Upheld: Failure to provide ongoing advice service / missed annual reviews complaint against St. James's Place Wealth Management Plc
Financial Ombudsman decision DRN-6377049 of 2026-06-04T00:00:00+00:00. Failure to provide ongoing advice service / missed annual reviews complaint against St. James's Place Wealth Management Plc. Outcome: Upheld.
Decision detail
| Reference | DRN-6377049 |
|---|---|
| Decision date | 2026-06-04T00:00:00+00:00 |
| Firm | St. James's Place Wealth Management Plc |
| Product | Pension |
| Claim type | Failure to provide ongoing advice service / missed annual reviews |
| Outcome | Upheld |
| Remedy | SJP must carry out loss assessments for both the pension and ISA by comparing actual values as at the date of final decision with fair values had OACs not been deducted for 2017 and 2018 reviews. For the pension: compensation should be paid into the pension if possible with allowance for charges and tax relief, or as a lump sum with 15% notional tax reduction if payment into pension is not possible. For the ISA: compensation should be paid directly to Mrs H. Compensation must be paid within 28 days of Mrs H's acceptance of the decision, with 8% per year simple interest from the date of final decision if not paid within 28 days. Detailed calculations must be provided in clear, simple format. |
Summary
Mrs H complained that St. James's Place Wealth Management Plc failed to provide the ongoing advice service she was paying for in respect of her pension and ISA, specifically annual reviews in 2017 and 2018. SJP argued the complaint was made too late under regulatory time limits and that the documentation made clear annual reviews should be provided. The ombudsman found that Mrs H was not aware, and ought not reasonably to have been aware, that annual reviews were required based on the ambiguous language in the 2016 documentation, and that the complaint was therefore made within time limits. On the merits, the ombudsman upheld the complaint as no evidence showed SJP conducted reviews of the suitability of Mrs H's pension and ISA investments in 2017 and 2018. SJP was ordered to compensate Mrs H for the unearned ongoing advice charges through loss assessments for both the pension and ISA.
The Ombudsman's reasoning
The ombudsman found that Mrs H was not aware, and ought not reasonably to have been aware, that she should receive annual reviews based on the information provided in 2016. The term 'regular' in the recommendation letter was ambiguous, and at the time of advice in 2016, it was not unusual for firms to provide reviews every other year or at longer intervals even when charging annual fees. The regulatory requirement for annual reviews was not introduced until January 2018. Mrs H's receipt of annual reviews from 2020 onwards should not have alerted her to missed reviews in 2017-2018, as she likely attributed the new frequency to her new adviser relationship. Therefore, the complaint was made within the time limits, and on the merits, SJP failed to provide the annual reviews it was being paid for in 2017 and 2018.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| St. James's Place Wealth Management Plc, all decisions | 682 | 26% |
| Pension, all decisions | 15,409 | 47% |
Source
Read the original decision on the Financial Ombudsman Service website