The Financial Ombudsman Service (FOS) has sided with a client who alleged that St. James’s Place Wealth Management’s (SJP) delayed withdrawal of the gift and the loan bond plans - of which he was a trustee - cost him on the bonds’ gains during the delay as well as the opportunity to reinvest.
The client, Mr B, said he instructed SJP to withdraw all the funds from the gift and the loan bond plans in September 2020, but the money was not sent to his trust account until November - around 9 November for the gift trust funds and 17 November for the loan trust funds. Pertinently, SJP paid the value of the bonds as they were on 16 October 2020, which were higher than if the withdrawal had been completed in September. But Mr B wished to receive the value the bonds had in November, on the day he received the money, as their price rose during the delay period. In response to Mr B's ...
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