A St James's Place compensation claim is a legal request for reimbursement from the wealth management firm, St James's Place (SJP), due to alleged improper financial practices. These claims often arise from situations where clients have:
• Paid for financial advice that was not received.
• Been charged undisclosed or hidden fees.
• Encountered complex and opaque fee structures.
• Faced excessive exit fees when trying to withdraw or transfer their investments.
Many clients discovered that they were being charged an annual adviser fee of 0.5% on their investment without receiving the promised advisory services. For instance, an investor with a £500,000 portfolio might have been charged £2,500 annually for services they never received.
In response to these issues, St James's Place has set aside £426 million to cover expected client complaints and to reimburse affected clients. This substantial fund is intended to address claims related to hidden adviser fees, undisclosed charges, and absent advice.
This complaint relates to allegations that St James's Place charged clients for financial advice and services that were not provided. Clients have reported being billed for ongoing advice fees without receiving the agreed-upon services, leading to potential compensation claims.
The FCA Consumer Duty rules, introduced in 2023, require financial firms to act in the best interests of their clients, providing clear and transparent information about fees and services. These rules are designed to ensure firms deliver good outcomes for consumers and hold them accountable for any failures.
If you have invested with St James's Place and believe you have been paying for advice you did not receive, contact our specialist compensation team. We can assess your case and guide you through the process of making a no-win, no-fee claim.
Compensation amounts vary based on the severity of the claim and its impact on your financial well-being. Our legal panel will provide an estimate of how much you could potentially claim based on your specific circumstances.
Generally, you have six years from the date you invested or realised the financial mismanagement to bring a claim. However, it is advisable to act promptly to ensure your case is handled efficiently.
Yes, you can still make a claim if you have moved your investments from St James's Place. The key factor is whether you were charged for services you did not receive while your investments were with SJP.
Yes, you should continue to pay your fees to avoid breaching your terms and conditions with St James's Place while your compensation claim is being processed.
The length of the process can vary depending on the complexity of the claim. Our legal panel will work diligently to resolve your claim as swiftly as possible, keeping you informed throughout the process.
No, our legal panel’s services are provided on a no-win, no-fee basis. This means you do not pay anything unless your claim is successful. The No Win, No Fee Success Fee is based on which expert panel member we refer you to. The maximum the legal panel will charge as a success fee is 36% inc. VAT. There may be a termination fee if you cancel your claim with a panel member after the cooling off period which is 14 days.
You may be entitled to compensation for:
• Excessive charges and fees
• Loss of financial returns
• Distress caused by financial mismanagement
It is important to keep records of all communications with your financial advisor, as well as statements and receipts for any charges and fees. If your claim is successful, compensation will be awarded based on the severity of the impact on your financial situation.
Fairweather Group Ltd t/a claim.co.uk do not give legal advice. You do not need to use a claims management company to make mis-sold investment claim. You have the right to complain to your adviser directly and use the Financial Ombudsman Service or Financial Services Compensation Scheme to seek redress for free.
The No Win, No Fee Success Fee is based on which expert panel member we refer you to. The maximum the legal panel will charge as a success fee is 36% inc. VAT. There may be a termination fee if you cancel your claim with a panel member after the cooling off period which is 14 days.
Our panel consists of experienced, SRA-regulated solicitors specialised in mis-sold investment claims.
We are paid a referral fee by our legal partners when we refer an eligible claim.
Fairweather Group Ltd will not charge you for our service.
