Barclays

Julian
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Re: Barclays

Postby Julian » December 4th, 2016, 1:25 pm

Thanks for the info Mike.

mike wrote: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.


Yes. Security/safety is another consideration for me. I'm assuming your concern is related to not wanting all your ISA eggs in one basket.

Barclays is(*) one of three brokers that I have my core HYP holdings split across. Now that we are told that Barclays will be offering free transfers out it is tempting to simply split the Barclays holding between my two other brokers and end up with a two way rather than three way split and then hope that some huge fee hike doesn't happen with my remaining two brokers but I really do feel more comfortable with a three way split so I'm not sure if I'm going to go down that route.

- Julian

(*) When I previewed my post I saw that I had initially typed "Barclays was one of three brokers...". Clearly I am not in the slightest bit conflicted about whether to move if I'm already thinking of them in the past tense.

Ivyrobert
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Joined: November 5th, 2016, 7:28 am

Re: Barclays

Postby Ivyrobert » December 5th, 2016, 8:14 am

I joined Sharesoc a few years ago and attended a meet last year on shareholder rights. A report on it can be read on the website www.sharesoc.org.
A law was enacted in 2014, which provides for dematerialisation of share certificates by 2023 for new issues and 2025 for existing certificates.
The crest system does not give us all the rights of ownership in the shares that we buy. Sharesoc campaigns for the small shareholder to change this. If you want your name on the share register, then you need a personal Crest Account.
The city club continues to keep a hold on investment flows with government, through FCA, trusting that these institutions will continue to work in the best interests of people by offering them expert advice...........

alchemist888
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Joined: January 6th, 2017, 7:48 pm

Re: Barclays

Postby alchemist888 » January 8th, 2017, 11:35 am

It might be a bit early yet, but does anyone have one of the new investing accounts yet ?

I only ask as it looks like you can't hold foreign shares in the investment ISA account. I believe previously you had to have two accounts with Barclays if you had foreign shares.

If anyone does have the account and use it on their banking app, what are you first impressions.

I'm current a very happy TD customer and only have to pay transactions charges on my investment ISA, I was previously an III customer and was very unhappy with them so when the takeover finally happens I'm probably one of the few who would find Barclays Stockbroking appealing and I would also be able to take advantage of their premier account rewards.

Many thanks alchemist888.

Lootman
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Re: Barclays

Postby Lootman » January 8th, 2017, 4:05 pm

alchemist888 wrote:I'm currently a very happy TD customer and only have to pay transactions charges on my investment ISA, I was previously an III customer and was very unhappy with them so when the takeover finally happens I'm probably one of the few who would find Barclays Stockbroking appealing and I would also be able to take advantage of their premier account rewards.

It may turn out that you need to switch away from TD but not "when the takeover finally happens" but rather when we know which of the two systems will become the one adopted, which will be many months later.

Given that TD has many more customers, accounts and assets, and given that its software and interface is superior, I'd personally be stunned if ii tried to shoehorn all the former into their inferior product, thereby driving away TD clients in droves.

What is the point of buying TD if not to leverage its assets and services?

scrumpyjack
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Re: Barclays

Postby scrumpyjack » January 8th, 2017, 6:20 pm

It seems all these brokers are moving to charging £200 pa to have an account with them. One factor must be that they used to make a lot of money by not paying much interest on clients cash balances, but now interest rates are so low they are not benefiting nearly so much from that.

It is also annoying that they all charge the fee for each type of account, so if you have a trading account, an ISA and a SIPP, that's £600 of admin fees. If the spouse has the same that's £1,200 between you (plus any fund charges on top of that, if you hold funds, which I don't)

scrumpyjack
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Re: Barclays

Postby scrumpyjack » January 9th, 2017, 1:07 pm

I have just received notification that they plan to move me to their new service in March. They do at least point out that my fees will be higher (more than double in fact) and so they will not charge me if I want to move elsewhere. I will be moving but not quite sure to whom yet.

TedSwippet
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Joined: November 4th, 2016, 12:57 pm

Re: Barclays

Postby TedSwippet » January 9th, 2017, 3:31 pm

Lootman wrote:Given that TD has many more customers, accounts and assets, and given that its software and interface is superior, I'd personally be stunned if ii tried to shoehorn all the former into their inferior product, thereby driving away TD clients in droves.

Conversely, TD's and II's charging model is significantly different, particularly for funds. II actively promote the fact that their flat-fee charges benefit larger fund investors, whereas TD charges 0.2%-0.3% for funds.

You could pay £80/year in II for something that might cost you £750/year at TD; that's a huge chasm. This circle also has to be squared in any consolidation across the two currently separate platforms. If II adopts the TD charging model it can probably wave goodbye to a decent number of previous II clients.

Julian
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Re: Barclays

Postby Julian » January 9th, 2017, 3:51 pm

scrumpyjack wrote:I have just received notification that they plan to move me to their new service in March. They do at least point out that my fees will be higher (more than double in fact) and so they will not charge me if I want to move elsewhere. I will be moving but not quite sure to whom yet.


How were you notified, by letter, by email or both?

What length of time are you being given to take advantage of the free transfer-out offer?

I ask because I'm overseas at the moment and want to make sure that I don't miss my opportunity to escape from this bunch of sharks.

- Julian

scrumpyjack
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Joined: November 4th, 2016, 10:15 am

Re: Barclays

Postby scrumpyjack » January 9th, 2017, 4:31 pm

By letter, rather a large thick envelope with lots of bumpf (65 pages of terms and conditions, plus a 20 page glossy!).

The transfer takes effect on March 7th. I suspect that is when my next quarterly fee would be due. If I do not object, it just happens. I am not asked to sign anything.

PeterGray
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Joined: November 4th, 2016, 11:18 am

Re: Barclays

Postby PeterGray » January 9th, 2017, 5:03 pm

I use neither TD or ii at present, though since one of my brokers is Barclays I'm more interested than usual in what other brokers are like!

Judging by the descriptions that TD has the better service and systems and that ii is currently cheaper then, and bearing in mind that many brokers across the board are moving to higher standing charges, I'd think the smart money must be on the TD systems being kept, and the ii charges being moved significantly towards the TD ones. That might prove to be a good outcome. I've heard good things of TD, and little of ii, and I've always taken the view that it's worth paying a reasonable amount for a good service.

Peter

PinkDalek
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Re: Barclays

Postby PinkDalek » January 9th, 2017, 5:18 pm

Julian wrote:How were you notified, by letter, by email or both?


You've had a reply on this from scrumpyjack but, in my situation, I received the initial Barclays Stockbrokers email on 30 November 2016 and a further email from Barclays Premier Banking informing me of this "cutting-edge service" last Friday.

I've yet to receive the dreaded pack nor a transfer date.

You've probably seen this before https://www.barclaysstockbrokers.co.uk/ ... sting.aspx which includes You’ll receive a detailed pack that tells you everything you need to know, around six weeks before we plan to move your account(s) which leads to https://www.barclaysstockbrokers.co.uk/ ... -pack.aspx, which doesn't add anything.

Is being away an issue for you given the six weeks mentioned?

Lootman
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Re: Barclays

Postby Lootman » January 9th, 2017, 5:35 pm

TedSwippet wrote:Conversely, TD's and II's charging model is significantly different, particularly for funds. II actively promote the fact that their flat-fee charges benefit larger fund investors, whereas TD charges 0.2%-0.3% for funds.

You could pay £80/year in II for something that might cost you £750/year at TD; that's a huge chasm. This circle also has to be squared in any consolidation across the two currently separate platforms. If II adopts the TD charging model it can probably wave goodbye to a decent number of previous II clients.

Ted, I can't comment on how open-ended funds are handled by TD because I don't have any. But for shares, ITs and ETFs I pay effectively zero charges with TD except for trade commissions. Nor is there any charge for an ISA with TD, above a fairly low account value anyway.

So I'd expect ii to be more expensive for anyone in my situation, and the imposition of charges on my two TD accounts, which currently operate at no cost to me, is a concern.

That said, bigger concerns are having to use inferior software, the nightmare that would be going back to handling corporate actions by a manual paper-based process and the general uncertainty of having an unknown (to me) system imposed on me when I am perfectly happy with what I have. I don't mind paying a fee if I get a better product although, even then, I'd prefer a flat fee to a percentage one, given that my accounts are a good size.

TedSwippet
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Joined: November 4th, 2016, 12:57 pm

Re: Barclays

Postby TedSwippet » January 9th, 2017, 7:03 pm

Lootman wrote:So I'd expect ii to be more expensive for anyone in my situation, and the imposition of charges on my two TD accounts, which currently operate at no cost to me, is a concern.

Conversely, I'm a happy II customer, and a move to TD's charging model would push up my charges by close to an order of magnitude. It appears that II may have constructed quite a dilemma for themselves, then.

Lootman wrote:I don't mind paying a fee if I get a better product although, even then, I'd prefer a flat fee to a percentage one, given that my accounts are a good size.

Personally I think that platform ad-valorem fees are the work of the devil(*), and consciously prefer flat-fee platforms even where the flat fee might be a touch higher that I might get elsewhere, simply as a way of supporting this cost model.

(*) Of course, they're really just a legacy of the old pre-RDR backhander funding model. Nevertheless, it cannot really be ten times more expensive to run a funds platform than to run a shares one. Platforms that make a charging distinction of that magnitude are just taking the mickey.

dspp
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Re: Barclays

Postby dspp » January 9th, 2017, 7:47 pm

FWIW on balance I am a happy ii customer. I've had my grumbles but they've improved, and it could have been me at fault to an extent when I did grumble.
regards, dspp

SMarkus
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Re: Barclays

Postby SMarkus » January 10th, 2017, 8:59 am

I spoke again to Barclays Customer Service and obtained agreement from them that although my accounts would not be moved to the new platform until later in the year (due to having a joint Marketmaster account), I could nevertheless commence moving my accounts to other brokers without charge provided that I sent a covering letter explaining why I was moving with the transfer documentation.

I have therefore started to move - my own ISA and HYP accounts are going to Hargreaves Lansdown, and once I've seen how that goes, I will move the rest.

Julian, if you're concerned about timescales then this might be the sort of thing you want to do.

Cheers,
Steve.

Julian
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Re: Barclays

Postby Julian » January 11th, 2017, 10:12 am

SMarkus wrote:I spoke again to Barclays Customer Service and obtained agreement from them that although my accounts would not be moved to the new platform until later in the year (due to having a joint Marketmaster account), I could nevertheless commence moving my accounts to other brokers without charge provided that I sent a covering letter explaining why I was moving with the transfer documentation.

I have therefore started to move - my own ISA and HYP accounts are going to Hargreaves Lansdown, and once I've seen how that goes, I will move the rest.

Julian, if you're concerned about timescales then this might be the sort of thing you want to do.

Cheers,
Steve.


Thanks Steve, and also to PD for useful extra info.

6 weeks warning is an issue for me but luckily I will be back in the UK in a couple of weeks when I will have 3 weeks to sort out stuff and then abroad again for another 10 weeks. I will see if there is the dreaded envelope on my doormat when I get back home in a couple of weeks. If it's there then I'll do whatever it says to extricate myself from Barclays' clutches and if it's not then I will, as you Steve suggest, preempt the matter by writing to them.

Ideally I'd prefer to inform them of my intention to leave and request a free transfer-out window commencing in May (my more permanent return to the UK) rather than having to initiate the transfer during my 3 week flying visit back home since that risks transfer correspondence getting left unread on my doormat if the transfers don't complete before I depart. I suspect Barclay's will be reasonable; ironically my experience of its customer service is that it is superb. I just need to make sure that I have whatever they agree to as far as when I can do a free transfer-out in writing before I depart the UK again for my 10 week absence.

- Julian

IR35x
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Re: Barclays

Postby IR35x » January 12th, 2017, 10:12 am

I have also got the letter from Barclays but no date for moving. We have a joint Marketmaster account so I guess we can't be moved yet. The new "Clear Charging" is anything but clear even for the first 3 years. We have 9 accounts with Barclays including ISA's , SIPPs and trusts and it isn't clear if the "CAP" applies to each account or each person. As it stands our charges look like going up dramatically even if the cap is per person. If there is no cap or it is per account then this makes Barclays extremely unattractive.

I have sent an email in to Customer Services and waiting for a reply. Surely they have made some big mistake here and will lose a lot of customers.
I also bank with Barclays and if I am forced to move my dealing accounts then I will also consider moving my Bank accounts. When I get a response to my email I will also contact my Barclays Premier Manager to see if he can apply pressure in the right area.

IR35x
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Joined: November 14th, 2016, 11:35 am

Re: Barclays

Postby IR35x » January 12th, 2017, 10:43 am

They have recently updated the fee document on the website. It now says that joint accounts will be charged separately from individual accounts.

vagrantbrain
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Re: Barclays

Postby vagrantbrain » January 12th, 2017, 7:05 pm

I've got an ISA account with Barclays and I think i'm one of the few who will actually be better off from the new pricing structure - mainly because i've got a relatively small balance, but still adding cash and making a couple of purchases every month. I can understand the frustration of those with substantial balances though.



alchemist888 wrote:I only ask as it looks like you can't hold foreign shares in the investment ISA account. I believe previously you had to have two accounts with Barclays if you had foreign shares.


Unfortunately you're correct and you can't hold foreign shares in the ISA, I had a bit of a "debate" with them about this as the FAQs on their website at the time I opened the account said you could!

PinkDalek
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Barclays Stockbrokers new fees for Direct investing

Postby PinkDalek » January 12th, 2017, 8:59 pm

I've been looking at the proposed Direct investing Barclays Stockbrokers fees (perhaps called Smart investor) in more detail, for someone with no "Funds" but with a portfolio (including those in an ISA) substantially in excess of the present cut-off point, namely £200,000. I've ignored the potential benefit of the lower dealing costs as the person is primarily LTB&H.

The proposed fees would be the maximum of £200 per annum (including VAT per Bree's reply last year).

The current fees, with no activity in the quarter, are £14.40 (inc VAT) per quarter on the MarketMaster account and half-yearly charges of £18 for the Investment ISA. Equivalent to a maximum of £93.60 per annum.

In fact, their calculator https://www.smartinvestor.barclays.co.u ... okers.html states, for 5 trades a year (£30) and no Funds, the new fees would be £230.00 per annum as against £124.55 under the existing system. For 10 trades £260.00 v £155.50.

So yes, at least for the first 3 years, the fees would appear to be an additional £100 or so per annum but I'm unsure this would warrant the efforts of moving broker, despite the many suggestions in the thread.

The above being subject to the unknown(?) fees to be charged for "international holdings" (and what transpires after the first 3 years). At present and as advised by Barclays Stockbrokers in the past, these are held in the cheaper MarketMaster account rather than the Foreign Dealing account, where the admin charge was £30 per quarter when inactive.

Has anyone heard more on the proposed charges for "international holdings"?


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