Anonymous
map-marker Shanghai, Shanghai

St James's Place Shanghai Scam

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I was approached by this company a few months ago and having not heard from my original financial advisor for quite a while I thought a review of my financial situation would be worth while.I researched the company and found they were a very large UK firm so thought it was a good idea. I met with a very nice man who was very complimentary and charming. He proceeded to tell me that the regular savings plan I had done for my retirement was a bad plan and I was being over charged. I went away from the meeting feeling very down on myself but agreed to meet the "adviser" again. When we met a second time he took me through the St James's Place savings plan and told me that in the long run I would save money by closing my existing retirement plan and starting his. i agreed and made the trasnfer across. I later found out this "adviser" had lied to my face and that it was not cheaper, it just made money for him. I lost all of the money (100%) I had put into my original plan over the first year (GBP 15,000) and then was told that this "adviser" was personally making 3% on every payment I made into his new plan plus I was paying extra fees to St James's Place and fund annual management fees too. None of this was explained and covered up by this lying evil man and his clever company brochure and wording. St James's Place hide behind this big UK firm but be warn, they are different legal entities and you get none of the protection that the UK FCA give savers in the UK. They are pure commission hunters and are a scam, on a huge huge scale.
View full review
Loss:
$25000
Reason of review:
Not as described/ advertised

Preferred solution: Full refund

26 comments
Guest

they rip you off to pay for ladyboys

Guest

Not good. Had me cancel one expensive plan in order to invest into their even more expensive plan.

All the "compliance" forms they had me sign was actually just there to cover their behind and not for my benefit. I would have been better off doing nothing and staying with Generali.

Con-men hiding behind glossy brochures and sales-speak. Stay away.

Guest

I came on here having done a search after meeting these guys in Shanghai. I admit that I was in two minds when I met them because they were likeable and professional, but I have a general aversion to salesmen and they came across as ever so slightly arrogant.I am definately not an angry consumer, but a little bit put off by the misselling.

Their product was expensive, unclear and loaded with caveats which existed to SJP could earn more at my expense.My advice would be to go with a fee based adviser or at least a company with a bit more independence. The chap I met claimed that he was independent, but the fact was that all roads led to expensive, commission laden SJP products that were being packaged as "advice".On a scale of 1-10, I give them a solid 4.

Guest

good story but management are deluded and the place is no different to all the other shanghai chopshops.... staff voting with their feet

Guest
reply icon Replying to comment of Guest-1373491

Yup, all very true. Being a tied agent offering an expensive and highly restrictive product isn't quite what was sold at the interview.

Guest

who cares if we are selling expensive schemes, we are making pure bank via insane rips and thats that counts, there is no honour in poverty brah! no regulation in china anyway, its like the wild east

Guest

The UK’s Financial Ombudsman Service (FOS) received 22% more new complaints against St James’s Place in 1H17 compared with 2H16

The lies oh the lies

Guest

Questionable advice via twisted facts, overpriced plans and a contractual stitch up

Guest
reply icon Replying to comment of Guest-1364135

The charging structure on the plans is impossible to fathom, they are no different to all the companies they claim are bad. Wouldn't touch with a barge-pole

Guest

Complete chop-shop - avoid!

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