An amazing apology, at last, from Barclays on mis-selling scandal

Barclays has made an extraordinary apology to Financial Mail over the mis-selling of a risky stock market investment to thousands of mainly older, risk averse customers. The bank's bosses are trying to draw a line under the scandal involving the Aviva Global Balanced Income Fund, a high-risk stock market investment mainly sold in 2007. Financial Mail has carried reports over the past year revealing that thousands of Barclays customers, including those with no investment experience and those in their 90s, were pressured by Barclays staff to put their entire life savings into it. Until now, senior Barclays staff have strenuously denied any systematic problem. The bank has also refused to compensate most complainants, instead forcing them to go to the Financial Ombudsman Service, which has often found against the bank. Even then, Barclays defied the recommendations of FOS adjudicators in many cases. But now Barclays bosses appear to have had second thoughts and have issued an apology to Financial Mail and a pledge to sort the problem out once and for all.

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Source: The Mail on Sunday - 25th July 2010 27/07/2010

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