St James's Place 

SJP's sales process under fire

"As Mrs H was receiving advice from SJP, it was reasonable for her to assume that investing in the EIS was suitable for her circumstances, objectives and attitude to risk.

"I wasn't satisfied that Mrs H would have invested if she would understood the risks involved."

The ombudsman ordered SJP to pay Mrs H £2,000 for her distress plus an amount that a suitable, alternative investment to the three EIS would now be worth.

emma.hughes@ft.com