St James’s Place (SJP) has had to pay a client back their ongoing advice fees after no annual review was conducted.
In a Financial Ombudsman Service (FOS) decision dated 23 December, Mr B filed a complaint about advice given by a partner at SJP to transfer his pension, alleging it was negligent and resulted in financial loss. He also claimed that, despite paying ongoing advice fees, he received no annual reviews and sought a full refund of charges since the inception of his SJP plan. Mr B had a fixed-term annuity with a provider which matured in May 2019, so then consulted an SJP-affiliated adviser about transferring his annuity to SJP to access greater flexibility. After reviewing Mr B's financ...
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