St James's Place slumps 30% after £426m client refunds provision

SJP made a £426m provision to refund clients on ongoing advice fees

Eve Maddock-Jones
clock • 3 min read

St James’s Place shares have slumped more than 30% after the wealth manager revealed it had made a £426m provision to refund clients on ongoing advice fees and slashed its dividend.

In the firm's final results for the year ended 31 December 2023, SJP said it has made a £426m pre-tax provision to refund clients over ongoing advice charges, after it faced a "significant increase in complaints". The firm experienced a spike in the number of client complaints in the latter part of 2023, and after launching an assessment into the issue, it found evidence that its ongoing client servicing was "less complete in the years", prior to its investment into customer relationship management systems in 2021. In response to the findings, SJP has made a £426m provision to refund ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

FCA warns on fraudsters cloning advice firm Wealth Solutions

FCA warns on fraudsters cloning advice firm Wealth Solutions

Midlands based firm rebranded as Amber River in November 2023

Isabel Baxter
clock 10 October 2024 • 1 min read
Ex-SJP and Tenet adviser refused regulatory permissions by FCA

Ex-SJP and Tenet adviser refused regulatory permissions by FCA

‘Not appropriate’ for Murtaza Ashraf to carry out regulated activities

Isabel Baxter
clock 08 October 2024 • 3 min read
Clarion Wealth Planning owner seals MBO deal after almost 40 years

Clarion Wealth Planning owner seals MBO deal after almost 40 years

Alderley Edge-based IFA bought by management team

Jenna Brown
clock 08 October 2024 • 2 min read