An 80-year-old man from Surrey has reported prolonged difficulties accessing investment funds worth approximately £60,000 held by St James’s Place (SJP) on behalf of his grandchildren, delaying financial support urgently needed for their education. The bonds, initially purchased in 2018 as part of estate planning and held in trust, were intended to benefit the three grandchildren, two of whom have medical needs. The man’s daughter, a single mother, requires the funds following her separation.

Since December, the man has repeatedly contacted SJP via post, telephone, and email seeking to redeem the bonds. Despite multiple complaints, including one against the firm’s complaints handling process, he received automatic replies and no substantive resolution. Conversations with various SJP representatives, including one designated to address complaints, resulted in no progress, especially after the last contact was reported to be unavailable due to a family issue.

The elderly man highlighted that a previous similar withdrawal made two years ago was processed without complication. His wife reportedly maintained thorough records and ensured all required documentation was submitted to SJP, leaving the cause of the delay unclear.

Following media inquiries, SJP confirmed that the initial requests had not been processed due to incomplete documentation and information required to support the withdrawals. After further engagement, the transactions were completed, and the funds were transferred successfully to the daughter’s account within two days.

Each investment, originally set at £20,000 for the grandchildren, grew significantly—approximately 67%—to about £33,450 per bond. The bonds were held in international offshore trusts, which not only facilitate estate planning by reducing inheritance tax exposure but also transfer potential tax liabilities on investment gains to the beneficiaries, who may be subject to lower tax rates.

SJP stated, “We are pleased this matter has been resolved. We were unable to process the requests initially because the documentation and information required to support the withdrawals was incomplete, but following further engagement we have been able to complete the transactions and reach a satisfactory outcome.”

Financial advisors note that delays in bond redemption often stem from administrative errors or incomplete paperwork. Customers encountering such issues are advised to formally complain to the investment firm, which is obligated to respond within eight weeks. If unresolved, complaints may be escalated to the Financial Ombudsman Service for independent review.