More than 100,000 customers of St James’s Place could be entitled to a refund for ‘mis-sold’ services

One of Britain’s biggest wealth managers, St James’s Place (SJP), made headlines earlier this year after announcing it had set aside £426 million to compensate customers who were charged for services they did not receive.

More than 100,000 people who used SJP’s services over the past ten years could be eligible for a refund. This represents more than 10 per cent of the FTSE 250 firm’s customers.

Many SJP customers are yet to begin the claims process, says law firm Pacific Legal, which assists clients who have been misled or taken advantage of by financial institutions.
Pacific Legal represents thousands of people who invested in Isas, pensions and other financial products via SJP – and Quilter, another major wealth manager currently compensating its customers – since 2013.

Why is compensation necessary?

Following regulatory changes in 2012, nearly all investment and pension products now include adviser charges, which are deducted annually to cover services such as regular portfolio reviews.

According to the 2012 regulations, clients who receive financial advice should have their portfolios reviewed regularly to ensure that the products recommended to them remain suitable.

“Any client charged for annual reviews they didn’t receive should be refunded with interest”

Many SJP customers were charged an automatic annual fee of 0.5 per cent (or more) of their investments for these reviews. In some cases where reviews did not take place, charges were still deducted from their investments.
Lawyers from Pacific Legal argue that any client charged for annual reviews they didn’t receive should be refunded with interest.

Navigating the claims process

Pacific Legal notes that many customers who are entitled to compensation may be put off by the claims process which can be complex. Recognised by The Times as one of the 20 best law firms in Scotland for 2024, Pacific Legal is helping thousands of SJP and Quilter clients claim refunds.

While claimants can make a claim themselves, Pacific Legal operates on a no-win, no-fee basis, meaning their clients “can enjoy unparalleled legal representation without paying upfront”.

Pacific Legal is a trading style of Levy & McRae, one of Scotland’s longest-established and leading solicitors. With a proud history of delivering expert legal services, Pacific Legal was created to support clients affected by financial mis-selling and/or wrongdoing.

Pacific Legal are currently working on claims related to St. James’s Place (SJP) and Quilter, helping individuals secure compensation for financial losses caused by mis-selling practices. If you believe you may be entitled to money back, don’t delay. contact us and start your claim today