Ombudsman sides with SJP as client complains of £150k drop during pandemic volatility

£500 awarded for distress

clock • 3 min read
FOS told SJP to compensate client after it provided her with unsatisfactory service

FOS told SJP to compensate client after it provided her with unsatisfactory service

The Financial Ombudsman Service (FOS) has sided with St James's Place (SJP) after a client complained she was not protected ahead of the coronavirus pandemic market volatility and subsequently saw her portfolio drop by £150,000.

Ms E, kept anonymous by the ombudsman, claimed she lost £150,000 from her portfolio after her SJP adviser did not follow instructions to de-risk her portfolio in January 2020. The ombudsman did not uphold...

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