SJP sets aside £426mn for potential ongoing advice refunds
St James’s Place have currently set aside money to refund the excessive and unnecessary fees some of their customers have been charged.
If you were one of their past or present 900,000+ customers, register with us to see if you are owed compensation.
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Mr. P received bad advice to transfer his workplace pension to a private plan.
He was awarded £120,614 compensation.
Mr. J received bad advice to transfer his workplace pension to a private plan.
He was awarded £50,000 compensation.
Mr. D received bad advice to transfer his British Steel Pension.
He was awarded £85,000 compensation.
St James’s Place
St James’s Place has been in business for approximately 30 years and is the largest wealth manager in the United Kingdom, with over 4,800 advisors and 900,000+ customers. Complaints have been upheld against St James’s Place for a the following reasons:
- Annual management charges – Annual management charges are levied by financial advisors. Such fees are intended to cover reviewing the client’s personal details to establish if anything has changed and also to review the investments made by the client. In many cases St James’s Place charged clients an annual management fee but failed to carry out any review.
- Fee transparency – At one stage it was impossible to ascertain how their fees were calculated and this attracted attention from consumer groups and the Financial Conduct Authority. A number of clients complained about high fees which, in some cases, were tens of thousands of pounds.
- Excessively high exit charges – When a client decides that they wish to instruct another financial advisor the existing advisor is entitled to charge an exit fee for dealing with the administration. In many cases the St James’s Place charges for exiting their service were extremely high. These fees have now been streamlined following pressure from the Financial Conduct Authority.
- Bad advice – In some cases clients have received bad advice which has resulted in the client making inappropriate investments that do not correspond with their financial goals.
- Products offered – Advisors at St James’s Place are only permitted to sell St James’s Place own investment funds and, as such, they cannot offer a client access to a whole range of other funds. This restricts the client’s choice of investments.
- Poor fund performance – Many of the funds offered by St James’s Place have performed extremely badly and, in some cases, have caused clients to suffer significant losses, thus adversely affecting their standard of living in retirement.
If any of these scenarios apply to you, please contact us immediately for free review of your claim.
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