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SJP and Alliance Trust rank near top in latest complaints data

CurrencyCoinsGrowthInvestment440St James’ Place and Alliance Trust Savings have ranked near the top in the latest FCA complaints data.

SJP ranks third for the number of complaints by both pensions and investment policies sold. SJP received 5.8 complaints per 1,000 investment sales and 4.7 complaints per 1,000 decumulation and pension policies sold between January and June.

Coutts and Barclays top the pensions complaints data while Northern Bank and Nationwide had the most complaints per investments sold.

79 per cent of complaints against SJP were upheld, the fifth highest rate in the market.

When it comes to product provision, not intermediation, Alliance Trust Savings topped the list, with 33 in every 1,000 pension policies being complained about, and 22 in every 1,000 investment client accounts receiving complaints.

However, a lower proportion of complaints were upheld: 66 per cent.

Alliance Trust Savings currently has 2,189 complaints open against it, fractionally more than Hargreaves Lansdown, at 2,104.

SJP currently has 630 open complaints, having closed 615 between January and June this year. SJP comes in the top ten for percentage of complaints closed within 8 weeks, at 92.5 per cent.

Sesame, which closed its investment arm to advisers in 2015, still has more than 250 open investment complaints, the data shows.

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  1. I’m sure I am not alone in finding this strange. When one considers the frequency of such reports concerning SJP, the negative press and all the other adverse publicity; one would have thought that the Regulators would be swarming all over them. Perhaps they are – who knows? But it is evident that we don’t appear to have learnt of any fines or sanctions resulting.

    We have seen some SJP ‘Partners’ going to jail. (Recently a report of £800k gambling). Their people are part of SJP whatever the firms likes to call them – but the firm never seems to be held even partially responsible. Why not? Don’t they do any due diligence on their ‘partners’? (All apart from the tax implications of their ‘elf-employed’ status).

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