PA’s top read story this week centred on a spike in Financial Ombudsman Service (FOS) complaints brought against St James’s Place (SJP), as the wealth manager grappled with fallout from its findings that many clients may not have received services they paid for.
FOS complaints against SJP skyrocketed by more than 450% from 2023 to 2024, when they breached the 2,100 mark. The update came as complaints across all financial products surged to more than 140,000 in the second half of 2024, up 49% on the same period the prior year. Approaching half (46%) of all new FOS complaints for the latest reported period were brought by professional representatives. It's old news that SJP has set aside more than £430m for refunds and associated costs. It's also not new news that a recent FCA review of 22 of the largest advice firms (SJP was not involved) foun...
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