SJP compensates client for lack of advice fee clarity and delayed service

The Financial Ombudsman Service (FOS) has upheld a complaint against St James's Place Wealth Management (SJP) from a client who was dissatisfied by how the firm dealt with her request to access her pension benefits in 2019 as well as a proposed additional advice charge (AAC) of £1,725. The complaint stems from a long-time client, Ms B, who sought to access her pension benefits in July 2019. Her SJP adviser initially recommended making a withdrawal with a UFPLS (uncrystallised funds pension lump sum) before revising his recommendation a few days later to enter drawdown instead. Each op...