SIFA Slams St James’s Place

6 Apr

St James’s Place (SJP) is a well respected Insurance and Investment Company who still work solely through a self-employed sales force. The down side is they are not independent but have many proficient sales people who will offer the best of the product range they can sell.

The outrage is from the Solicitor IFA trade body Sifa, who have accused St James’s Place of making “distinctly misleading” claims and it raises concerns where an institution who gives financial advice sees it to be acceptable to allow dishonest business practices. SJP has written out to financial advisers in an attempt top attract them to join St James’s Place, while suggesting that they can continue to receive professional introductions through solicitors.

This is not the case as solicitors are governed by a strict code of practice to refer only suitably qualified independent financial advisers and this can’t be a sales person from SJP. SJP’s sales people are called Partners and Senior Partners depending their success and longevity in selling their products.

SIFA has reported SJP (St James’s Place) to the Solicitors Regulation Authority.

The SRA’s code of conduct states solicitors can only refer clients who need investment advice to “independent intermediaries”. It defines an independent intermediary as an IFA who can advise on investment products from across the whole of the market and offers a fee option.

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