St James's Place profits dented by 240% FSCS levy increase

The firm said it paid £20.1m towards the £319m FSCS levy in 2015, which had been impacted by a £20m interim levy on life and pensions advisers following a flurry of claims related to "bad advice" on self-invested personal pensions. SJP said it was anticipating a further increase in its share of FSCS costs this year, which it currently estimates to amount to £16m, but "a more normalised level in future years". The FSCS said in January it expects to collect £363m from the industry for 2016/17. SJP's underlying profits for 2015 were £163.7m, down 5% on the previous year's £173.6m, whi...