SJP directed to waive client's exit fees after 'catalogue of errors'

Ombudsman decision

Hannah Godfrey
clock • 3 min read

The Financial Ombudsman Service (FOS) has directed St James's Place (SJP) to waive a client's exit charges after a "catalogue of errors" led that client to lose trust in the advice giant.

Mr B - as the FOS referred to him - complained that for more than five years he received poor advice from SJP and, as a result, wanted to transfer his pension fund to another provider without paying SJP's early exit fees, which typically kick if in a client withdraws their money in under six years. He accused the company of not following instructions and leaving large amounts of his self-invested personal pension in cash even though his profile was medium to high-risk. Mr B also alleged the firm did not follow direct 'buy' instructions, invested in funds he had not agreed to, and prov...

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 Your profession

Concerns clients seek financial reassurance over financial advice

Concerns clients seek financial reassurance over financial advice

'AI can provide clients reassurance just as much as humans can’

Sahar Nazir
clock 15 March 2024 • 2 min read
PA Working Lunches: Live in Chester, Cambridgeshire, Bristol

PA Working Lunches: Live in Chester, Cambridgeshire, Bristol

A look ahead at the upcoming live regional lunch CPD events

Professional Adviser
clock 15 March 2024 • 1 min read
Studying for success: Preserving knowledge in financial services

Studying for success: Preserving knowledge in financial services

Five tips for full-time workers studying in their spare time

Niall Metcalfe
clock 15 March 2024 • 5 min read