Introduction
St. James’s Place (SJP), one of the UK’s largest wealth managers, is under increased scrutiny after setting aside £426 million to refund clients who were charged for ongoing financial advice they may not have received. This comes as the Financial Conduct Authority (FCA) enforces its new Consumer Duty rules, a regulatory game-changer designed to ensure fair value and accountability in financial services.
If you’re an SJP client who paid advice fees but didn’t get annual reviews or personalised service, the Consumer Duty could work in your favour.
What Is the FCA’s Consumer Duty?
Launched in July 2023, the FCA’s Consumer Duty introduces a higher standard of care for financial firms. Advisers must now prove that their clients receive “fair value” for any fees paid. That means not just disclosing costs, but actively showing that ongoing fees are justified by real, documented service.
For ongoing advice charges, this means:
- Clients must receive clear, tailored, and timely reviews.
- Services must align with what the firm promised.
- Fees must reflect the actual value delivered.
Learn more about the FCA’s new Consumer Duty and how we ensure we’re acting in your best interests Consumer Duty | FCA. https://www.fca.org.uk/firms/consumer-duty
What the FCA Found So Far
In its 2025 review, the FCA uncovered that:
- About 2% of clients received no review at all.
- Up to 15% of clients showed no response to annual contact.
- Major firms, including SJP, are reviewing their records to identify these lapses.
St. James’s Place responded by setting aside £426 million to compensate affected clients. Fortunately, claiming does not require going to court or using high-fee claims companies. You can either approach SJP directly or work with a solicitor.
Could You Be Owed a Refund?
Ask yourself the following questions:
- Did I receive an annual financial review for every year I was charged?
- Did my adviser offer any tailored advice or portfolio updates?
- Was I even aware that fees were being deducted from my investments?
If you answered “no” to any of these, you may qualify for compensation.
What Can You Claim Back?
If your claim is successful, you could receive:
- A full refund of advice fees paid during periods of no service
- 8% simple interest per year on those fees
- Additional compensation for any lost investment growth due to withdrawn fees
Many clients have recovered thousands. For example, one Pacific Legal client, Mrs. Williams, received over £5,000 in compensation.
How to Start Your Claim
The FCA’s Consumer Duty gives you a stronger case than ever before. If St. James’s Place charged you ongoing advice fees but didn’t deliver value, you have every right to take action.
Pacific Legal specialises in SJP-related advice fee claims. We operate on a no-win, no-fee basis and have already helped thousands of clients reclaim money they were wrongly charged.
Nicholas Marrable is Client Engagement & Marketing Director at Pacific Legal. He specialises in making complex financial and legal issues clear and accessible for clients, with a particular focus on ongoing advice fee claims. Nicholas works closely with Levy & McRae Solicitors LLP, a Legal 500 recognised and Times Best Law Firm 2025, to ensure clients receive both accessible support and first-class legal expertise