SJP Ongoing servicing charge refund submission FAQs
As part of our review of ongoing servicing, some SJP clients have had their Ongoing Advice Charge (OAC) switched off. This is because these clients have not met with an SJP adviser recently.
As a result of this process, these clients have been contacted and will receive a refund into their bank account of the ongoing servicing charges they paid. Please find below a set of Frequently Asked Questions relating to this process.
Refunds
The refund will be paid in cash and will be the Ongoing Advice Charge amount owed, plus interest (where relevant) at 8% (less tax). The refund will be paid directly into your bank account.
The Ongoing Advice Charge refund process is running in parallel with any refunds processed as part of the wider historic review of ongoing servicing.
SJP has worked with the Financial Conduct Authority (FCA) to understand what the requirements are to formally evidence that review meetings took place. Based on this, we have conducted investigations across both our central and local Partner client records to establish when clients received ongoing servicing.
We have therefore been able to establish if clients have received the appropriate level of service, or whether their experience has fallen short of the standards we expect.
Where standards have fallen below these expectations, we are refunding clients. The amount relates to the period of missing servicing evidence, with an addition of 8% simple interest.
This refund (from the switch off made in February 2024) relates to the most recent period we haven’t been able to meet with you, which is back to January 2023.
For clients switched off after February 2024, the refund period is 15 months.
This refund is not being progressed in isolation, and there is a wider review looking at charges paid, and service received, over a longer period. We will write to you separately if you are due a further refund.
Whilst the refund itself is not subject to tax, the interest is. The letter we sent to you explains that we have deducted basic rate tax. If you are a non-taxpayer you can reclaim this from HMRC. If you are a higher or additional rate taxpayer, you should declare the interest to HMRC.
Because bank account details are already in place to make payment, we cannot issue a payment any sooner. We are sorry this is the case.
Bank account details can be changed within two weeks of the date of your refund letter.
The Contact Centre will be able to support with payments to non-UK account. This can be reached as follows:
UK dialled number
0800 694 0458
Overseas dialled number
+44 203 975 6128
Servicing in the future
Once your OAC has been switched off, there is no obligation for your Partner to provide you with ongoing advice.
The Administration Centre can help with basic transactions such as providing valuations, updating details or actioning direct instructions regarding fund switches and withdrawals. You will also continue to receive any SJP-related communications – including your Wealth Accounts and details of changes to the Investment Management Approach.
Please contact your Partner who will be able to organise for your Ongoing Advice Change to be switched back on.
If your Ongoing Advice Charge has been switched off, your Partner is no longer obliged to provide ongoing advice to you. However, we will seek to ensure that clients who want or need advice are supported in finding a new Partner. Please see the ‘Find an Adviser’ section of this website.