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Barclays Smart Investor clients demand compensation over late dividend payments

Barclays Plc is facing calls for compensation from angry customers of its direct investment service, Barclays Smart Investor, after a botched migration meant that dividend payments were delayed, the Financial Times reported.

The bank has admitted that dividend payments on 11 FTSE income stocks were delayed by more than two weeks due to the migration of its Barclays Stockbrokers service to the new Smart Investor brand, the newspaper said.

One customer told the FT that they may join a class-action lawsuit, and others called for regulators to intervene.

Barclays declined to comment on the number of complaining customers but revealed that the issue was affecting only "a small minority of customers," the FT added.

In early September, customers also complained about being locked out of their accounts following the migration to Smart Investor.