Financial Ombudsman Service decision
DRN-6127185
The verbatim text of this Financial Ombudsman Service decision. Sourced directly from the FOS published decisions register. Consumer names are reduced to initials by FOS at point of publication. Not an AI summary, not a paraphrase — every word below is the original decision.
Full decision
The complaint Mr A complains that St. James’s Place Wealth Management Plc (SJP) gave him unsuitable advice to transfer his pension. He also says it didn’t always provide the ongoing reviews he was due. What happened The details of this complaint are well known to both parties, so I will not repeat them again here. Instead, I’ll focus on giving my reasons for my decision. What I’ve decided – and why I’ve considered all the available evidence and arguments to decide what’s fair and reasonable in the circumstances of this complaint. Having done so, I agree with the conclusions reached by the investigator for these reasons: • Mr A was aware of and agreed to the inclusion of the Far East Fund which was higher than his stated attitude to risk. Mr A had around £90,000 in ISAs and collective investments so he had the capacity for loss and previous experience in investing in similar funds. • The Far East Fund was only a small proportion of his investments and didn’t make the portfolio overall unsuitable. • Although SJP couldn’t make a like for like comparison of fees, as Mr A’s existing pension was invested in individual shares, it set out the basis on which the comparison had been made in a clear and reasonable way. • Mr A’s existing pension exposed him to higher-risk individual shares with no professional oversight. SJP recommended a suitable product investing in line with his attitude to risk and capacity for loss. So, its advice was suitable. • SJP provided evidence that reviews of Mr A’s investments took place in the years our Service has jurisdiction to consider - 2019 and 2020. That hasn’t been disputed and I’m satisfied Mr A received the reviews he was due in those years. For these reasons, I do not uphold this complaint. My final decision My final decision is that I do not uphold this complaint about St. James’s Place Wealth Management Plc.
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Under the rules of the Financial Ombudsman Service, I’m required to ask Mr A to accept or reject my decision before 29 April 2026. Timothy Wilkes Ombudsman
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