Overview of the FCA’s Regulatory Authority
The Role of the FCA
The Financial Conduct Authority (FCA) is the regulatory body responsible for overseeing the financial industry in the UK. Its primary role is to protect consumers, promote market integrity, and encourage healthy competition within the industry. One of its remits is to make sure financial service providers operate with honesty, transparency, and fairness.
Powers and Responsibilities
The regulator is not a government body, yet it’s responsible for the conduct of about 58,000 financial services and markets. The FCA was formed with the authority to enforce compliance and mandates through investigations and sanctions, such as fines or operational restrictions.
For example, the regulator can conduct comprehensive investigations into firms’ practices, such as investment product mis-selling, overcharging for services or breaches of consumer duty rules. They also supervise financial institutions, review business models, and instruct businesses to act in the best interests of their clients.
St. James’s Place has now put in place a voluntary process of compensating those clients that may have missed annual reviews but had still been charged. It appears the package put together was done so after close consultation with the FCA.
Can You Report St. James’s Place to the FCA?
If you have concerns about your experience with St. James’s Place, you can report to the FCA via their website. However, the FCA recommends you first try to resolve the issues directly with the firm, as all the companies overseen by the regulator must provide a straightforward complaint process to their clients.
Reporting Process
If you’ve experienced issues with St. James’s Place or any other financial service provider and wish to file a complaint. First, you must determine if that company is listed in the Financial Services Register.
If the company is not listed in the register and you suspect potential fraudulent activities, you should immediately contact the FCA and Action Fraud.
If the company is listed in the register, the FCA suggests that you first try resolving your issue with your service provider. Some things to look for:
- All companies must confirm in writing that they have received your complaint unless it is resolved within three business days.
- All firms must provide you with the outcome of your complaint within eight weeks. Outlining whether it was successful or not or if they need to investigate further with a formal explanation of why.
What to Include in Your Complaint
We recommend you include detailed information about your investment account, including the reference number, dates of transactions, and specific issues faced. Highlight any product sales practices that did not align with your financial goals or potential breaches of consumer duty. Remember, providing evidence, such as emails, letters, or financial statements, will strengthen your case and empower you in the process.
If you’re unhappy with the firm’s decision, don’t hear from them in a decent time frame, you can seek assistance from The Financial Ombudsman Service (FOS).
What are your complaint options?
It is important to note that you can submit a complaint yourself and doing so means you won’t have to pay a fee. If you don’t agree with the outcome of your complaint, you can use the free services of the Financial Ombudsman Service (FOS) and ask for an independent review. Alternatively, you may wish to wait to hear directly from SJP about any refund you may be owed, as part of its review into historic servicing.
Another option is to use the services of AMK Legal. We provide hands-on experience and a bespoke service, including collecting evidence on your behalf, reviewing and building your case, and filing a complaint for you. Our role is to guide you through the process, ensuring your rights are protected and helping you navigate the possible complexities of some claims.
We work on a No Win – No Fee basis, which means that if your claim is unsuccessful, you won’t have anything to pay. The fees we charge have been set by the Solicitors Regulation Authority and range from 15% to 30% plus VAT, depending on the amount of your refund. More about our fees.
We have helped many clients receive thousands in compensation from various financial institutions. See our success stories yourself.
Contact us now, and let’s discuss how we can recover what’s yours together!
St. James’s Place Public Announcement
Following an internal review of its Ongoing Service to clients, St. James’s Place set aside £426million in Feb 2024 (reduced to £340 million from July 2025) as part of a package to offer refunds to those clients that may have paid annual fees but not had the service they were promised.
The Impact on Business Practices
To prevent similar issues in the future, SJP has updated their adviser training programs, improved client communication strategies and tightened internal controls.
Regaining Consumer Trust
This voluntary move by St James’s Place will no doubt help restore consumer trust, and the clients affected are now getting compensation. St James’s Place is making significant changes to fix problems and improve its service. These efforts will enhance the reputation of the firm, and consumers now feel more confident that they will be treated fairly.
If you feel St. James’s Place might have ill-advised you, contact us today by phone at 01204 565331 or email at enquiries@amklegal.co.uk. Our team is here to provide the guidance and support you need to navigate the process.
If you prefer, you can also submit a request for a callback using the form below, and we will contact you promptly.