St James's Place has paid out £1.25m in compensation and redress to clients after uncovering evidence of serious misconduct by former partner Christopher Bladen.
Between July 2009 and November 2012, Bladen invested at least £402,500 in funds he was not authorised to, according to the Insolvency Service. The funds underperformed and the clients lost their investment. An investigation conducted by the Insolvency Service also found that Bladen, who filed for bankruptcy earlier this year, misappropriated at least £858,000 of funds. St James's Place has since repaid or offered his clients a total of £1.25m in compensation and redress. No clients were lost as a consequence and the wealth manager said all affected clients have been fully reimbursed. ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
