SJP CEO outlines bid to recoup fee scandal costs from partners

Group will take an evidence-based approach, FitzPatrick says

Jen Frost
clock • 3 min read

St James’s Place (SJP) will look to recoup costs from partners with record-keeping gaps after it set aside hundreds of millions of pounds for client refunds following a fee service scandal.

The business' CEO and chief financial officer (CFO) stopped short of outlining just how much partner firms will be expected to contribute. However, SJP CEO Mark FitzPatrick shared that those firms that could show evidence trails would not be expected to pay in. SJP has set aside £430.6m related to the service issues, according to its latest earnings report. As of its full-year earnings, released in February, it had anticipated a £426m potential cost. Partner contributions will be sought dependent on "underlying evidence", FitzPatrick told investors on SJP's H1 2024 earnings call this ...

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

SJP complaints spike in H1 but wealth manager reports recent 'material decrease'

SJP complaints spike in H1 but wealth manager reports recent 'material decrease'

Latest FOS data shows there were 1,426 complaints in H1 2025

Isabel Baxter
clock 30 October 2025 • 5 min read
Continuum's Brown on why advisers miss the 'true secret to growth'

Continuum's Brown on why advisers miss the 'true secret to growth'

Advice boss on 2024 results and the importance of ‘exceptional’ service

Isabel Baxter
clock 27 October 2025 • 4 min read
Hoxton Wealth snaps up £140m Manchester-based advice firm

Hoxton Wealth snaps up £140m Manchester-based advice firm

Acquisition part of strategy to boost North of England presence

Isabel Baxter
clock 27 October 2025 • 2 min read