Member Info for GaryJ

I have been very critical of Barclays in terms of posting dividends late and complained to them every time as there is no excuse for late posting of dividend cash in this day and age and moving accounts is for me the very resort.

However, I have to report that this time they have posted the proceeds of the Corp Action to my accounts last night night. OK, it happened after the close but still very much improved.

We still have a the 33.4 p cash to be paid to our accounts starting from Friday of which a proportion will find its way back into the market for those investors who wish to retain the status quo of their SLA holdings. Remember in order to preserve your pre consolidation percentage of the overall share capital you need to re invest all of the 33.4 .

(Post share consolidation number of shares ) = (Pre consolidation number of shares + the 33.4 cash )

Clearly many will take the cash but I am sure many will re invest some or all of the cash element.

No , it is not wrong to alert others via forum of the shortcomings of a broker or entity that have continually failed to perform in posting dividends on time. They have subsequently admitted that their tardiness was due a to significant system problem pertaining to dividends. If bringing this to the attention of others who maybe don't realize that dividends should be on pay day and prompts them to lobby Barclays to get it right and it makes a difference, then it is worth doing and not just a rant. Furthermore, it is not always easy to move accounts and there is more satisfaction to be gained from forcing them to 1 ) admit their errors and 2) put it right.

Post via Mail .. no . Post to my account at Barclays Stockbrokers - not even post to Barclays bank, but post internally. I worked in this industry at a very senior level and know how this works intimately. Yes easy to transfer away from Barcs but I am going make others aware as they just don't deserve the business . Smart Investor was a debacle and they still have not posted Av divs due last Monday . There is something seriously wrong here and they need to come clean or get it right on div value / pay day EVEREY time .

They posted the SL divs late this afternoon but still have not posted AV which preceded SL in terms of pay day. Barcs clearly have a problem and are not admitting it. No broker in this day and age should not be able to post divs on value date let alone post late nearly every time. I can only recall one instance when they posted on value date.

They set the bar at 10 days which is tantamount to setting the qualifying height in a high jump competition to 10 cm and then pat themselves on the back when every one jumps over the bar. Pitiful

I am writing to the FCA and ask them how they allow someone as large as Barclays insert 10 days in their contracts as benchmark . Not exactly treating customers fairly is it ?

They posted the SL divs late this afternoon but still have not posted AV which preceded SL in terms of pay day. Barcs clearly have a problem and are not admitting it. No broker in this day and age should not be able to post divs on value date let alone post late nearly every time. I can only recall one instance when they posted on value date.

They set the bar at 10 days which is tantamount to setting the qualifying height in a high jump competition to 10 cm and then pat themselves on the back when every one jumps over the bar. Pitiful

I am writing to the FCA and ask them how they allow someone as large as Barclays insert 10 days in their contracts as benchmark . Not exactly treating customers fairly is it ?

Still no Aviva div - due last Monday and no Standard PD = Tues. It is incomprehensible why they cannot get this right. They have from the record date to the pay date to ensure their own client records are correct. When the Reg pays them they should post dics according to THEIR OWN records and then reconcile back to the Reg payment after the paying the clients. It seems that they reconcile everything before paying which does two things
1) they keep hold of the Reg money on depo
2) they don't trust their own records..

Shambolic.

Still no Aviva div - due last Monday and no Standard PD = Tues. It is incomprehensible why they cannot get this right. They have from the record date to the pay date to ensure their own client records are correct. When the Reg pays them they should post dics according to THEIR OWN records and then reconcile back to the Reg payment after the paying the clients. It seems that they reconcile everything before paying which does two things
1) they keep hold of the Reg money on depo
2) they don't trust their own records..

Shambolic.

Yet again I am waiting for Barclays to post my dividends . They hide behind a 10 day clause in their contract which is absurd. Any bank or broker should be able to receive funds from the Reg and post client divs on the pay day and not applaud themselves when sometime they manage it within 2 days. Obviously keeping Reg funds and not allocating to clients generates interest for them. They should be brought to account . Don't bother complaining as they take ages to respond to that too - well outside the FCA complaints guidelines , and all they give you is the contractual 10 days.

Yet again I am waiting for Barclays to post my dividends . They hide behind a 10 day clause in their contract which is absurd. Any bank or broker should be able to receive funds from the Reg and post client divs on the pay day and not applaud themselves when sometime they manage it within 2 days. Obviously keeping Reg funds and not allocating to clients generates interest for them. They should be brought to account . Don't bother complaining as they take ages to respond to that too - well outside the FCA complaints guidelines , and all they give you is the contractual 10 days.

Jun 262
Jul 250
Aug 271
Sep 298
Oct 324
Nov 398
Dec 366
Jan 415
Feb 361
Mar 389
Apr 398
339.2727273 132.3163636


Required add prov 160 million
held on bal sheet at 31 dec

April FCA numbers added. So based on the above v what they published as held as a prov @31st Dec and if this trend continues to Aug 19 then they will need a further 160 million.. This same analysis project additional £500 m at last year end versus £600 that they provided for. We will see Wednesday..

Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 Jan 415 Feb 361 Mar 389 333.4 130.026 Required over prov 119 million March figures slightly higher than Feb but still lower than the recent Jan high. Based on this and what they had provided for at Y/ E then will need circa another £120 mio to take us up until deadline Aug 2019 .This assumes that Lloyds 40 % market share of total claims still holds true ( fairly safe to assume based on what has been given to me ). Half year results in Aug will reveal all. I will update again in July

Noteperfect - yes indeed you are right and I stand corrected. SLA appear to have obtained special dispensation from HMRC for this issue as the blanket change to Scheme B rules ( I think in 2015) did state that all proceeds from B schemes are treated as income tax. Good news as we can use CGT allowance and also apply a pro rated cost to the gross proceeds to mitigate some of the tax. Good spot and thanks for posting as that is how forums like these give most benefit to all

Still no dividend posting from Barclays - This is not a one off or specific to SL divs. This is the norm and appalling . There is no excuse for not posting divs on time - especially in this day and age of superior technology. If the reg pays late then fine but other than that funds should be available in the account on pay date... transferring all family holdings out to another supplier .

Me too . Whilst I don't like the forced cash and therefore tax approach, I remain a supporter of this stock and will re invest. Also remember, that any stock held in ISA's SIPPS, will be treated gross ie no tax deducted so for stock held in this type of account the exercise will be broadly neutral if you use the new shares deletion proceeds to buy the stock back . I say broadly, as you will obviously be exposed to the spread and buy fees but not the tax..

Point taken re naming of distribution Mao3 but any distribution under B share Scheme is now classified as a distribution as income and taxed as if it is a dividend . There is no other option ie to take it as capital. But you are correct it is not being termed a special div

The special is, in essence a re run of the previous exercise 3 years ago. The main diff is that this time in B Share Scheme distribution has to be taken and therefore taxed as if it were a div. Last time around we were offered a capital and income option whereby the cap option offered investors the opportunity to use CGT allowance AND also a pro rated cost to offset again the CGT. HMRC has closed that option off . The div as someone here has rightly pointed out is a forced taking of cash with a share re org so that net your post div cash and shares roughly equate to share value pre transaction. I only hope that Barcs Stockbrokers are up to making this happen on time and can do the sums correctly. As of now - 2 days after value date my SLA div has not been posted. Same with the Lloyds issue albeit only 1 day late. There is no reason providing the registrar has paid their cash on time that Barcs can't allocate the divs on the VD . Terrible. I have an outstanding complaint with them following the Smart Investor debacle and all I keep getting is holding letters telling me that they are looking at it.

Update based on Latest FCA numbers re Feb claims Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 Jan 415 Feb 361 327 128 Feb claims 54 mio down on Jan. Therefore Lloyds run rate calculated on heir 39 % share of overall market claims is now 127 mio per month . They have in hand on balance sheet 120 mio per month. Therefore if current trend continues they will have to find a circa 130 mio extra prov .....

Anyone with Barclays Smart Investor and not received their divi posting this morning ? The 17th Nov 2017 div was posted on value date ie 17th and available for cash or either re investment. I logged in this morning expecting Barclays to have finally got their act together and post on value date and alas no....

Update on latest FCA PPi claims. Jun 262 Jul 250 Aug 271 Sep 298 Oct 324 Nov 398 Dec 366 Jan 415 323 125.97 Average run rate now �125 m per month versus �120 m per month at end of Dec. At �120 per month Lloy had sufficient provision until Aug 2019 . If trend based on last 8 months continues then they will need additional 100 m . If the trend based on the simple Dec - Jan increase is sustained then 900 m more is needed. Worth noting that almost every year since PPI began there has been a jump in claims from Dec to Jan ( probably Christmas effect). Then it tails off. Key months for me will be Feb - May...