Some Barclays' advisers are delaying applications for clients as they attempt to poach business from the bank and set up their own IFA firms, an adviser claims.
The bank confirmed last month it will close its financial advice arm due to declining returns, and vowed it would pass clients to IFAs.
However, IFAs are already seeing evidence of Barclays' advisers delaying client deals in order to save the business for themselves post-redundancy.
Stephen Ng, IFA at Create Wealth Management, says: "One of our advisers has stumbled on a soon-to-be-made-redundant Barclays financial planner who has asked his bank client if they would 'hang on' a few weeks before making a £1m investment into a single premium Prudential contract he had already recommended."
Ng claims the planner told his client "he was leaving to go into 'private practice' and would arrange the contract in a few weeks' time".
"So it now only takes a few weeks to upskill as an IFA, gain authorisation and competent adviser status apparently! Not executing the contract in the proper time also comes to mind," says Ng.
He also warns delaying deals in this way could create a market timing issue for the investment, adding: "Once a client asks you to proceed and invest, you risk breaching timely execution standards and could cost your client money.
"On a £1m sum, that could equate to thousands within hours or a few days, let alone weeks or more."
Ng says he also expects "other fun and games are happening" as former bank advisers plan their next move.
A spokesperson for Barclays says: "We take this accusation very seriously, but as we have not been provided with any supporting evidence, we have been unable to investigate this matter further.
"If we did have evidence that one of our financial planners was not acting in the best interests of our customers then we would take further action."
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