St. James’s Place Compensation Claims
Make a claim against St. James’s Place
St. James’s Place is one of the largest wealth management firms in the UK. It has been in the news since Feb 2024 for charging fees for services not provided.
To address this issue the firm has set aside £426 million (reduced to £340 million from July 2025) to compensate those affected.
Are you eligible for the St. James’s Place Compensation Claim?
Determining if you’re eligible to claim against St. James’s Place is the first step in recouping losses from disappointing investment outcomes.
You can file a compensation claim if the following apply to you:
- Unsuitable Advice
- If the financial products sold (such as Unit Trusts, ISAs, Pensions, or Bonds) were unsuitable for your financial objectives and you lost money, you could be eligible for compensation.
- Ongoing Advice Fees
- If fees were deducted from your investments and your financial adviser did not conduct an annual review, you may be due a refund of thousands of pounds.
Contact us if you have not had a face-to-face review every year over the last 10 years
Each SJP claim will be assessed individually, considering the specific details of your case and how the advice or service failed to meet your financial needs.
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.
Here’s how we helped some of our clients
- Compensation Received: £23,631 (before deduction of our fee)
- Background: Initially, we were helping Mark with St. James’s Place overcharging fees. However, after a deeper investigation of his case, we discovered that he had been advised in 2016 to transfer his pension from Legal & General. As a result, Mark has faced significant transfer charges.
- Claim Process: We submitted a claim requesting a comparison of the pension value he would have had with Legal & General versus St. James’s Place. The firm confirmed Mark had incurred losses due to the transfer and compensated him with £23,631.
- Compensation Received: £15,529 (before deduction of our fee)
- Background: Roderick has been investing with the firm since 2013, paying an annual fee in exchange for yearly financial reviews. However, he received no reviews for five years between 2016 and 2021.
- Claim Process: Roderick responded to our online ad, prompting a review of the services he received. Our legal team argued that St. James’s Place had failed to provide the paid-for reviews, and after investigation, the firm agreed to refund the fees for those years with interest, amounting to £15,529.
- Compensation Receive : £2,907 (before deduction of our fee)
- Background: James first engaged with one of the company’s advisers in 2017 to discuss his retirement planning and was advised to transfer his pension from Standard Life to a medium risk account at St. James’s Place.
- Claim Process: After seeing our ad, James contacted our legal service to review the advice he had been given. Our professional review concluded that the risk level needed to be lowered for him as an inexperienced investor. His claim was submitted, and after review, The firm acknowledged that James would have been better off had he not transferred his pension, leading to a compensation of £2,907.
Things we consider before submitting an SJP claim
- The success of your claim depends on the specifics of your case, including the evidence of fees paid and services not received. Our experts have an excellent track record of successfully securing client compensation and will leverage their experience to help you.
- Assess if your investment returns match the advice you were given and review the services St. James’s Place had promised to deliver. The comparison of the advice with the actual results can help you identify any evidence that shows you were given the wrong advice.
- Not all claims result in the same level of compensation. The amount you receive is usually based on how your adviser’s actions impacted your financial situation.
- It is important to understand the intricacies of St. James’s Place’s compensation process. Taking some time to thoroughly review your case will help you understand your situation. If you think you have a case, contact us, and let’s discuss your situation. Our initial call usually takes as little as 10 to 15 minutes.
Why choose us?
Many people choosing AMK Legal do so to save time and hassle. We have a proven track record, securing substantial compensation claims, representing over 4,000 successful clients with around £12 million claimed, as highlighted by The Sunday Times (12,000 successful clients reclaiming over £30 million as of November 2025)
Our specialised expertise in financial mis-selling and personalised case management means we will review your case meticulously and prepare effective claims.
We aim to challenge SJP on overcharging for missed annual investment reviews, often extending claims back to 2013 – beyond the company’s admitted review period starting in 2018.
We offer services on a ‘no win, no fee’ basis, which means our interests align directly with yours. This emphasises our commitment to achieving fair and positive outcomes. We’ll make sure St. James’s Place reassess and adequately compensates you, upholding accountability and client advocacy standards at all times.
The issues at St. James’s Place
The claims against the firm started with allegations of charging for services that were not delivered.
The situation escalated because many SJP clients raised concerns about high fees and poor service, particularly the regular annual investment reviews, which were reportedly not conducted despite being paid for. These complaints accumulated over several years, with AMK Legal involved in a significant number of claims.
The complaints primarily involved various financial products managed by their advisors, such as pensions, ISAs (Individual Savings Accounts), and other investment instruments. Clients were particularly dissatisfied with ongoing service charges and in some cases poor advice.
The regulatory body overseeing financial services firms in the UK, the Financial Conduct Authority, worked closely with SJP to try to come to a suitable resolution. Therefore, the firm reported setting aside £426 million (reduced to £340 million from July 2025) to cover compensation claims for over 15,000 cases of overcharging. This indicated a serious problem within the firm, impacting thousands of investors who entrusted this wealth management firm with their financial planning and investments.
What’s the next step to claim against St. James’s Place?
If you’d like to hear more about this ongoing action and discuss your situation, call our friendly team of experts on 01204 565331 or email enquiries@amklegal.co.uk.
Alternatively, you can request a call back below, and we’ll get back to you straight away.
St. James’s Place Compensation FAQs
Who is St. James’s Place?
They are a UK-based wealth management firm offering personalised financial planning and investment services.
Why are there issues?
The firm faces complaints about a failure to provide paid-for annual investment reviews and, in some cases, unsuitable investment advice.
How big is the St. James’s Place compensation payout?
SJP has set aside £426 million (reduced to £340 million from July 2025) to cover potential compensation claims.
Do I need a lawyer to claim compensation?
No this is not necessary. You can make a claim yourself directly to St. James’s Place and in doing so you won’t have to pay a fee. If your claim is not successful it’s possible to ask the Financial Ombudsman Service for an independent review of that decision. You could also do nothing right now and wait to hear from SJP, as the firm has committed to contacting those clients that may have been affected to offer refunds.
How much will I have to pay if I make a claim with you?
We work on a no-win, no-fee basis, meaning 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 fees.
I think my SJP financial adviser was negligent. Do I have a claim?
You likely have grounds for a claim if your adviser’s negligence led to financial losses. Please contact us to discuss your situation.
What are the potential consequences of investment mis-selling?
Potential consequences of investment mis-selling include significant financial losses, unexpected tax implications, and a loss of trust in your financial advisers.
Are people claiming against St. James’s Place?
Yes, many investors are filing claims against St. James’s Place for mis-selling and overcharging.
Why are they paying out compensation?
They are compensating because many people complained about their failure to provide promised services.