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Out of the blue refund from St James's Place for historic service
mall83
Posts: 21 Forumite
Hello,
Last week I received a cheque from St James's Place with a refund, to cover a period 2018 to 2023 for advice that was provided over that period.
In the letter received from them they say "Our offer is made in full and final settlement of any claim concerning the issue of ongoing service or advice over the above period and is without prejudice. If accepted, the matter will be closed."
I was puzzled when I received this as I hadn't made a complaint or refund claim. However, on Googling it, it seems they have got in trouble with the FCA and have been ordered to provide compensation.
They haven't outlined how they calculated the refund amount, so I'm wondering should I accept it or contact them in case I am actually eligible for more than they are offering.
Thanks!
Last week I received a cheque from St James's Place with a refund, to cover a period 2018 to 2023 for advice that was provided over that period.
In the letter received from them they say "Our offer is made in full and final settlement of any claim concerning the issue of ongoing service or advice over the above period and is without prejudice. If accepted, the matter will be closed."
I was puzzled when I received this as I hadn't made a complaint or refund claim. However, on Googling it, it seems they have got in trouble with the FCA and have been ordered to provide compensation.
They haven't outlined how they calculated the refund amount, so I'm wondering should I accept it or contact them in case I am actually eligible for more than they are offering.
Thanks!
0
Comments
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They would have made the offer in accordance with the guidelines laid down by the FCA. In law you could likely be due less than that amount as that would look at actual losses so do you want to risk that approach ?
2 -
The calculation is defined and meets FCA guidelines.
They haven't outlined how they calculated the refund amount, so I'm wondering should I accept it or contact them in case I am actually eligible for more than they are offering.I was puzzled when I received this as I hadn't made a complaint or refund claim. However, on Googling it, it seems they have got in trouble with the FCA and have been ordered to provide compensation.SJP are running a redress scheme that doesnt need people to contact them.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.2 -
I assume it is only going to people who have paid the fees but haven't had any annual review in person? I have heard about the redress without previous complaint but I have been with them since early 2022 and have had an annual review each year so far.0
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I assume it is only going to people who have paid the fees but haven't had any annual review in person?Correct. They can see who has and hasnt had a review and which years it applied.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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