Not upheld: unsuitable pension transfer advice and failure to provide ongoing reviews complaint against St. James's Place Wealth Management Plc
Financial Ombudsman decision DRN-6127185 of 2026-04-01T00:00:00+00:00. unsuitable pension transfer advice and failure to provide ongoing reviews complaint against St. James's Place Wealth Management Plc. Outcome: Not upheld.
Decision detail
| Reference | DRN-6127185 |
|---|---|
| Decision date | 2026-04-01T00:00:00+00:00 |
| Firm | St. James's Place Wealth Management Plc |
| Product | pension |
| Claim type | unsuitable pension transfer advice and failure to provide ongoing reviews |
| Outcome | Not upheld |
| Remedy | None - complaint not upheld |
Summary
Mr A complained that SJP gave unsuitable advice to transfer his pension and failed to provide ongoing reviews. The ombudsman found that the advice was suitable because Mr A had investment experience, capacity for loss, and the recommended portfolio aligned with his attitude to risk, with the higher-risk Far East Fund representing only a small proportion. The ombudsman also found that SJP provided evidence of reviews in 2019 and 2020. The complaint was not upheld.
The Ombudsman's reasoning
The ombudsman found the pension transfer advice suitable because: (1) Mr A had capacity for loss and investment experience; (2) the higher-risk Far East Fund was only a small proportion of the overall portfolio; (3) the recommended product with professional oversight was more suitable than the existing pension invested in individual shares; and (4) SJP provided clear and reasonable fee comparison despite inability to make like-for-like comparison. The ombudsman was satisfied that reviews were provided in 2019 and 2020 as required.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| St. James's Place Wealth Management Plc, all decisions | 682 | 26% |
Source
Read the original decision on the Financial Ombudsman Service website