St James Place and how to complain

MeteredOut

3945 said:

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.

You're best to start a new thread if you want specific thoughts, but I suspect you were informed, in some very very very very small writing in the paperwork you signed.

SJP are well known to have ways to lock people in.

But, start a new thread (or use the Report button to ask for your post to be split to its own post) and people here will be able to see what options you might have. Did you escalate your complaint to the FSA FOS?

dunstonh

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) 

SJP are one of the most expensive distribution channels going.  However, you would have signed a fee agreement for £15k.  Their reports would have covered the £15k and you would have received a further disclosure in the post that it was £15k.         So, you do have to ask why you still proceeded to do it even if you thought it was extortionate.

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.

Suspensions are extremely rare.   However, the potential for suspensions is in the fund disclosures and possibly in the initial report.      Post Covid, property funds suffered with liquidity issues and most firms with direct property funds are winding them down.   However, it requires the properties to be sold before they can release the funds.  And property sales take time.

Its unfortunate but there is nothing you can do about it and complaints won't speed it up.

poseidon1

Casseopia123 said:

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?

It would have been helpful to have seen the precise wording of the will (suitably redacted ), to be certain whether you  (as trustee) have discretion to terminate the trust early.  If for example the will went on to  cover the contingency of person C dying before age 25, by stating their share falls back into residue, then you have no option but to wait until age 25 is attained.

Interpretation of your trustee powers under the will, is a matter for a solicitor ( possibly the original firm that drafted it ), so rather than waste time with SJP consult a lawyer. You could find, on a correct interpretation of the clause in favour of person C, she attained an absolute right to her share of estate at age 18. In any event I would not expect SJP (or any FA for that matter), to be able to advise on interpretation of wills ( its not their job).

Finally, what is the nature of the investment held in trust? Hopefully , something as relatively straight forward as a life company single premium investment bond would have been chosen.  However,   if a small portfolio of unit trusts had been established, who was handling the annual trust income tax and CGT reporting and have trust liabilities been incurred over the years and not appropriately dealt with?

dunstonh

Be aware that this a thread revival on an unrelated subject.  So, don't waste your time referring to earlier posts.