Partially upheld: Investment mis-selling complaint against St. James's Place Wealth Management Plc trading as St. James's Place
Financial Ombudsman decision DRN-6442935 of 2026-06-22T00:00:00+00:00. Investment mis-selling complaint against St. James's Place Wealth Management Plc trading as St. James's Place. Outcome: Partially upheld.
Decision detail
| Reference | DRN-6442935 |
|---|---|
| Decision date | 2026-06-22T00:00:00+00:00 |
| Firm | St. James's Place Wealth Management Plc trading as St. James's Place |
| Product | Savings / ISA |
| Claim type | Investment mis-selling |
| Outcome | Partially upheld |
| Remedy | SJPWM must refund fees for 2019, 2020, 2021, 2022, and 2025, plus simple interest calculated at 8% per annum from each plan anniversary date to the date of final decision. SJPWM must pay £150 for distress and inconvenience. Payment must be made within 28 days, with additional 8% simple interest if paid late. SJPWM must provide a tax certificate if tax is deducted from interest. |
Summary
Mrs P complained that St. James's Place Wealth Management Plc gave unsuitable investment advice in October 2016 by recommending she invest her ISA in a portfolio allegedly containing 80% equities, which was too high-risk for her medium risk profile, and failed to disclose higher charges. The ombudsman found the Balanced Portfolio actually contained approximately 50% equities and was suitable for a medium-risk investor whose attitude to risk remained unchanged through 2024. However, the ombudsman upheld the complaint regarding SJPWM's failure to provide agreed annual reviews in 2019, 2020, 2021, 2022, and 2025. SJPWM was ordered to refund fees for those years plus 8% simple interest and pay £150 compensation for distress and inconvenience.
The Ombudsman's reasoning
The ombudsman found that SJPWM had fairly assessed Mrs P's medium attitude to risk following proper discussion of her circumstances and investment objectives. The Balanced Portfolio, containing approximately 50% equities and 36% in lower-risk investments, was suitable for a medium-risk investor with no short-term need to draw on savings. The CMC's allegation of 80% equity exposure was not supported by evidence. Mrs P's attitude to risk remained unchanged as of January 2024. However, SJPWM failed to provide agreed annual reviews in five years (2019, 2020, 2021, 2022, 2025) and could not evidence providing the service it charged for. The complaint regarding higher charges was referred too late (outside the three-year time limit from when Mrs P ought reasonably to have known of the issue, as it was disclosed in the October 2016 suitability report).
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| St. James's Place Wealth Management Plc trading as St. James's Place, all decisions | 5 | 30% |
| Investment mis-selling, all decisions | 14,163 | 37% |
| Savings / ISA, all decisions | 7,689 | 22% |
Source
Read the original decision on the Financial Ombudsman Service website