SJP refunds client's ongoing advice fees after absence of review

A total of £1,358 paid back following FOS decision

Isabel Baxter
clock • 3 min read

St James’s Place (SJP) has had to pay a client back their ongoing advice fees after no annual review was conducted.

In a Financial Ombudsman Service (FOS) decision dated 23 December, Mr B filed a complaint about advice given by a partner at SJP to transfer his pension, alleging it was negligent and resulted in financial loss. He also claimed that, despite paying ongoing advice fees, he received no annual reviews and sought a full refund of charges since the inception of his SJP plan. Mr B had a fixed-term annuity with a provider which matured in May 2019, so then consulted an SJP-affiliated adviser about transferring his annuity to SJP to access greater flexibility. After reviewing Mr B's financ...

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Isabel Baxter
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Isabel Baxter

Senior Reporter at Professional Adviser

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