I was at a train station in March, as 'ISA season' got underway and saw an advert for Barclays so-called 'Golden ISA'. I had recently reviewed a previous issue of this for a financial planning client and had noted the way the client had originally been attracted by high rates then seen it drop away. So I light heartedly took the mickey out of the advert imagery with that in mind.
Then not 2 months later, I noticed that http://www.thisismoney.co.uk/ tweeted (@thisismoney - well worth a follow) that Barclays had quietly dropped the rate, from 3.25% to 2.2% immediately taking them out of the best buy tables. So my prediction came true: just like the two previous tax years, Barclays heavily advertised a high headline rate, along with 'promises' then dropped the rate when no one was looking (except @thisismoney and me, @ianjamesgreen !).
And imagine my surprise when today @thisismoney revealed Barclays have now also dropped their 'rate promise' which promised to track Bank of England rates on the way up.
As an independent, fee based, financial planner, I report to the FSA on 'TCF' - Treating Customers Fairly. I wish the FSA would ask Barclays if they think their advertising and marketing methods are 'Treating Customers Fairly'
