The End of Excessive Charges: A New Era for Financial Advisors
Wealth managers and financial advisers have long enjoyed charging substantial fees for their services, often unnoticed by their affluent clientele. However, recent developments have brought these practices under intense scrutiny, signalling the end of an era for the old ways of the financial world.
The spotlight is now on the industry, as even the prominent wealth manager St. James’s Place, serving 900,000 clients, has yielded to pressure, announcing fee cuts and the abandonment of punitive exit charges. The move follows significant drops in the company’s share price and successful efforts by claims management firms to recover millions of pounds for clients who were charged for advice they never received. With the regulatory landscape evolving, the financial services sector is experiencing a significant transformation.
Original Article Source: https://www.telegraph.co.uk/money/consumer-affairs/party-over-money-grabbing-financial-advisers-charges/
Have You Lost Money After Receiving Advice From St. James’s Place?
Types of complaints:
- Mis-sold Pensions
- ISA’s, Investment
- Offshore Bonds
- High charges and Penalty Charges
- General Mis-advice
If any of the following points apply to you, it is very likely that you have grounds for a claim:
- Millions of pounds in financial adviser fees are being deducted from UK investors’ ISAs, pensions and investments every year – these fees could be refunded to you.
- In most cases the adviser is simply not able to provide the full extent of the services that they promised. This means clients are paying substantial fees for absolutely nothing. Their commission-based advisers may not have given you the best advice.
- Due to regulatory changes in 2012 nearly all investments and pensions have built in adviser charges. These are deducted every month / year to pay for an agreed level of ongoing service.
- Each time the adviser fails to meet these service levels they are breaching the terms of their contractual arrangements and you could be due compensation.
- Pensions: You were advised to switch your pension, Consolidate your pensions; Consolidation is rarely good advice but earns commission which is deducted from your pension, You were advised to stop one policy and start another, Their advice caused an unexpected tax bill.
Get Help With Your Complaint Today & Contact X-Claims
X-Claims has a proven track record in successfully winning maximum compensation for their clients and works on a no-win no-fee basis with no up-front fees. You can only make a claim once, so using a professionally qualified regulated firm can be invaluable. If you are unhappy in any way and are dissatisfied with your financial service provider then please get in touch with us. Fill in our Contact form Below.
You do not need to use a claims management company to make a claim
You can do this yourself for free, and if your claim is unsuccessful you can pursue it yourself with the Financial Ombudsman Service.
If your product provider or your financial advisor is no longer in business, you may be able to use the Financial Services Compensation Scheme (subject to their Rules).
X-Claims Limited is authorised and regulated by the Financial Conduct Authority – FRN: 829746
Get In Touch
Have a question or just want to get in touch? Give us a call or fill in our contact form. Would you like to speak to one of our specialists over the phone? Just submit your details and we’ll be in touch shortly. You can also email us if you would prefer.
Monday – Friday: 8am – 8pm
Saturday – Sunday: Closed
PO Box 470, Tonbridge, Kent, TN9 9FG
Oakley House, Fordcombe Road, Penshurst, Kent, TN11 8DP