1. Initial Consultation and Case Review
Timeframe: 1-2 weeks
Once you contact us, we’ll conduct a free, no-obligation review of your case. This involves assessing the advice or products you received from St. James’s Place and determining the strength of your claim.
2. Gathering Evidence and Documentation
Timeframe: 2-4 weeks
If your case proceeds, we’ll help you collect all necessary documentation, including correspondence, financial statements, and any advice given by SJP. This step is critical in building a robust claim.
3. Submission of Formal Complaint to SJP
Timeframe: 1 week
We will draft and submit a formal complaint to St. James’s Place on your behalf, outlining the issues and seeking redress for your losses.
4. Response from SJP
Timeframe: Up to 16 weeks
Although SJP are required to make a final decision on any complaint within the regulatory period of 8 weeks, because of the unprecedented amount of complaints, it is taking them longer to investigate. After 8 weeks it is your right to escalate this to the Financial Ombudsman however we do believe SJP are acting in good faith with Pacific Legal and therefore advise to wait until the final decision is given as this tends to be before any FOS complaint will be completed.
5. Escalation to the Financial Ombudsman Service (FOS) (if necessary)
Timeframe: 6-12 months
If SJP’s response is unsatisfactory or they fail to respond within the 8-week period or an acceptable timeframe based on exceptional circumstances, we can escalate your case to the Financial Ombudsman Service. The FOS will independently review your complaint and issue a decision.
6. Settlement and Compensation
Timeframe: Varies
If your claim is successful, either through direct negotiation with SJP or via the FOS, compensation will be agreed upon and paid. The timeframe for this will depend on the complexity of your case and any further negotiations required.
Total Estimated Timescale
4-12 months (depending on the complexity and whether escalation to the FOS is required)
We aim to resolve cases as quickly and efficiently as possible, ensuring you receive the compensation you deserve without unnecessary delays.
Frequently Asked Questions
You may be eligible to make a claim if you were a customer of St. James’s Place over the past ten years and paid for services, such as annual reviews, that you did not receive. This may include clients who invested in ISAs, pensions, or other financial products through SJP.
The compensation relates to charges that were automatically deducted from clients’ investments for services that may not have been provided, such as ongoing financial advice, portfolio reviews, or investment monitoring. If these services were not delivered, you could be entitled to a refund of these fees, plus interest.
If you were charged for ongoing advice or portfolio reviews and did not receive these services, you may be eligible for compensation. Our team request all of the relevant information from SJP to help assess your case and determine if you’re entitled to a payout.
The amount of compensation varies depending on the fees you were charged and the duration over which you were not provided the promised services. In some cases, clients could recover a significant percentage of the fees paid over several years.
Most of the time, no documents are needed to be able to start your claim. All we need is your Name and Telephone Number. Of course, where documentation or any relevant communication can support your case, you should try and provide to your case representative. Pacific Legal will guide you through the process at all times.
The claims process can vary in length depending on the complexity of the case and the volume of claims being handled. On average, claims may take between 12-16 weeks to resolve, but we will keep you updated throughout the process.
No, Pacific Legal operate on a no-win, no-fee basis. This means you won’t need to pay any upfront costs, and you will only pay a fee if your claim is successful.
Even if you no longer have an adviser or are no longer a client of SJP, you may still be eligible for compensation if you were previously charged for advice or services you did not receive.
There is no strict deadline, but we recommend submitting your claim as soon as possible to ensure it is processed in a timely manner. Certain regulatory time limits could apply depending on when the fees were charged.
To start your claim, simply fill out the online form or contact us at 0141 2806 227. Our team will guide you through the process and help you gather the necessary documents to assess your eligibility.
If you are currently working with a financial adviser, they should provide evidence of the services you received. If they cannot justify the fees you were charged or provide proof of ongoing services like annual reviews, you may be eligible for compensation plus interest.
No, making a claim will not impact your current investments. The claims process focuses on recovering fees for services that were not provided, and it does not interfere with the performance or structure of your investment portfolio.
Even if you were satisfied with some aspects of SJP’s service, you may still be entitled to a refund if you were charged for ongoing advice or portfolio reviews that you did not receive.
If your claim is unsuccessful, you will not be charged any fees. Our no-win, no-fee guarantee ensures that you only pay if your claim is successful.
Pacific Legal specialises in financial claims and has a proven track record of successfully representing clients against major financial institutions. We have the expertise, resources, and experience necessary to navigate complex financial disputes and ensure our clients get the compensation they deserve.
Get in touch
If you think you may qualify for a claim, we’d love to help you get back what you may have lost. Our expert team are ready to hear from you!
01412 806 227
enquiries@pacificlegal.co.uk
