The Financial Ombudsman Service (FOS) has instructed St James's Place (SJP) to compensate two former clients after it failed to provide immediate income on an investment as it had promised.
Mr and Mrs G - as they were dubbed by the FOS - complained they only agreed to SJP's investment advice on the basis the Immediate Income portfolio would provide them with immediate income at a rate of 4.2% per year. The couple received no money for nearly five months, however, and also described the subsequent communication as "appalling", which they said compounded the problem. The couple's income was meant to begin in January 2017 but they did not receive a first payment until May that year. They complained "continuously", they said, but SJP only gave them "partial or incorrect" res...
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