St James’s Place Compensation Claims
Make a claim against St James’s Place
St James’s Place is one of the largest advice-led wealth management firms in the UK. However, it has recently been in the news for its complex fee structures, high withdrawal penalties, hidden costs, negligent advice, lack of adequate service and review, and restrictions on investment choices. This scrutiny has prompted many investors to review the service they received from SJP and pursue claims to reimburse financial losses.
To address these issues, the firm has set aside £426 million to settle compensation claims from affected clients.
Are you eligible for the St James’s Place Compensation Claim?
Determining if you’re eligible to claim against St James’s Place is the first step in recouping losses from disappointing investment outcomes.
You can file a compensation claim if the following apply to you:
- Unsuitable Advice
- If the financial products sold (such as Unit Trusts, ISAs, Pensions, or Bonds) were unsuitable for your financial objectives and you lost money, you could be eligible for compensation.
- Ongoing Advice Fees
- If fees were deducted from your investments and your financial adviser did not conduct an annual review, you may be due a refund of thousands of pounds.
Contact us if you have not had a face-to-face review every year over the last 10 years
Each SJP claim will be assessed individually, considering the specific details of your case and how the advice or service failed to meet your financial needs.
Here’s how we helped some of our clients
- Compensation Received: £23,631
- Background: Initially, we were helping Mark with St James’s Place overcharging fees. However, after a deeper investigation of his case, we discovered that he had been advised in 2016 to transfer his pension from Legal & General. As a result, Mark has faced significant transfer charges.
- Claim Process: We submitted a claim requesting a comparison of the pension value he would have had with Legal & General versus St James’s Place. The firm confirmed Mark had incurred losses due to the transfer and compensated him with £23,631.
- Compensation Received: £15,529
- Background: Roderick has been investing with the firm since 2013, paying an annual fee in exchange for yearly financial reviews. However, he received no reviews for five years between 2016 and 2021.
- Claim Process: Roderick responded to our online ad, prompting a review of the services he received. Our legal team argued that St James’s Place had failed to provide the paid-for reviews, and after investigation, the firm agreed to refund the fees for those years with interest, amounting to £15,529.
- Compensation Received: £2,907
- Background: James first engaged with one of the company’s advisers in 2017 to discuss his retirement planning and was advised to transfer his pension from Standard Life to a medium risk account at St James’s Place.
- Claim Process: After seeing our ad, James contacted our legal service to review the advice he had been given. Our professional review concluded that the risk level needed to be lowered for him as an inexperienced investor. His claim was submitted, and after review, The firm acknowledged that James would have been better off had he not transferred his pension, leading to a compensation of £2,907.
Things we consider before submitting a SJP claim
- The success of your claim depends on the specifics of your case, including the evidence of fees paid and services not received. Our experts have an excellent track record of successfully securing client compensation and will leverage their experience to maximise your chances of a favourable outcome.
- Assess if your investment returns match the advice you were given, and review the services St James’s Place had promised to deliver. The comparison of the advice with the actual results can help you identify any evidence that shows you were given the wrong advice.
- Not all claims result in the same level of compensation. The amount you receive is usually based on how your adviser’s actions impacted your financial situation.
- It is important to understand the intricacies of St James’s Place’s compensation process. Taking some time to thoroughly review your case will help you understand your situation. If you think you have a case, contact us, and let’s discuss your situation. Our initial call usually takes as little as 10 to 15 minutes.
Why choose us?
Choosing AMK Legal for your SJP claim provides a distinct advantage. We have a proven track record, securing substantial compensation claims, representing over 4,000 successful clients with around £12 million claimed, as highlighted by The Sunday Times.
Our specialised expertise in financial mis-selling and personalised case management means we will review your case meticulously and prepare effective claims.
We aim to challenge the company on overcharging for unprovided annual investment reviews, extending claims back to 2013 – beyond the company’s admitted review period starting in 2018.
We offer services on a ‘no win, no fee’ basis, which means our interests align directly with yours. This emphasises our commitment to achieving fair and positive outcomes. We’ll make sure St James’s Place reassess and adequately compensates you, upholding accountability and client advocacy standards at all times.
Why was action taken against St James Place?
The claims against the firm started with allegations of service overcharging and client fund and portfolio mismanagement.
The situation escalated because many SJP clients raised concerns about high fees and poor service, particularly the regular annual investment reviews, which were reportedly not conducted despite being paid for. These complaints accumulated over several years, with AMK Legal involved in a significant number of claims.
The complaints primarily involved various financial products managed by their advisors, such as pensions, ISAs (Individual Savings Accounts), and other investment instruments. Clients were particularly dissatisfied with high exit fees, ongoing service charges, poor advice and mis-sold products.
The regulatory body overseeing financial services firms in the UK, the Financial Conduct Authority, started to be involved because of the high volume and nature of the complaints. The FCA is committed to ensuring SJP adheres to consumer duty standards, makes amends with the clients affected, and provides refunds and sufficient compensation if necessary.
The repercussions of this collective action against SJP are affecting a large number of businesses and individual investors. Therefore, the firm reported setting aside £426 million to cover compensation claims for over 15,000 cases of overcharging. This indicates widespread mismanagement impacting thousands of investors who entrusted this wealth management firm with their financial planning and investments.
What’s the next step to claim against St James Place?
If you’d like to hear more about this ongoing action and discuss your situation, call our friendly team of experts on 01204 565331 or email enquiries@amklegal.co.uk.
Alternatively, you can request a call back below, and we’ll get back to you straight away.
St James Place Compensation FAQs
Who is St. James’s Place?
They are a UK-based wealth management firm offering personalised financial planning and investment services.
Why are there issues?
The firm faces complaints about overcharging, high exit fees, failure to provide paid-for annual investment reviews and poor investment advice that doesn’t align with investor goals.
How big is the St. James’s Place compensation payout?
SJP has set aside £426 million to cover potential compensation claims.
Do I need a lawyer to claim compensation?
While not mandatory, a lawyer can help navigate the claims process and maximise potential compensation.
How much will I have to pay if I make a claim with you?
We work on a no-win, no-fee basis, meaning 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.
I think my SJP financial adviser was negligent. Do I have a claim?
You likely have grounds for a claim if your adviser’s negligence led to financial losses. Please contact us to discuss your situation.
What are the potential consequences of investment mis-selling?
Potential consequences of investment mis-selling include significant financial losses, unexpected tax implications, and a loss of trust in your financial advisers.
Are people claiming against St James Place?
Yes, many investors are filing claims against St James’s Place for mis-selling and overcharging.
Why are they paying out compensation?
They are compensating because many people complained about their failure to provide promised services.
Is St James Place under investigation?
Yes, St James’s Place is under FCA’s regulatory scrutiny, particularly concerning its fee structures and service delivery.