Smart Investor swap left me £700 down

D.A.C. writes: I sold all my shares and waited until all cash was in my Barclays Stockbrokers Isa. I then requested that a certain sum be transferred to the Coventry Building Society. Nothing was done by Barclays. I made the same request again, adding this time that the balance should be sent to me by cheque. What a nightmare. My completely separate Market Master account at Barclays was frozen. I phoned, emailed and faxed, with no result. I think the bank has finally sorted out the frozen account, which it says was an error, but not the Isa. THIS is just another mess following the bank’s change from its traditional, well-run stockbroking service, to the new all-singing, alldancing, but mainly disastrous Barclays Smart Investor.

I asked the bank to comment and staff seemed puzzled, insisting that a cheque for £79,000 had been sent to the Coventry Building Society.

But it took a full month for this, and even longer to send you the balance of £25,826.

Barclays had also unfrozen your separate Market Master account, but by then shares you had planned to sell had dropped in value, losing you £700.

The bank told me: ‘We sincerely apologise to Dr C. for the delay experienced in completing his requests to close his Isa and Market Master accounts.

‘It does not reflect the level of service he should rightly expect from us.’

You have told me that although you were left £700 out of pocket, Barclays offered only £200 as a ‘gesture of goodwill’ which was accepted, you say, ‘just to be rid of them’.