An adviser has criticised Barclays Wealth for what he says have been "ridiculous" delays transferring a client's portfolio.
Andrew Platt, a financial planner at Callisto Wealth Management, recommended a client transfer his investments - some held within a stocks and shares ISA, some in a Barclays Wealth Advisory account - to a portfolio of index funds on the Transact platform on 15 December.
Platt and his client had anticipated a maximum waiting time of eight weeks but, despite being charged almost £1,500 in fees, the transfer has still not been carried out.
"[Barclays Wealth] seems to be making up ridiculous excuses to keep hold of the money," he said.
"The transfer time for an ISA is usually three to four weeks. Barclays is doubling the time of any provider I know - but it is also charging the client for the privilege."
According to Platt, Transact applied for the funds on 5 January but, almost two weeks later on 17 January, Barclays replied saying Platt had provided the wrong account number. Platt said he had provided the correct details.
Barclays also said Transact had provided "insufficient information" to process the transfer.
Platt's client was then billed £830 of management fees and for the transfer costs of his 18 investments.
On 4 February, he was informed of an additional two charges: an 'advisory account management fee charge' of £166, and an 'ISA account management fee charge' of £464 - a total of £1,461.
He sold a separate Barclays investment - Fidelity MoneyBuilder - to finance the costs but, with further withdrawal fees of 4.1%, this failed to cover the charges.
The client was also unable to ascertain the final charge for leaving Barclays. "[My account manager] could not tell me what my actual charges were because she said ‘other things' had to been taken in account," he said.
Though the client contacted his account manger on four separate occasions, the issue has still not been resolved. "He has been out of the market for all this time," Platt said. "All he wants to do is move on."
A spokesperson for Barclays Wealth said: "Whilst we aim to transfer clients in and out of the firm as quickly as possible and target a three-to-four week window, it can take longer depending on the type of assets that are transferring out.
"We would be happy to discuss the specifics of this case with the client."
Follows McVey's resignation
Schroders and Aviva Investors
LightTower Partners, Seneca Partners and Unicorn AM
Integration with Money Dashboard
View from the front row