St. James's Place plc controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2025
Financial Ombudsman compensation test case
A Financial Ombudsman test case resulted in an order requiring compensation. Later reporting indicated that some customers were still waiting for payments that had been promised.
2024
Allegations of overcharging and undelivered ongoing advice
St. James's Place acknowledged allegations that thousands of customers had been overcharged and that some had paid for ongoing advice they did not receive. The chief executive apologised, and the company established a £426 million provision for refunds.
2021
St James’s Place faces complaint over adviser’s unregulated investments
Issue disclosure
Money Marketing reported that a St James’s Place partner recommended unregulated investments, including the failed Axiom Legal Financing fund, and that St James’s Place refused a client’s request for compensation. St James’s Place said the adviser was authorised only to recommend its products and that it would not bear responsibility for activities outside that appointment.
Company response
Denial — SJP
However, SJP said that the adviser was only authorised to recommend SJP products, and it would not bear any responsibility for any activities outside of their appointment with SJP.
Source excerpt
However, SJP said that the adviser was only authorised to recommend SJP products, and it would not bear any responsibility for any activities outside of their appointment with SJP.
St James’s Place is under fire again after one of its partners recommended unregulated investments that went bust, but the advice giant refused to pay compensation.
In a letter to SJP, the complainant argued that the actions of an appointed representative should fall under SJP’s jurisdiction.
2019
Alleged alteration of client documents
The Financial Ombudsman Service raised serious concerns after a client alleged that documents had been altered and signatures forged in order to conceal advice allegedly provided by the company.
2019
Former footballers' tax-investment lawsuit
Fourteen former footballers sued St. James's Place over alleged poor advice related to film and overseas property investment schemes marketed as tax-avoidance arrangements. The company denied responsibility for the disputed recommendations and raised issues concerning adviser authority and limitation periods.
2017
Which? investigation into charges
Which? alleged that St. James's Place could mislead customers about charges. The company’s recommended funds carried different costs, meaning the total fee burden could vary by client. The findings were referred to the Financial Conduct Authority.