Many people have already secured their St. James’s Place compensation claims. If you think you’ve been affected, contact our experts at 01204 565331 or email enquiries@amklegal.co.uk today and let’s discuss your specific circumstances.
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.
The Background
In 2012, the Financial Services Authority (FSA), later becoming the Financial Conduct Authority (FCA), introduced the Retail Distribution Review (RDR) to eliminate commission-based conflicts of interest in financial advice. This ‘adviser charging‘ model mandated that fees be transparent and agreed upon upfront, with ongoing charges justified by continuous service, such as regular investment reviews.
St James’s Place’s failure to meet these new regulations resulted in numerous complaints about complex fee structures and unfulfilled service issues.
The Specific Issues at St. James’s Place
Clients of St. James’s Place (SJP) have raised numerous legal concerns, leading to widespread complaints filed with the firm and consumer protection agencies, including the Financial Ombudsman Service (FOS) and the Financial Conduct Authority (FCA). Here are the key allegations:
- Complex Fee Structures
- Many clients claimed they were unaware of the total fees being charged, including high exit fees that made it costly to withdraw funds.
- Services Not Provided
- Clients paid ongoing fees for advice and regular portfolio reviews that were not delivered.
- Misalignment With Client’s Goals
- Clients were sold financial products that were unsuitable for their financial objectives.
For example, clients with a £500,000 investment pot may have been charged an annual adviser fee of 0.5%, amounting to £2,500, without a transparent breakdown of the services included, for several years. This lack of clarity and transparency in fee structures and service delivery has been a major point of contention for SJP clients.
What Are the Legal Outcomes?
St. James’s Place (SJP) has set aside £426 million to cover compensation claims (reduced to £340 million from July 2025) for affected clients. This substantial fund is intended to reimburse clients for fees paid for services not received. The increase in complaints, particularly from 2023, prompted this provision as SJP reviews customer records dating back to 2018 to ensure clients are compensated appropriately.
Recent controversies have revealed a major issue around charging for missed annual reviews. However, the firm has also received complaints about unsuitable investment advice and high exit fees. These issues have led to client dissatisfaction and public scrutiny over the firm’s practices. If you believe you’ve been affected, act now to secure your rights and potential compensation.
The amounts clients can receive will vary based on the specific details of each case and the extent of the financial impact experienced. This approach aims to address gaps in service and make sure that clients who were overcharged or did not receive the agreed-upon advice and reviews are fairly compensated.
Case Studies of Affected Clients
Mr & Mrs Oliver’s Case
- Compensation Received: £2,381 (before deduction of our fees)
- Background: Paid for ongoing financial advice and reviews but did not receive the service.
- Claim Process: Documented the lack of services received, resulting in a refund for the years without service.
Mark Briggs’s Case
- Compensation Received: £2,083 (before deduction of our fees)
- Background: Overcharged on fees without receiving the promised ongoing advice.
- Claim Process: AMK Legal highlighted the discrepancy in charges versus services, leading to compensation.
Duncan Carr’s Case
- Compensation Received: £1,707 (before deduction of our fees)
- Background: Advised to invest in unsuitable financial products.
- Claim Process: Demonstrated the misalignment with financial goals, resulting in a refund.
These cases are just a few of the many successful outcomes AMK Legal has achieved. For more inspiring victories, visit our customer success stories page. Our track record speaks for itself, and we’re ready to fight for your rights.
Steps to Take if You Suspect You Were Affected
If you believe you have been affected by SJP’s practices, take the following steps:
- Assess Your Situation: Determine if you have paid for advice or services you did not receive.
- Gather Evidence: Document all charges, communications, and lack of services.
- Seek Professional Advice: Contact a specialist adviser, like ourselves, to review your case and assist in making a claim. Remember, you have the right to complain to SJP directly yourself without paying a fee.
The Role of Specialist Advisers
Specialist advisers like us play an important role in the process of legal compensation claims. We offer expert guidance, review all cases meticulously and prepare effective claims.
We work on a no-win, no-fee basis. This means 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 fee structure here.
What’s the Next Step?
To learn more about making a claim or to discuss your situation, take the next step and contact AMK Legal. We’re here to help you navigate this challenging situation and secure you the compensation you deserve.
- Phone: 01204 565331
- Email: enquiries@amklegal.co.uk