The more than 12-month transition period from the current fee structure at St James’s Place (SJP) to the new model announced this morning (17 October) is likely to lead to “difficult conversations” between the firm’s advisers and its clients, according to The Lang Cat.
The consultancy's principal Mark Polson said the firm's move towards a fee structure it claims is "rebalanced towards the value of advice" was "Consumer Duty in action". Despite this, only new business from 2025 will reap the benefits of the significant overhaul leaving existing clients in a difficult position. "Whiplash is never pleasant, and [SJP's] reverse on exit fees will certainly have caused some," Polson opined. "This is bizarre and seems to me to be against both the letter and spirit of the new Consumer Duty rules." Boring Money chief executive Holly Mackay alluded to h...
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