IFA Ongoing Advice Fees

Firms such as St James’s Place, Quilter, The Open Partnership and Sesame have been charging for services they haven’t been providing. Millions of pounds have already been reclaimed with millions more set aside.

You may have received advice from your financial advisor recommending certain investments, pension schemes or other financial planning. If so, you may have been charged by your advisor not only at the start but every year since. If your advisor can’t justify these charges or document suitable annual reviews, you could be owed compensation.

What are IFA Ongoing Advice Fees?

In 2013 regulations were changed to help improve the Financial Services Industry. This meant that Financial Advisers could no longer earn commission for selling investments.

Financial advisers instead started charging a fee for the service they provided their clients and based that fee on a percentage of the overall assets held.

The regulation states that those receiving advice should have regular reviews with their financial adviser to ensure that the products they are recommending are suitable for the customer based on their personal and financial wellbeing.

For anyone who hasn’t received a review each year, we believe a refund should be given.

ST JAMES’S
PLACE

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QUILTER

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THE OPENWORK PARTNERSHIP

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If you answer any of the below as ‘NO’ you could be owed compensation?

If your answer to any of the below questions is “no”, you may have been charged unfairly:

Have you had a face-to-face meeting with your adviser EVERY year?
Did you receive advice only before 2013?
Are you aware of how much you pay each year in charges?
Does your adviser discuss in detail your personal and financial circumstances when you receive an annual statement?
Did your adviser inform you that charges would be taken for your investments automatically?

If you can reply “yes” to the further questions below, then you may also have been charged unfairly:

Have you received financial advice since 2013?
Does your adviser only contact you by telephone or letter?
Have you taken money from your pension since 2013?
Have you changed your investment funds since 2013?
Have you added lump sums to investments or pensions after 2013?

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How to claim

Pacific Legal make it so simple!
Here are the 4 steps to your compensation.

1. Contact our expert team

2. We’ll send you our paperwork

3. Your dedicated claims expert will keep you informed and up-to-date

4. Payment made directly in to your bank account

Frequently Asked Questions

What does No Win No Fee mean?

A No Win No Fee agreement is an arrangement between you and your solicitor. It means that if your compensation claim is unsuccessful, you will not have to pay for the service which has been undertaken.

How much money will I be entitled to?

Compensation will vary on a case-by-case basis, but generally the pay-out will be linked to the fees you have been charged.

How will you keep me informed of the progress of my claim?

We will be in touch throughout the process via SMS, Email and Phone to inform you of any developments.

Why should I use Pacific Legal?

We have recently been named in the Times Best Law Firms 2024. A proven track record of success working on No Win No Fee compensation claims. Recognised as one of the leading UK law firms, our experts will ensure that you are represented in the best possible way and any compensation you are owed is claimed.

How long will it take to get an answer?

Currently, settlements are being paid within 12-16 weeks.

Can I pursue a compensation claim against SJP by myself?

Yes it’s possible to pursue a claim against SJP on your own without any cost and with recourse to the Financial Ombudsman Service. However, we find that many people choose to use Pacific Legal because of our considerable experience and expertise in handling such cases. Our ability to navigate the complexities of such claims can provide you with invaluable guidance and peace of mind that you will receive all the compensation that you are rightfully due.