St James’s Place (SJP) has paid £54,000 in total to the sons of a deceased couple who received financial advice in the lead up to their death, the ombudsman has found.
Mr and Mrs E, as referred to by the Financial Ombudsman Service (FOS), had their portfolio reviewed by SJP in 2007, when the firm recommended a second whole of life (WoL) policy, an investment bond and two trustee bonds. Mr and Mrs E died in 2012 in 2014 respectively, after which their sons, as the executors of their parents' estate, complained to SJP about its advice. In 2016 SJP made an initial offer of compensation to the pair, which it lifted in April 2018 to £54,000. The sons were unhappy with the amount offered and referred the complaint to the ombudsman. In the interim SJP paid...
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