Ombudsman rules against St James's Place over advice failures

SJP ordered to refund ongoing advice charges and pay compensation to client

Sahar Nazir
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Advisers warned against 'tick-box' cashflow modelling

Advisers warned against 'tick-box' cashflow modelling

Cashflow modelling ‘only as good as the information you put in’

Sahar Nazir
clock 06 November 2025 • 5 min read
Azets Wealth expands in South West with Evans Falco acquisition

Azets Wealth expands in South West with Evans Falco acquisition

Evans Falco will join Azets’ operations later this year

Sahar Nazir
clock 06 November 2025 • 1 min read
SJP firm Twelve Wealth Management acquires fellow partner practice

SJP firm Twelve Wealth Management acquires fellow partner practice

Managing director Matt Smith joins the firm

Isabel Baxter
clock 05 November 2025 • 1 min read