St James Place

[Dashel]

Hi everyone,

My DH had a pension with St James Place a few years ago and it took me a while to persuade him to move it as the broker was a friend of his.

Thankfully it is no longer there, but I have started seeing miss selling claims advertised online and from talking to DH I think it was very likely he was told his so called friend would do him a great deal over a coffee and sign here.

Has a one had any experience of putting in a claim with them?

Why do you think the pension was mis sold?

Hi

I'm with SJP.

The IFA I've worked with since about 1998 because part of SJP back in about 2010 or so.

There is bits in the press about SJP. But I think it is rooted in high fees.

I've not seen anything yet that makes me want to turn away from the pensions/funds I have.

Not sure if that is any help?

The fee structure was not made clear, the sliding scale of withdrawal was not mentioned. Nor did they mention they weren’t independent until the paper work was signed.

It was sorted out in 15 minutes to start with no his one official review he managed to get was done over the phone in 2 minutes and then he refused to answer questions as he was busy. They were selective about which of DHs old pensions they would transfer with no explanation of why or the usual warnings you get,

We had words when I found out he signed with them at the time. The guy told DH that his pension was on track and he was on course to have a great retirement and when we got the first statement we could see that he was only paying in enough to cover their fees - which was a large monthly payment. When he got paperwork and queried it he got no response and as the guy was in the friendship circle he didn’t make a fuss.

There are lawyers out there dealing with claims and my H has one in with them. It doesn't cost you anything. SJP have high fees and costly withdrawals but he has been getting a good % return although nothing official in the way of paperwork. That may have been down to a particular agent though . They only sell their own products. he is looking to change but the costs are astronomical. The claim has been going on for over 8 weeks now. No feedback as yet.

We're just due our annual review with SJP. We had an independent financial adviser who joined SJP and took us with him (pension pot plus investments) a few years ago.
Over the last year, our investments and pension pot have earned virtually nil. We have asked some questions before now and received all the usual excuses about world markets, pandemics, wars and unrest.
Having seen the latest info about high fees and exit costs and now having been contacted by a claims adviser company called AMK Legal, offering to find how much we have been charged beyond what the FSA thinks is reasonable (at a fee of 48% of any money recovered), I'm just wondering if others are in a similar situation or have anything to say?
Really grateful for any responses.

I’m looking at no win no fee claims companies too. All their websites are fab, but sometimes the (free) Companies House information (including balance sheets and lists of directors) shows a different story.

The rules (consumer duty) have only recently come in.

I doubt you will be able to reclaim fees from years ago. The FCA does still not give fee limits so there’s not a number that ‚is too much‘.

SJP will justify how they have had to charge high fees.

Where you weren‘t happy with the service before - did you mention this before? There are time limits when you want to complain.

My bank told me to invest there

Which bank would that be?

If you feel you have not been given the service you have paid for, go direct to SJP. They have a complaints system in place to deal with it. If you complaint is upheld then you will receive the full payment, and you won’t have to share 40% with the likes of AMK or other scam companies.

@IthinkIamAnAlien I’ve just re-read your post. Are you saying AMK contacted you directly regarding your investments with SJP? How on earth would they have known who you have any monies with?

Hi we have a lot of financial products with SJP and have investigated the possibility of claiming thru AMK - apparently you only have one shot at recovering funds, so it needs to be done correctly the first time. Their advice (dose of salt required) is that if you approach SJP directly they may offer a small gesture however after that you can no longer claim. If you go thru a legal co you do have to give them 48% but chances are they will be getting more in the first place. It's a bit of a minefield, looking for any advice here! Our FA has always served us well and is almost a friend now, so this is a bit embarrassing and even if we don't tell him that we are claiming agains SJP he will be made aware that we have as he is one of their agents.

What is all the fuss about St James

@2Earlgreysplease just so you are aware, the complaint will be made against your adviser rather than SJP ( they are not agents). If your adviser has served you well then why are you making a complaint?

AMK are on very dangerous ground if they are giving that advice. SJP are bound by the FSA and like all financial services institutions, have a robust compliants system).

AMK have many compliants against them now for misleading investors.

I can highly recommend Royal London.

Kpops Santander

Just to add, if you haven’t received your annual reviews from you adviser @2Earlgreysplease then you absolutely have cause to complain.

Your adviser will be asked to provide evidence of all communications with you, and if there are any lacking then of course you have a right to complain. But do it directly with SJP rather than AMK. There isn’t any science to making a complaint at all but as I say, the complaint will be made against your adviser and as such they will be notified of any complaint and asked for evidence of servicing.

With regard to miss selling, SJP guarantee all advice given by advisers. The checks are extremely rigorous to ensure clients are protected and that all advice given is correct. This is what stands SJP head and shoulders above others. If you’re not happy with your investment’s performance then you need to speak to your adviser and ensure you are having regular updates. Remember, investing is for the long term so make sure your adviser is aware of your financial goals.

If you are not happy with how SJP deal with any complaints you can go to the FOS.
If your complaints people are telling you any different, they need to be reported to someone.

I’ve researched some of the CMCs online and have found troubling balance sheets, linked directors and fees exceeding the levels capped by the FCA in March 2022:

https://www.fca.org.uk/news/press-releases/fca-launches-claims-management-companies-fees-cap

So I don’t understand how any of them can still be charging 40%.

It’s a bit of a minefield really……but I did come across It IS Your Money Ltd based in Torquay. There’s one director, a very healthy balance sheet, and fees capped at FCA levels. Anyone have any experience with them?

'Our FA has always served us well and is almost a friend now' yet we are willing to take the word of an online claims management company.

I am an IFA, and not SJP, however, if one of my clients complained against me, knowing I have done my best for them, I would end our contractual agreement.

If you are unhappy, go direct to SJP, ironcially the 48% claims fee is what should be challenged as 'fair'

My partner has work pension through SJP, I don’t think they have a choice on which pension provider they can use. Should we be concerned?

Is your partner happy with the adviser, do they have regular reviews, are all queries answered?

I wouldn’t worry about the noise, there are cheaper options, and there are also far worse options?