Barclays have had some bad press in the Daily Mail, for their bad financial advice.
The newspaper reported the story of a retired couple who lost almost £200,000 when they were advised by Barclays to switch £360,000 from a savings account into a risky stock market fund.
Also under attack is the bank’s sales commission structure whereby its sales agents get 18pence per £1,000 for advising customers to put their money into a safe cash ISA but £18.20 for every £1,000 they can persuade customers, known as “conquests” at Barclays, to invest in the far riskier stock market. In the example above the saleswoman concerned was paid more than £3000 by Barclays for communicating their dangerously bad advice.
Barclays also charge the highest rates of interest on overdrafts, at nearly 20%