Barclays seeks policies feedback

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The Independent Online
BARCLAYS LIFE is planning to write to 1,400 customers to find out whether they have been sold inappropriate life or pensions policies, writes Caroline Merrell.

The life company, which has 800,000 clients, was publicly rebuked this week by the Securities and Investments Board for a series of rule breaches between September 1991 and June last year.

The regulator said that Barclays had failed in its training of the 1,500-strong sales force and the supervision of the way it sold its products. Some of the failings related to inadequate checking of client information forms and incomplete customer records.

Nationwide Building Society this week temporarily stopped 1,300 of its staff selling Guardian, formerly GRE, policies while it embarks on a retraining programme. The society is asking people with any concerns about the policies they have been sold to contact it.

Barclays Life spent pounds 9m on retraining and has switched its sales force from selling on a commission-only basis to being paid by salary.

Barclays said it had examined a small sample of policies - fewer than 100 - to find out if there was any evidence of misselling.

A spokesman said: 'We did not find any evidence in the small sample that was researched.'

Barclays has set up a free help line for anyone concerned about advice received. The number is 0800 494949.

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