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
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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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