St James's Place 'refused to compensate' couple mis-sold life policy

Hannah Godfrey
clock • 3 min read

St James's Place has refused to compensate a man in declining health above the legal FOS compensation limit, according to the Financial Ombudsman Service (FOS). The FOS said a couple it calls Mr and Ms J were sold whole life policies by the advice firm. The pair initially complained the commission on the policies was "hidden and unfair", and their reviewable nature made them unsuitable. St James's Place offered to refund the premiums on the policies plus interest, which Ms J accepted. Due suffering ongoing health issues, however, Mr J took his complaint to the ombudsman. St James's...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now


Already a International Investment member?