St James’s Place and Financial Ombudsman Services

Diana_Mackintosh

After waiting since the beginning of August 2024, minor parts of my complaint have been upheld with a derisory offer of £300, which the amount SJP say the FOS is likely to offer me.

1.  What is the approx timescale for the FOS decisions and has anyone with first hand experience got any advice on taking SJP to FOS ( this is not about their fees!)
2.  My request for a concession for the release of my total property fund on the basis of ill physical health and deteriorating mental health was turned down. No reason given.  Has anyone successfully got a concession?
 

dunstonh

1.  What is the approx timescale for the FOS decisions and has anyone with first hand experience got any advice on taking SJP to FOS ( this is not about their fees!)

About 3 months for an adjudicator/investigator decision and if either side appeals that then a year or two.

2.  My request for a concession for the release of my total property fund on the basis of ill physical health and deteriorating mental health was turned down. No reason given.  Has anyone successfully got a concession?

I believe it is only terminal illness that gets that.  i.e. less than 12 months to live.

DullGreyGuy

Diana_Mackintosh said:

After waiting since the beginning of August 2024, minor parts of my complaint have been upheld with a derisory offer of £300, which the amount SJP say the FOS is likely to offer me.

1.  What is the approx timescale for the FOS decisions and has anyone with first hand experience got any advice on taking SJP to FOS ( this is not about their fees!)
2.  My request for a concession for the release of my total property fund on the basis of ill physical health and deteriorating mental health was turned down. No reason given.  Has anyone successfully got a concession?

It is highly variable and can also very depending on what sector of FS it is and what's going on in that world at the time. 

According to their website at the moment the average is 2-3 months for a case handler to be appointed, they then will reach out to you for more information/to discuss the case and then ask for information from the FS company and then propose their resolution to you. The FOS's target is 90 days for this to be completed within so 5-6 months end to end. 

If you or SJP disagree with the case handler it then goes to an Ombudsman to adjudicate and this is where the real "how long a piece of string is". I had one case that took over year to go from case handler to ombudsman decision and another one that took 3 months. 


You can search the decision made by an Ombudsman, not a case handler, on https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions/search it includes being able to filter it by company complained about, so probably "St. James's Place Wealth Management Plc" in your case. 

HappyHarry

If this is to do with the inability to close a property fund then you are unlikely to get anywhere. 

The majority of property funds are now closed to withdrawals or contributions, and that will be out of SJP’s hands.

boingy

I'm pretty sure you can take the money and still proceed with the ombudsman if you want.

Diana_Mackintosh

Thank you all for your helpful comments. I’ll be off to the FOS if only to register my disgust with SJP!