Advice giant St. James’s Place has come under fire from the Financial Ombudsman Service (FOS) after it failed to correctly calculate the transfer value of a client’s pension funds following the cancellation of her investment.
Mrs M, as referred to by the FOS, previously held pension benefits with two providers and decided she wanted to consolidate those into a single plan. She sought advice from an SJP adviser and agreed to transfer her pension benefits with the advice giant in February 2018. After becoming unhappy with SJP's service and reading about negative media stories, in which the restricted firm took a kicking from the national press - particularly from The Sunday Times - for the perks offered to its advisers for bringing more clients and assets to the business, Mrs M asked for information about her r...
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