SJP called out by Which? for 'misleading consumers'

Unclear on charges and advice model

St James's Place (SJP) has been called out for its lack of transparency on charges and its restricted advice model in an investigation by consumer champion Which?

Which? sent a team of undercover researchers to speak with 12 SJP advisers, asking for advice on £100,000 of investable assets. While all were offered a free introductory meeting, the investigators said a third of the 12 SJP advisers "failed to talk in detail about the likely costs at all." Which? pointed out this went against Financial Conduct Authority (FCA) guidelines, which require advisers to outline costs to clients verbally and in writing. It found that even when costs were provided, there were "discrepancies" in the information given. Some of the advisers quoted initial cha...