St James’s Place (SJP) is sounding a cautiously positive note on its prospects for 2024 after results this morning laid bare a surprise £426m spend on client refunds and the material effect of its decision last year to overhaul its charging structure.
In its 2023 full year results, published today (28 February), the advice giant revealed it had made a £426m provision to refund clients for ongoing advice charges. On the back of the announcement, shares this morning had slumped more than 30%. The provision follows what the wealth manager admitted was "a significant increase in complaints" particularly in the latter half of last year it said were "mostly linked to the delivery of ongoing servicing". The firm added its 2023 cash result of just under £68m was "significantly impacted" by its investigations into this. SJP stated: "T...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
