions, but I am having to think about this one. I have an ISA of similar value elsewhere and security must come first.

Julian wrote:.... because I'm very seriously considering moving to certificates.

.... There was also the initial hassle of getting electronic communication preferences and direct bank credits for divis set up. In contemplating a move back to certificates all this hassle is beginning to come back to me and I confess that I now realise how much I like not having to do all that stuff.

- Julian


Julien

I rematerialised shares from nominee to certificate in two tranches from two different brokers about a year apart. There were 2 holdings that were duplicated, and I gave the second broker my existing shareholder reference number (SRN) with a request to consolidate.

- I was sent a further certificate for my Unilever holding (registrar Computershare) which was under the same SRN, so no further organising there.
- For my holding in Morrisons (Capita), it was a new SRN. I telephoned Capita, and they agreed to consolidate the two holdings and sent me a letter to confirm. I still hold the two certificates with different SRNs as the second one was not re-issued.

Too small a sample to say the difference is a registrar issue, but if you have overlapping holdings, it cannot harm to ask for consolidation.


I've also been caught by the Charles Stanley recent trade-monthly-or-be-fined £20 increase. I just don't understand that with the costs involved in a trade it's only £11.50, but if I don't trade it's £20, so yes, I do count it as a fine. You will understand I'm a bit pee'd off at present !

Mike


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