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Ruling highlights need of sales tactics probe.
Byline: David Pawsey
Barclays Bank's approach to switching clients from one product to another should be probed following a Financial Ombudsman Service provisional ruling against the banking giant, according to an IFA.
Robert Johnsey, adviser for Yorkshire-based IFA Pegasus Portfolio Planning LLP, said soon after his client deposited GBP400,000 in his Barclays current account.
He was contacted by Barclays Financial Planning who advised him to transfer the funds into an onshore investment bond, despite the client stating he did not want to take on any risk at all.
After Barclays rejected the complaint, the client took his concerns to the Fos, which has now made a provisional decision in favour of the consumer.
But Mr Johnsey said the ombudsman needed to go further in its examination of Barclays' sales tactics.
His comments came after Paul Moore, former head of regulatory risk of HBoS, said the lender's customers may have been switched from deposit accounts into corporate bonds without really understanding the risks.
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