FACE DIVI DELAY
Customers of what was formerly Barclays Stockbrokers are having to wait more than a week for dividends as a result of a further glitch in the switchover to a new service called Smart Investor.
Shareholders of divipaying giants such as BP, Imperial Brands and British American Tobacco have waited up to 10 working days to receive their dividend payments. Barclays has confirmed that some clients are still waiting for their payouts.
The banking giant has faced a torrent of investor complaints after it forced 200,000 Barclays Stockbrokers customers to move over to new Smart Investor accounts, with new technology, log-ins and passwords. The change went through at the end of August. Many complained they could not log in or had not been sent the appropriate information.
Worst affected appeared to be those 100,000 customers who were existing customers of Barclays Stockbrokers but not customers of Barclays Bank.
This is because the new Smart Investor platform is part of the group’s online banking service. The latest glitch means that any have waited longer than we would like.
“In future the process of paying dividends on Smart Investor will be quicker than the previous process on Barclays Stockbrokers.”
Barclays did not respond to a question on what happens to those clients who ask for dividends to be automatically reinvested.