Understanding our commitment to ongoing servicing
At a glance
As we continue to focus on good outcomes for our clients, we’ve been strengthening our approach to evidencing ongoing servicing. A key element has been deploying technology to better track and record the service provided to clients.
A recent assessment has highlighted possible gaps in the historic servicing some clients have received from their adviser. We will soon be taking a deeper look into this and have made a provision in our accounts to cover potential refunds.
We know that our clients really value what we offer, and this is reflected in outstanding retention and advocacy for SJP. But we must be able to evidence the delivery of the ongoing servicing that our clients trust and value. The delivery of this service allows clients to be confident about what the future holds, and the benefits to clients are both financial and emotional.
Recently, we have found possible gaps in some clients’ historic servicing records, as well as receiving an increase in the, usually low, number of complaints we receive about this. Given our focus on ensuring good client outcomes, where we find something like this, we put it right.
What is ongoing servicing?
Ongoing servicing is an important part of how we engage with our clients. This is delivered by our advisers (also known as Partners), who review plans and situations on a regular basis, and when client circumstances change. This is to check that client investments still meet their individual needs. To provide this service, charges are applied to client funds under management.
Our recent announcement
While we take comfort in strong levels of client satisfaction, advocacy, and retention, it is important that clients receive the services they pay for. Therefore, we’ll be reviewing our records to ensure clients received the services from their adviser that they paid for. If for some reason they didn’t, or we can’t find evidence that they did, we’re going to refund the ongoing servicing charges.
The film below is a message from Mark FitzPatrick, CEO of SJP, who gives an overview of what we are doing and why.
The process for determining which clients may have been affected and who may be due a refund will begin shortly, and I assure you that if you are an affected client, you will be contacted.
Quality of service
I am confident in the quality of service we offer clients, demonstrated by our high client satisfaction and 95%+ client retention over many years. We have an exciting programme of improvements and investments planned, which means the whole SJP community, including our clients, can face the future with confidence.
A bright future for SJP
As we look to the future, we continue to see a fantastic market opportunity ahead. The demand for advice is growing. This is driven by a very large savings gap, the persistent complexity of the UK’s tax and pension regimes and, of course, the opportunity of managing and optimising intergenerational wealth transfers. And all this at a time when the shortfall in qualified financial advisers continues to grow, widening the gap in the advice market.
All SJP clients are encouraged to speak to their adviser whenever they wish, regardless of whether it’s time for a review meeting. However, if you would prefer to contact St. James’s Place directly on this matter, you may do so by using the information found at sjp.co.uk/help-centre.
If you feel you may be affected and would like to be included in the review, please do so through this form.
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