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SJP removes complaints data from website

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St James’s Place has removed previously available data on the number of complaints against the firm from its website.

On a section on its website entitled “How to make a complaint”, the wealth manager previously listed its latest complaints data on a half-yearly basis.

However, a link to this information was removed last week.

FCA data shows more than 1,700 complaints were opened against companies in the SJP group in the first six months of the year.

Uphold rates for complaints remain high across the group. At 96 per cent, SJP Investment Administration has the highest uphold rate for complaints of any company listed in the FCA’s data. SJP UK plc has an uphold rate of 81 per cent.

An SJP spokesman says enquiries are being made as to why the data is not in the firm’s online document library. But he adds SJP did not have to publish its complaints data for the second half of 2016 due to FCA rules.

The spokesman says: “The FCA requires all companies to publish complaints data online once over 500 complaints are received in any given period. In H2 2016, SJP received less than 500 complaints and hence they do not need to publish any data.”

Restrictive covenants

Separately, Money Marketing has obtained a copy of a contract for an adviser leaving SJP, detailing the “restrictive covenants” that SJP require departing staff to sign.

The adviser, who left the firm in 2010, was asked to agree to a four-year ban on any “attempt to induce or persuade any client to change financial advisers”.

They must also not “do, say or publish anything to disparage or damage the business interest or commercial reputation” of any adviser or the firm itself.

The exit contract adds that there must be no attempt to “approach, canvass, solicit or entice away” any client to an SJP competitor.

Advisers must also stipulate they no longer have “any authority to give advice in relation to the wealth management products or services offered” by SJP.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I see that your previous piece concerning this firm “SJP performance perks” is the most commented piece. It seems that there are those who understandably are slavish defenders of what increasing looks like the indefensible.

    It would seem that there is a serious cultural problem at this firm. Might we now hope that with the glare of publicity the ethos of SJP can be more closely aligned to what may be expected of a successful firm of this size and influence. And that what others perceive as the special regulatory treatment they appear to enjoy is brought more into line with the mainstream.

  2. I am more surprised about the uphold rates than the number of complaints. 96% !!! Mind you, if your advice to switch to SJP is only based on accessing their “unique” investment management capabilities, then you’re bound to not be able to defend a complaint.

    Incidentally, how is the last sentence of this article supposed to work in practice if you leave SJP to become an IFA? Isn’t that exactly what the job of an IFA is?

  3. Not only did they get many complaints, the spokesperson did not use the correct english.
    SJP received FEWER complaints, not “less than”. *DOH*

    Link below for those pedantic grammar fans!
    http://news.bbc.co.uk/1/hi/magazine/7591905.stm

  4. Nor have you. English should be capitalised.

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