The Financial Ombudsman Service (FOS) has upheld a complaint against St James's Place Wealth Management (SJP) for failing to provide adequate financial advice to a client over several years.
The ruling requires the firm to refund thousands of pounds in ongoing advice charges (OAC) and pay compensation for distress and inconvenience caused. Ombudsman Katie Haywood wrote in a decision reference that Mr. G, a long-standing SJP client, raised concerns about the lack of advisory services regarding his ISA and drawdown plan. Initially advised by an SJP partner in 2015, Mr. G relied on regular updates and annual reviews to manage his investments. However, after his original adviser left the role in 2019, Mr. G struggled to receive consistent service despite paying OACs. The w...
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