St James’s Place Compensation FAQs

AMK Legal assists those clients that St James’s Place has charged ongoing advice fees to without receiving the corresponding financial advice or service. This typically includes fees embedded in all-inclusive fee structures that were not clearly itemised​​.

If you have had an investment or pension with St. James’s Place it is highly likely you paid Ongoing Advice Fees. These fees were deducted automatically from your investment or pension each year. In return for these fees your financial adviser should have met with you to conduct a review of your personal and financial circumstances. If these reviews did not take place EVERY year then you could be due back thousands of pounds in compensation.

AMK Legal will ask St. James’s Place to thoroughly review your case and provide evidence that annual reviews took place. Unless they can prove that reviews were undertaken we will demand that they refund your fees for every year a review did not take place. We will also ensure they pay compensatory interest on top of any refund.

AMK Legal provides comprehensive support throughout the claim process, including handling all communications with St James’s Place, preparing necessary documentation, and providing regular updates through email and text messages. Our team is available to answer any questions you might have and will offer guidance on the potential outcomes and strategies for your claim.

Yes it’s possible to pursue a claim against St James’s Place on your own without any cost and with recourse to the Financial Ombudsman Service. However, we find that many people choose to use AMK Legal because of our considerable experience and expertise in handling such cases. Our ability to navigate the complexities of such claims ​can provide you with invaluable guidance and peace of mind.

Once you contact us, we will gather all the necessary information and assess your case. If you decide to proceed, we will handle all aspects of the claim on your behalf, including communication with St James’s Place and, if necessary, escalation to the Financial Ombudsman Service​. One phone call is usually all it takes to get the process underway, and we will try our very best to make that call as hassle free as possible.

The good news is we don’t need any documentation from you. We can get what we need from St. James’s Place.

After receiving your signed claim forms, AMK Legal begins gathering all relevant information to assess your case thoroughly. We will then submit your claim to St James’s Place and keep you updated on the progress​​.

The duration of the claim process can vary, but typically, once we submit your claim, a final decision is made within about 6 months. We strive to expedite the process and keep you informed at every step​​.

The amount of compensation depends on the specifics of your individual case. We will help you understand the potential value of your claim based on the fees paid and the extent of the advisory services not provided​. The average pay out is currently just over £3000.

Offers of compensation between Jan and March 2024

AMK Legal will review any decision made by St James’s Place. If we believe the decision is unfair, we will represent you in appealing the decision through the Financial Ombudsman Service. Our goal is to ensure you receive the compensation you are entitled to.

If St James’s Place offers a settlement that does not meet your expectations or adequately covers the fees you were unfairly charged, AMK Legal will negotiate on your behalf. We aim to ensure you receive the maximum possible compensation that reflects the full extent of the financial impact​​.

If you are unsure whether you have been overcharged, contact us at AMK Legal. We will review your financial dealings with St James’s Place to identify any potential overcharges and advise you on the next steps.

Yes, you can make a claim if you are the executor or beneficiary of an estate where the deceased had investments with St James’s Place that might have been subject to overcharging. AMK Legal can guide you through claiming on behalf of the estate​​.

Compensation claims typically have time limits depending on the case’s specifics. It is advisable to start the claims process as soon as possible to ensure your claim is filed within any relevant deadlines. AMK Legal can help you understand and meet these deadlines.

Yes, AMK Legal specialises in managing complex claims, including those that may involve multiple types of financial products or extended periods of advice. We are equipped to handle various complexities and nuances associated with St James’s Place compensation claims​.

If additional issues are discovered during the review of your claim – such as further instances of mischarged fees or other discrepancies – AMK Legal can amend and expand your claim to address these issues. We are committed to ensuring that all mistreatments are adequately resolved​​.

If St James’s Place contacts you directly while AMK Legal is handling your claim, we recommend referring them back to us. Our team will handle all negotiations and communications to ensure your interests are fully represented and protected​​.

We adhere to strict data protection regulations to ensure the security of your personal and financial information throughout the claims process. We use encrypted communication channels and secure data storage systems​​.

AMK Legal maintains regular communication with our clients. Updates will be provided through your preferred method of communication, whether it be SMS, email, telephone, or letter, ensuring you are fully informed throughout the claim process​.

We work on a no-win, no-fee basis, which means that you don’t have to pay any upfront fees. If your claim is successful, our fees, which are set by the Solicitors Regulation Authority, range from 15% to 30% plus VAT depending on the amount of your refund. Learn more about our fees.

The success of your claim depends on the specifics of your case, including the evidence of fees paid and services not received. AMK Legal has a strong track record of successfully securing client compensation and will leverage our expertise to maximise the chances of a favourable outcome​.

We have reclaimed over £15m for clients of St. James’s Place.