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

Hannah Godfrey
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Mr J could have lost up to £370,000.
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Mr J could have lost up to £370,000.

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. D...

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