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St James’s Place Compensation Claims

Make a claim with AMK Legal

St. James’s Place, a prominent wealth management company, has recently been in the news for its complex fee structures, high withdrawal penalties, hidden costs, negligent advice, lack of adequate service and review, as well for restrictions on investment choices. This controversy has prompted many investors to pursue claims to reimburse their financial losses.

To address these issues, St. James’s Place has set aside £426 million to settle compensation claims from affected clients.

Are you eligible for the St James’s Place Compensation Claim?

Determining if you’re eligible to claim against St James’s Place is crucial for recouping losses from disappointing investment outcomes. You can claim the compensation against St James Place if you fit into the following:

  • Unsuitable Advice: If the financial products sold (such as Unit Trusts, ISAs, Pensions, or Bonds) were not suitable 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 carry out an annual review, you may be due a refund of thousand of pounds.

Contact us if you have not had a face-to-face review every year over the last 10 years

Each claim will be assessed individually, considering the specific details of your case and how the advice or service failed to meet your financial needs.

Here’s how we helped some of our clients

Mark Pollard’s Case

  • Compensation Received: £23,631
  • Background: AMK Legal initially helped Mark with St James overcharging fees. Further investigation revealed that he had been advised in 2016 to transfer his pension from Legal & General, incurring significant transfer charges.
  • Claim Process: The submitted claim requested 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.

Roderick Smith’s Case

  • Compensation Received: £15,529
  • Background: Roderick had been investing with St James’s Place 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 an online ad, prompting a review of the services he received. The 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.

James Ratcliffe’s Case

  • Compensation Received: £2,907
  • Background: James first engaged with a St James’s Place adviser in 2017 to discuss his retirement planning and was advised to transfer his pension from Standard Life to a medium-risk area at St James’s Place.
  • Claim Process: After seeing an ad, James contacted our legal service to review the advice he had been given. The review concluded that the risk level needed to be lowered for him as an inexperienced investor. His claim was submitted, and after review, St James’s Place 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 a SJP claim

  • The success of your SJP claim largely depends on presenting proof that the advice you received negatively impacted your investments.
  • Assess whether your investments align with the guidance you received and the responsibilities St James’s Place is committed to fulfilling. This evaluation can strengthen your claim.
  • Claimants do not all get the same level of compensation. The amount you receive will be based on how significantly your adviser’s actions impacted your financial situation.
  • It is crucial to understand the intricacies of the compensation process of St. James’s Place. Take the time to thoroughly review your case and gather relevant information about the specifics of your claim.

Why choose us?

Choosing AMK Legal for your St James’s Place claim provides a distinct advantage. We have a proven track record, securing substantial compensation claims, representing over 4,000 clients with around 12 million claimed, as highlighted by The Sunday Times.

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 St James’s Place on overcharging for unprovided annual investment reviews, 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 ensure St James Place, reassess and adequately compensate, upholding accountability and client advocacy standards at all times.

Why was action taken against St James Place?

Claims against St James’s Place (SJP) started due to widespread allegations of overcharging and mismanagement of client funds.

The situation began to gain public attention because numerous clients of SJP raised concerns about the high fees and the lack of service delivery, particularly the regular annual investment reviews, which were reportedly not conducted despite being paid for. These complaints accumulated over several years, with issues reportedly starting as early as 2013, although SJP’s own review of fees began around 2018.

The complaints primarily involved various investment products, including pensions, ISAs (Individual Savings Accounts), and other investment tools in various portfolios managed by SJP. Clients were particularly concerned about the impact of high exit fees and ongoing service charges that were levied without the delivery of corresponding advisory services.

The Financial Conduct Authority, the regulatory body overseeing financial services firms in the UK, became involved due to the volume and nature of the complaints. The FCA’s role was to ensure that SJP adhered to financial regulations, particularly concerning fair treatment of customers and transparent fee structures. The regulator’s scrutiny aimed to ensure that SJP would make amends, including refunds of ongoing service charges if it were proven that the services were not rendered.

The repercussions of the action against SJP were far-reaching, affecting a significant number of businesses and individual investors. SJP reportedly set aside £426 million to cover potential compensation claims related to over 15,000 cases of overcharging, as disclosed in their financial reports. This indicates a widespread potential mismanagement that impacted thousands of investors who had entrusted SJP with their financial planning and investments.

What’s the next step to claim against St James Place?

If you would like more information about this ongoing action or to 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 Place Compensation FAQs

Who is St. James’s Place?

St James’s Place is a UK-based wealth management firm offering personalised financial planning and investment services.

Why is St. James Place in trouble?

The firm faces complaints about overcharging, high exit fees, failure to provide paid-for annual investment reviews and delivering poor investment advice that doesn’t align with investor goals.

How big is the St. James’s Place compensation payout?

St. James’s Place has set aside £426 million to cover potential compensation claims.

Do I need a lawyer to claim compensation from SJP?

While not mandatory, a lawyer can help navigate the claims process and maximise potential compensation.

How much will I have to pay if I make a claim with AMK Legal?

AMK Legal operates on a ‘no win, no fee’ basis; fees are contingent on successfully winning the claim. If we get you a refund our fee is 40% plus Vat (total 48%). If we are not successful you pay us nothing.

I think my SJP financial adviser was negligent. Do I have a claim?

You likely have grounds for a compensation 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 Place?

Yes, many investors are filing claims against St James Place for mis-selling and overcharging.

Why is St James Place paying out compensation?

They are compensating because many people complained about their failure to provide promised services.

Is St James Place under investigation?

Yes, St James Place is under FCA’s regulatory scrutiny, particularly concerning its fee structures and service delivery.

 

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