Oct 5, 2017

Barclays Smart Investor hit by dividend payment delays

Barclays has been hit with another technical glitch at its online stockbroking service, leaving private investors with shares in some of the FTSE's biggest income stocks forced to wait weeks for dividend payments to arrive. The DIY platform, recently rebranded Barclays Smart Investor, confirmed that investors in 11 companies including BP, Lloyds Banking Group and Imperial Brands have been waiting since September for overdue dividend payments, and may not receive these for a further eight days because of problems with the site's overhaul. Dividends due on stocks including HSBC, British American Tobacco and BHP Billiton were also paid late, and some investors in Royal Dutch Shell were paid the wrong amount when a delayed dividend payment arrived last week. Barclays said it had encountered problems processing the dividends of stocks that went ex-dividend before the platform's re-launch over the August Bank Holiday weekend, but had dividend payment dates in the following month - an issue affecting potentially hundreds of UK-listed stocks. "Nearly all of my dividends have been paid late. I make plans around this income that I know is due but now I can't. It's a huge amount of money for me and for anyone. People are depending on this dividend money. Barclays should hang their heads in shame."

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