UK bank Barclays has announced it will compensate former clients of its now-defunct financial planning arm whose details were sold to rogue traders.
According to an investigation by the UK Mail on Sunday, private details of as many as 27,000 Barclays advice client accounts were leaked and sold to London asset management and trading firms, described by the newspaper as “investment sharks”.
The City of London police is now investigating the matter, the newspaper reported, with the bank announcing that “a gesture of good will” is forthcoming.
Investigators are looking into the involvement of London fund manager First Asset Management, which reportedly “closed down suddenly last September amid complaints from angry investors”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Oct 2017Parliamentary insurance group formedBy Staff Reporter
- 20 Oct 2017Treasurer introduces BEAR legislationBy Aleks Vickovich
- 20 Oct 2017Westpac to refund $65m to customersBy Annie Kane
- 20 Oct 2017Survey tips independent takeoverBy Aleks Vickovich and Jessica Yun
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- view all