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...

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 Companies

SJP adviser departure sparks dispute over who owns client relationships

SJP adviser departure sparks dispute over who owns client relationships

Rob Stroud left SJP for True Potential after 18 years

Isabel Baxter
clock 08 October 2026 • 4 min read
Aberdeen sells half of stake in Standard Life for £436m

Aberdeen sells half of stake in Standard Life for £436m

Retains 5.2% holding

clock 08 October 2026 • 1 min read
Milecross Financial makes six acquisitions since Openwork buyout

Milecross Financial makes six acquisitions since Openwork buyout

Three more acquisitions in the pipeline

Isabel Baxter
clock 08 October 2026 • 2 min read