a word about st james's place

eagertolearn

My mother invested quite a large sum with them. When she passed away we received about 60% of the original investment including income she had received over a 12 year period. Investments can go down as well as up....

eightfoot2

AnotherJoe wrote: »

Complain to the authorities stating what you were told.

already spoken to sjp admin dept on Friday,lodged my official complaint they say they will have info for me in 5 working days asto whether they will offer me some sort of recourse or whether they will start a full investigation,time will tell

eightfoot2

eagertolearn wrote: »

My mother invested quite a large sum with them. When she passed away we received about 60% of the original investment including income she had received over a 12 year period. Investments can go down as well as up....

unfortunately I do understand this but my problem is I was basically lied too even when I did the research i got the correct info them asked my sjp partners for clarification only to be lied to again thinking I was wrong and they were right (silly me doubting myself )

fjh

If they decline your ‘appeal’ can you not progress to the Regulatory?

eightfoot2

Still_Dave wrote: »

If they’ve Lied to get the business then I’d agree that it’s completely wrong, and the right response is to raise a formal complaint and then escalate to their regulator if that fails.

The only step after that is to go to court.

I suspect that if a recording was played back though that there’s been no lie, just a slick salesperson.

I don’t agree with this approach to financial products, and would far prefer charges to have to be listed on an A0 poster in the firm’s entrance, but in the absence of this people are still well advised to double check everything.

^^^^ did you used to be a ifa-sjp partner by any chance as if you ask a question regarding charges and your told there are no "early withdrawal charges" after six years then find out there is what does that imply to you and why should I HAVE to double check the info given to me should I not expect the info given to me that I pay for to be correct otherwise what's the point of paying for the info I might as well go online and find the WRONG info for myself :mad:

eightfoot2

Still_Dave wrote: »

If they’ve Lied to get the business then I’d agree that it’s completely wrong, and the right response is to raise a formal complaint and then escalate to their regulator if that fails.

The only step after that is to go to court.

I suspect that if a recording was played back though that there’s been no lie, just a slick salesperson.

I don’t agree with this approach to financial products, and would far prefer charges to have to be listed on an A0 poster in the firm’s entrance, but in the absence of this people are still well advised to double check everything.

and at what point do you/can you trust the info you receive, at some point you have to accept professional advise as being correct don't you otherwise what's the point

ffacoffipawb

I can think of several words about St James's Place

Clive_Woody

eightfoot2 wrote: »

just a quick word in case others have been misled like i have regarding charges at st james's place
this relates to "early withdrawal charges" on a sliding scale of 6 to 1 year, I recently asked the question regarding these charges as I recently revisited my policy docs as I planned to switch away after the 6th year and was surprised to read that these charges apply to ALL new monies into the pension plan so arraigned a meet to clarify with my sjp partner to be told no sir the charges are on INITIAL deposits (ie the pension I switched in ) not ongoing

fast forward 4mths I phone sjp admin for clarification of my policy start to find when I can switch penalty free only to be told that the 6yr charge is ongoing for all new monies invested thus making it costly to switch away now as I have had a monthly d/d for the last 6yrs putting "new money in"

any way long story short I feel I have been misinformed regarding this charge especially as I ask the specific question 4mths ago so I contacted sjp to log an official complaint and we will see what they have to say regarding this and would suggest anyone that pays a regular amount into there pension fund is aware of ALL the charges you are liable for

Worst case, could you not move the original funds that invested 6 years ago (plus any growth) without paying an early withdrawal fee, leaving the rest invested?

eightfoot2

Still_Dave wrote: »

No, I didn’t used to work for a business like this. If they have actually lied then that’s a crime, and as I said above, the route is complaint, regulator, courts.

Can I ask, though, do you have a recording, or contemporaneous notes? As you probably know, human memory is fallible in so many ways, so without these not only is your complaint going to be difficult but it’s very possible that your recollection itself is wrong.[/QUOTE]

no I don't have a recording or any notes but I can remember a conversation held in a office on the 8th aug and yes I probably wont be able to prove any of this in a court of law but by the same token I know what I asked the 2x sjp partners and they know what they answered and I probably wont get anywhere but then that's what I expect to happen
I'll take the kick in the @rse and learn a lesson but it just irks me somewhat that it seems ok to mislead someone then not have to take any responsibility as there clever enough to cover there mistakes by putting the oneness' on the buyer rather than the seller to ensure the details given are true and correct

anyway enough said lets see what sjp complaints have to say in a few days :mad:

jamesperrett

eightfoot2 wrote: »

...the fact is I was in the office of a financial adviser ...

No, you were in a sales office and sales people will say whatever is needed to make the most money for them.