The number of complaints made to the Financial Ombudsman Service (FOS) about St James’s Place (SJP) increased by 194% year-on-year, new data shows.
The wealth manager saw 1,426 complaints made about it to the ombudsman in the first half of this year, FOS complaints data shows. That’s up from 485 in the first half of 2024.
The advice giant received 1,035 complaints relating to decumulation, life and pensions, and 367 complaints relating to investments.
While the volume of complaints is significantly higher than the same period last year, it is lower than the second half of 2024, when 1,653 complaints were received.
SJP has said the increased FOS complaints are being driven by increased activity from claims management firms targeting clients about its review into its ongoing service charges.
The firm has faced a surge in complaints over the past few years related to its ongoing advice fees. The firm set aside £426m for potential ongoing advice refunds last year and has hired dozens of staff to help deal with complaints.
