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St James’s policy puts block on fluid work movements

What a very interesting letter from Harry Katz regarding Wai Man Cheung’s article on St. James’s Place.

Well, as Katz says, accountants and solicitors are not allowed to place business with anyone other than independ-ents which, I think, says it all.

I have had a number of complaints against St. James’s Place, usually on the grounds of very expensive products.

Someone I have just seen on a very big salary and likely to be extremely fluid in their work movements has just been sold a personal pension with one of the most ridiculous penalties I have ever seen and with the dreaded capital units which I thought went years ago.

It is an utterly inappropriate policy for someone who will be moving jobs a lot.

I have also recently seen someone who had a bond as a result of a very dynamic seminar, apparently.

Unfortunately, the client has now died but I have noticed that no attempt has been made to use any kind of asset alloca-tion and it was just a selection of managed funds.

St. James’s may say cust-omers have a lot to choose from but that is not the same as having the market.

B G W Jamieson PrincipalJamieson Financial Management, West Sussex.

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