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Since 2013 financial advisers have been required to provide annual advice and review updates to their clients on the products they have recommended. Those products can include pensions, ISA’s or managed funds.
The financial advisers charge for this advice by way of a deduction from their client’s investment pot. However, some advisers have been receiving the annual fee, but not actually providing their clients with the advice they are paying for.
St James’s Place (SJP) is a company specialising in financial advice and has recently set aside over £400 million to pay for complaints from its customers who have not received the advice they are being charged for.
Some SJP clients have paid for an “all inclusive” fee package without being made aware that it included a 0.5% annual adviser charge. A client who had £500,000 invested through SJP would be paying an annual charge of £2,500.
If you have not received annual advice and review updates from SJP, or any other financial advice company, you could be entitled to compensation.
Bell Lax’s experienced team can bring a compensation claim on your behalf, on a no win – no fee basis, either by resolving matters with SJP, or by escalating your complaint to the Financial Ombudsman.
If you believe that you have been charged for advice which you have not received, our leading team of experienced solicitors are here to help you understand what compensation you may be entitled to.
Call us for a free no obligation discussion on 0121 355 0011.
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