According to the latest statistics from the Financial Ombudsman Service (FOS), St James’s Place (SJP) recorded 1,426 complaints between January and June 2025. However, the prominent wealth management firm reported a notable downturn in such reports in more recent months.
This figure marks a staggering 194% increase from the 485 complaints handled by SJP in the corresponding period of 2024. The FOS’s quarterly update for the first half of 2025 breaks down the grievances as follows: 1,035 concerning decumulation products, life insurance, and pensions; 367 linked to investments; 16 involving general insurance or pure protection policies; two related to banking and credit services; and five pertaining to mortgages and home finance.
Although the volume for the first half of 2025 exceeded the previous year’s equivalent timeframe, it remained below the 1,653 complaints registered in the second half of 2024.
A spokesperson for SJP, commented via the Press Association that they deeply regret any instance where a client feels compelled to complain, and they are committed to rectifying matters swiftly whenever their service falls short of the exceptional standards they uphold.
“The uptick in FOS referrals highlighted in recent data stems largely from the intensified claims handling efforts that swept through the industry last year, driving elevated complaint levels overall.”
On a broader scale, total complaints referred to the FOS across all providers plummeted by over a third in the July to September 2025 quarter, dropping from 73,700 the year before to 46,300. This shift coincides with the introduction in April 2025 of the UK’s inaugural ombudsman fees – £250 per case – imposed on professional intermediaries submitting complaints.
SJP’s Continuing Review of Advice Practices
Back in February 2024, SJP set aside a £430 million pre-tax reserve to compensate clients for charges related to ongoing advice, prompted by a marked escalation in grievances. By July 2025, the firm scaled back its anticipated redress outlay, freeing up £84.5 million pre-tax from the pot.
At that point, the remaining provision totalled £320 million. This adjustment followed a wave of client dissatisfaction in late 2023, after SJP identified shortcomings in its ongoing client support prior to upgrading its customer relationship management infrastructure in 2021.
Spotlight on Two Recent FOS Rulings Against SJP
A number of fresh FOS cases against SJP have centred on lapses in ongoing advice delivery. Among the most recent published outcomes, two from 29 August 2025 underscore these persistent themes.
In the first, Mrs D contested advice from SJP in 2013 that encouraged her to consolidate three personal pensions valued at £100,000 into an SJP retirement plan, while also launching a new SJP ISA with monthly contributions of £300. She argued the guidance was inappropriate and expensive, that promised annual servicing was neglected, and that additional fees were unjustified.
The FOS review confirmed Mrs D’s financial stability – debt-free with disposable income – aligning her with a medium risk tolerance. The ombudsman deemed the transfer and ISA setup fitting for her aspirations and situation, with all fees transparently outlined and accepted at the outset.
Post-2018 servicing was largely fulfilled via yearly reviews from 2019, though a 2018 ISA check was absent. Consequently, the FOS directed SJP to reimburse that year’s fees, plus compound growth, while dismissing the remainder of the claim.
The second case involved Mr H, who in 2012 followed SJP’s recommendation to shift a personal pension from Provider P to an SJP retirement account. A self-employed earner on £42,000 annually, he held two pensions with the original provider and sought enhanced support, consistent check-ins, and portfolio variety through the switch.
Although the SJP retirement account carried steeper fees and exit charges – both clearly communicated – Mr H’s medium risk appetite was appropriately reflected in the asset allocation, which he endorsed. The FOS concurred that the transfer suited his retirement objectives and appetite for regular oversight, with elevated costs offset by the superior servicing.
Yet, the ombudsman upheld concerns over undelivered annual reviews from 2019 through mid-2024, despite ongoing charges. SJP was ordered to repay those fees, augmented by 8% simple interest from each payment date.
If you suspect you’ve suffered losses due to inadequate advice or missed servicing from SJP or a similar provider, Claim My Loss is here to guide you through recovering what’s rightfully yours – no win, no fee. Get in touch today for a free, no-obligation assessment and take the first step towards the compensation you deserve.
