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Investment fund information

On January 18, 2011, the Financial Services Authority (FSA) announced that it is fining Barclays for failing to take reasonable care to ensure the suitability of its advice to some investment customers in relation to two investment funds.  Over 12,000 of our customers invested in these two funds and we are now working with a firm of accountants as part of an independent review to determine how many customers have been affected.

This site provides more details around the announcement, including text, video and audio versions of our statement and the hotline number to call if you believe you may be affected, plus an FAQ.

Dedicated phone line

If you need more information to find out if your investment is affected, you may call our dedicated telephone line1

0800 587 7495

What happened?

Paul McNamara, Managing Director of Insurance and Investments, Barclays said:

"The Financial Services Authority (FSA) has today announced that it is fining Barclays for failing to take reasonable care to ensure the suitability of its advice regarding two funds sold to certain customers between July 2006 and November 2008: the Aviva Global Balanced Income Fund and the Aviva Global Cautious Income Fund.

"We know that on this occasion we let our customers down and did not do all that we could have done to meet the high standards that our customers expect from us and for this we are sorry.

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"We stopped selling these investment products two years ago and, since discovering the issue, we have been working hard to ensure this does not happen again. We have reviewed and made improvements to our sales and advice processes, our level of training and supervision of advisers and the documentation provided to customers.

"Over 12,000 of our customers invested in these two funds and we are working with a firm of accountants as part of an independent review to determine how many have been affected.  Separately, wherever we find any discrepancies as part of our comprehensive internal audit of the investment process, we will of course contact customers directly."

Frequently asked questions

What did Barclays do wrong that they are being fined by the FSA?
The Financial Services Authority (FSA) has announced that it is fining Barclays for failing to take reasonable care to ensure the suitability of its advice regarding two funds sold to customers between July 2006 and November 2008: the Aviva Global Balanced Income Fund and the Aviva Global Cautious Income Fund. We are focused on ensuring that we identify those sales of the funds which were unsuitable and providing appropriate compensation to ensure that affected customers do not suffer loss.

How many people might be disadvantaged?
We are following a careful process to identify the specific customers who may have received unsuitable advice.  About 12,000 of our 15 million customers invested in the funds. 

What are you doing to put this right?
We continue to work with a firm of accountants to conduct a case-by-case review to determine who may have been affected.  We will contact all such customers in due course, but if you have any immediate questions, please contact our hotline on 0800 587 7495.

We have also reviewed and made improvements to our sales and advice processes, our level of training and supervision of advisers and the documentation provided to customers to ensure this does not happen again.
 

Downloads

Download the statement as a PDF 2 Download here 20 KB
(Right click and select "Save target as")
Download the Frequently asked questions as a PDF 2 Download here 20 KB
(Right click and select "Save target as")
Download the video as an audio file Download here 35.14 MB
(Right click and select "Save target as")
Download the video
(This is a very large file and may take time to download)
Download here  710MB
(Right click and select "Save target as")

 

Important information

1. To maintain a quality service, we may monitor and record phone calls. Calls to 0800 numbers are free when calling from a UK landline. Charges may apply when using a mobile phone or when calling from abroad. Call charges
 
2. To view Adobe® Acrobat® (PDF) files you will need Adobe® Acrobat®, available from Adobe Systems Incorporated. Adobe® and Acrobat® are the registered trade marks of Adobe Systems Incorporated in the United States and/or other countries. For more information on accessibility please see the Adobe Accessibility site. Barclays is not responsible for the accuracy or content of web sites of other providers that may have links from this website. In creating hypertext links to any other web site, Barclays is not recommending that web site or giving any assurances as to its standing.

Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.


 

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