Partially upheld: General financial advice complaint against St. James's Place Wealth Management Plc
Financial Ombudsman decision DRN-5907602 of 2026-03-02T00:00:00+00:00. General financial advice complaint against St. James's Place Wealth Management Plc. Outcome: Partially upheld.
Decision detail
| Reference | DRN-5907602 |
|---|---|
| Decision date | 2026-03-02T00:00:00+00:00 |
| Firm | St. James's Place Wealth Management Plc |
| Product | Pension |
| Claim type | General financial advice |
| Outcome | Partially upheld |
| Remedy | Refund of ongoing advice charges for the 12-month periods ending February 2019, February 2020, February 2023, and February 2024, plus OACs paid in March and April 2024. Add 8% simple interest per annum from the date each OAC was paid to settlement. Pay £150 compensation for distress and inconvenience. |
Summary
Mr S complained to SJPWM about poor pension performance, high charges, and lack of ongoing advice since becoming a client in 2010. From February 2018, Mr S agreed to pay 0.5% p.a. ongoing advice charges in exchange for annual reviews, but SJPWM only conducted two reviews over six years instead of the promised annual reviews. The ombudsman partially upheld the complaint, requiring SJPWM to refund OACs for the four years of missed reviews plus interest and £150 for distress, but rejected claims that pre-RDR commission arrangements were improper or that fund performance was materially compromised by the lack of ongoing advice.
The Ombudsman's reasoning
SJPWM explicitly committed to annual reviews from February 2018 in exchange for ongoing advice charges. Only two reviews occurred over six years when at least six should have taken place. The firm failed to deliver the service it was being paid for. However, the ombudsman found no compelling evidence that this failure materially compromised fund performance, as Mr S received initial advice, had two subsequent meetings, and independently rearranged investments in February 2021. Pre-RDR commission arrangements were permissible under the regulatory framework at the time.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| St. James's Place Wealth Management Plc, all decisions | 661 | 26% |
| General financial advice, all decisions | 4,578 | 36% |
| Pension, all decisions | 15,373 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website