St James Place and how to complain

Casseopia123

Keep_pedalling said:

Can you explain how the trust came into effect? Did the will explicitly create a discretionary trust or was it one of these clauses that is no more than a wish that the beneficiary does not receive their inheritance until a certain age? 

If this is actually a bare trust then she has been entitled to her inheritance from the age of 18 regardless of the age stated in the will.

What is the exact wording (redact any personal info)) of the will for this bequest?

As far as it reads to me, a complete layman, it looks like a wish.

Wording is as follows:

I give all of my estate which is not otherwise disposed of by this will etc... to my trustees to divide into three equal parts as follows:
1. One part for person A
2. One part for person B
3. One part for person C at the age of 25.

Nothing more than that.

The will was shown to SJP in order for them to set up a trust.

What do you think?

Casseopia123

Malthusian said:

It sounds as if you would benefit from some independent financial advice and/or legal advice, as SJP's advice seems to be about as useful to you as a chocolate teapot. Making a complaint may result in compensation for any losses or inconvenience but is not going to result in them figuring out how to give useful advice.

As a trustee of this trust you have a duty to know what the terms of the trust are, so you can follow them. But if you are paying SJP for advice, it sounds like they should be giving you more help than they are.

As Dales1 says, if this is a Will Trust (an inheritance was mentioned) the "deed" may simply be the Will. Another possibility is that a Trust was set up prior to death. There's no point SJP talking about drawing up a deed if there already is one.

You need to find out whether there is in fact a trust deed already. The starting point is the Will which left the inheritance. If you don't have a copy you can download it from the probate registry. It will either contain the terms of the trust or it will reference an existing trust. 

I was the executor of the will and there was no trust set up prior to death - just that one line in the will, simply put, that one part of the estate should go to my niece at age 25. Nothing more legal or technical than that.

Yes I have been paying for advice and in the seven years we have had this trust, I have never been offered a review (apart from this year which triggered me then finding out I should have had one every year.)

Honestly I don't even know where to begin with this complaint and the issues I've had.

I admit to being naive and uneducated about running a trust and not reading the small print well enough.

Chocolate teapot literally does sum this all up. 

dunstonh

Ah OK. Well then in that case, should my account manager have known something this obvious?

Depends on what you mean by account manager.

The term "account manager" doesn't sound like an adviser.     You would expect the adviser to know what you have and why (assuming you are paying for ongoing servicing - if not, then it gets more complicated).   You wouldn't expect a front line call centre worker to know.

So, context is needed within that job title.

artyboy

Casseopia123 said:

Malthusian said:

It sounds as if you would benefit from some independent financial advice and/or legal advice, as SJP's advice seems to be about as useful to you as a chocolate teapot. Making a complaint may result in compensation for any losses or inconvenience but is not going to result in them figuring out how to give useful advice.

As a trustee of this trust you have a duty to know what the terms of the trust are, so you can follow them. But if you are paying SJP for advice, it sounds like they should be giving you more help than they are.

As Dales1 says, if this is a Will Trust (an inheritance was mentioned) the "deed" may simply be the Will. Another possibility is that a Trust was set up prior to death. There's no point SJP talking about drawing up a deed if there already is one.

You need to find out whether there is in fact a trust deed already. The starting point is the Will which left the inheritance. If you don't have a copy you can download it from the probate registry. It will either contain the terms of the trust or it will reference an existing trust. 

I was the executor of the will and there was no trust set up prior to death - just that one line in the will, simply put, that one part of the estate should go to my niece at age 25. Nothing more legal or technical than that.

Yes I have been paying for advice and in the seven years we have had this trust, I have never been offered a review (apart from this year which triggered me then finding out I should have had one every year.)

Honestly I don't even know where to begin with this complaint and the issues I've had.

I admit to being naive and uneducated about running a trust and not reading the small print well enough.

Chocolate teapot literally does sum this all up. 

If it really is that simply put then it may well be that the niece will legally inherit at 18 - this is something that comes up quite a bit on these boards...

handful

Casseopia123 said:

dales1 said:

Perhaps the Trust Deed (in this case), is simply the Will in which the bequest to a minor was made.

Ah OK. Well then in that case, should my account manager have known something this obvious? He does know the trust was set up following a will and if the will can be the deed, wouldn't he know this? 

I am the trustee for a sum that can't be paid to the beneficiary until he is 21. There is no trust deed for that and like dales1 said, the will is effectively the trust deed. Fortunately I had a professional administering the estate and they handled everything for me. I was/am a bit nervous that I might get clobbered for tax on the interest but he reassures me this won't be the case!

Casseopia123

dunstonh said:

Ah OK. Well then in that case, should my account manager have known something this obvious?

Depends on what you mean by account manager.

The term "account manager" doesn't sound like an adviser.     You would expect the adviser to know what you have and why (assuming you are paying for ongoing servicing - if not, then it gets more complicated).   You wouldn't expect a front line call centre worker to know.

So, context is needed within that job title.

He's the SJP consultant who has recently been assigned to look after me. Definitely not a call centre worker.

Malthusian

Casseopia123 said:

I was the executor of the will and there was no trust set up prior to death - just that one line in the will, simply put, that one part of the estate should go to my niece at age 25. Nothing more legal or technical than that.

Depending on the exact wording, this may be a "bare trust". It depends largely on what happens if she never reached age 25 (would it be part of her estate or does the Will direct it to someone else if she does not attain 25?) Either way it sounds like there is no need for any "trust deed".

Has the trust been registered with HMRC?

Yes I have been paying for advice and in the seven years we have had this trust, I have never been offered a review (apart from this year which triggered me then finding out I should have had one every year.)

What does your Client Agreement (the document you signed outlining the services you are paying for) say about regular reviews?

Sparrowsmith

Hi there.
        I put a complaint into sjp on the 9/11/23. I've had 4 emails since saying they're on with it. They gave a time line of 8 weeks and, on the 2nd email (8weeks) sent me a link to the financial ombudsman to further complain if I wanted to. I didn't, until today when I received another email from them saying they think they've gathered all the details of the complaint.
      It's now been 16 weeks, I think they're taking the proverbial and so I'm going to send a complaint to the financial ombudsman. I would advise you to get your complaint into SJP ASAP so you can then go to the ombudsman when they leave you waiting. Good luck, I hope you get sorted. 

dunstonh

     I put a complaint into sjp on the 9/11/23. I've had 4 emails since saying they're on with it. They gave a time line of 8 weeks and, on the 2nd email (8weeks) sent me a link to the financial ombudsman to further complain if I wanted to.

All complaints do that.  There is an 8 week rule.  Hence why firms quote it.

 It's now been 16 weeks, I think they're taking the proverbial and so I'm going to send a complaint to the financial ombudsman. I would advise you to get your complaint into SJP ASAP so you can then go to the ombudsman when they leave you waiting. Good luck, I hope you get sorted. 

I don't think going to the FOS is necessary.    In fact, it may slow it down.   SJP are inundated with complaints.  So, timescales are slipping.  Its also tax year end so capacity will be reduced in other areas.   So, a delay would be expected.   By going to the FOS, SJP can just put yours on the backburner as the FOS has delays too and they can wait until the FOS look at it.

you are going to get statutory interest on any refund.   So, you could argue, the longer the better.

3945

Hi some years ago (7) we invested with SJP a large sum of our life’s savings the investment did nothing  the charges on the investment were extortionate (£15,000) so we decided to close the account, to our shock SJP withheld £8,000 of our money stating it was in a property bond and it’s frozen,we were never informed that this situation could arise at the start of the investment dipite several complaints the bond remains frozen, we are both in retirement and need this money to compliment our retirement.