The Financial Ombudsman Service (FOS) has partly upheld a complaint against St James’s Place (SJP) for giving a client unsuitable advice and subsequently failing to manage and review his investments in the way it should have.
The client, Mr L, received investment advice from SJP in 2017 when he was looking to invest a lump sum following the sale of his house, with the aim of generating some income and improving his returns. He was advised to invest £200,000 in an SJP stocks and shares ISA and unit trust feeder and to transfer his existing cash ISA funds to the SJP ISA. It was agreed that SJP would arrange regular reviews of Mr L's investments and provide ongoing advice. However, SJP failed to provide annual reviews of his investments in 2018, 2019, 2021 and 2022. He received a review in 2020 when he ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
