St James Place compensation offer

***xyz***

I've finally received an offer from SJP for compensation for their lack of actually doing anything.  They have upheld some of my complains and not upheld others.  They have offered me around £800.  This is also, separately, going through the FOS .  Do I accept this offer? Wait for the FOS? I've not really been in such a position before.  Thanks.

dunstonh

Do I accept this offer?  Wait for the FOS?

For lack of service, it shouldn't be a haggle and should be quite defined.
i.e. if no service is provided in the year, all advice service charges in that year should be refunded and statutory interest added.   That figure is a factual figure and not open to haggle.

Year is often defined as tax year but could be calendar year but once identified which it is it should be consistent with every year.  

 They have upheld some of my complains and not upheld others.  

If you have put multiple complaints in about other things and some of those have been upheld and some not then without knowing any details, nobody can offer any useful opinion on those.  

lindypp

Hi, how long have you been waiting for the compensation offer, did you do it directly through SJP? Is this in relation to lack of annual reviews? I registered my details directly with them at the start of September but haven’t heard anything yet. 

dunstonh

Hi, how long have you been waiting for the compensation offer, did you do it directly through SJP?

If you are going to complain to SJP, then you would do it direct to SJP.    You certainly wouldn't use a third party parasite on something as simple as this.

I registered my details directly with them at the start of September but haven’t heard anything yet. 

You should get an acknowledgement within days but they then have 8 weeks.  After which you can go to the FOS or continue to wait.  It is generally taking longer than 8 weeks at the moment due to the number of complaints.

***xyz***

lindypp said:

Hi, how long have you been waiting for the compensation offer, did you do it directly through SJP? Is this in relation to lack of annual reviews? I registered my details directly with them at the start of September but haven’t heard anything yet. 

I first submitted my complaint in January!  Yes, direct through SJP and then in about August I went to the FOS

Markwells01

Hello - I have had an ISA with SJP since 2010 and a pension since 2016. I know I missed some reviews so made a claim directly to SJP. I now have an offer letter from them acknowledging they missed some reviews and have offered the fees to be returned plus a small "good will" compensation gesture. However, they are quoting the FCA rules on time to make a complaint. Which means they will not consider any missed reviews that we not complained about in excess of 6 years after the missed review. In my case they state that any reviews missed between 2015-18 they will not consider as it is "too late" to complain....Has anyone else had this curve ball thrown at them? And if so, is there a legal argument to throw back?

eskbanker

Markwells01 said:

Hello - I have had an ISA with SJP since 2010 and a pension since 2016. I know I missed some reviews so made a claim directly to SJP. I now have an offer letter from them acknowledging they missed some reviews and have offered the fees to be returned plus a small "good will" compensation gesture. However, they are quoting the FCA rules on time to make a complaint. Which means they will not consider any missed reviews that we not complained about in excess of 6 years after the missed review. In my case they state that any reviews missed between 2015-18 they will not consider as it is "too late" to complain....Has anyone else had this curve ball thrown at them? And if so, is there a legal argument to throw back?

Their citing of the FCA rules is accurate, i.e. complaints can be dismissed without considering their merits if:

more than:

(a) six years after the event complained of; or (if later)

(b) three years from the date on which the complainant became aware (or ought reasonably to have become aware) that he had cause for complaint;

https://www.handbook.fca.org.uk/handbook/DISP/2/8.html

cross-referred from https://www.handbook.fca.org.uk/handbook/DISP/1/8.html

Where a financial institution is acting in compliance with FCA rules and regulations, there won't be "a legal argument to throw back".

dunstonh

However, they are quoting the FCA rules on time to make a complaint. Which means they will not consider any missed reviews that we not complained about in excess of 6 years after the missed review. In my case they state that any reviews missed between 2015-18 they will not consider as it is "too late" to complain..

Its worth remembering that before 2013 no reviews were necessary.  And that the annual requirement only came about in 2018.  2 or 3 year reviews were not uncommon with smaller values.  So, even if they considered those 3 years, they may not actually result in anything anway.

sumoir

I made a complaint to SJP in May 2024 and have today received an offer of just over £2000.  They have also told me it is too late to complain about anything during the years 2015 to 2018 as it is more than 6 years.   I am unsure whether to accept this offer or push them for more. My complaint was about missed reviews and about excessively long waits to withdraw my money.

dunstonh

They have also told me it is too late to complain about anything during the years 2015 to 2018 as it is more than 6 years.

The FOS has been upholding time bars that are shown to be correct.
here is an example:  https://www.financial-ombudsman.org.uk/decision/DRN-5042999.pdf

Plus, the "at least annually" rule only started in 2018 (2023 on pensions).