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

'We didn't have the dedicated capability in place': Sesame's adviser recruitment boost

'We didn't have the dedicated capability in place': Sesame's adviser recruitment boost

Team formed to push network’s growth ‘already making a difference’

Isabel Baxter
clock 03 July 2025 • 3 min read
Shackleton adds £900m in AUM with Chetwood Group acquisition

Shackleton adds £900m in AUM with Chetwood Group acquisition

Fourth acquisition of 2025 for private equity-backed advice group

Jenna Brown
clock 03 July 2025 • 1 min read
HSBC Life (UK) sold to Chesnara in £260m deal

HSBC Life (UK) sold to Chesnara in £260m deal

Adds about £4bn of AUM and 454,000 policies

Jenna Brown
clock 03 July 2025 • 1 min read