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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3517
Experience:  Solicitors 2 years plus PQE
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I have been given extremely bad advice by Barclay's Wealth

Resolved Question:

I have been given extremely bad advice by Barclay's Wealth and am now set to lose all my money,in a share account, because of that. I desperately want to get my money back (I originally wanted to get out of the stock market and use my money to buy properties and live off the rental income). Can you help me?
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Can you confirm the nature of the advice you were given? Why was it "bad"? Is your claim for less than £2million? Kind regards AJ
Customer: replied 1 year ago.

Yes, the claim is for less than £2million. I was advised to keep the share account open, despite my wish to close it. I am unemployed and looking after my husband (health issues) and with no prospect to finding work, and the value of my portfolio has dramatically fallen. Nobody who told me to keep the portfolio open bothered to find out if I was working or what I wanted to do with my money - that's why all the advice given to me was bad,

Expert:  Alex J. replied 1 year ago.
Hi, Thank you. Did they tell you to keep the portfolio open after you and requested it to be sold? Do you have any of this in writing? Kind regards AJ
Customer: replied 1 year ago.

I have everything in writing - copies of all letters sent and received. And yes they told me to keep the portfolio open after my request to sell it.

Expert:  Alex J. replied 1 year ago.
Hi, Thank you. You can potentially sue them to recover your losses but you need to prove the following:(i) It was negligent of them to tell you not to sell;(ii) By advising you not to sell they did not act with reasonable care and skill;(iii) You can quantify what your losses were.In all likelihood court action will be an expensive and time consuming exercise what I suggest you do first is the following:1. Write to them and back a subject access request for your personal file. This will contain any notes they have on you and potentially what they advised you - https://ico.org.uk/for-organisations/guide-to.../subject-access-request/​2. Write to the bank and make a formal complaint and ask them to explain their actions and why they advised you to hold on to your investments. As a customer they are obliged to deal with your complaint fairly. If they do not respond within a reasonable period of time I would suggest the following -3. Either (i) You will need to get a solicitor to commence a court claim or (ii) Make a complaint to the financial ombudsman - this process takes some time but they have the power to award compensation and will not create the expense of having to engage a solicitor - http://www.financial-ombudsman.org.uk/I look forward to hearing from you.Kind regardsAJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3517
Experience: Solicitors 2 years plus PQE
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