SJP has trimmed down the amount it expects to pay towards redress to clients who may not have received ongoing services they paid for, with the provision now standing at £320m from a high of more than £430m.
The wealth manager confirmed it has released £84.5m from the provision on a pre-tax basis. The figure equates to £63.4m after tax, and the wealth management group confirmed that this amount will be returned to its shareholders through a share buyback. The provision stood at £425.1m as of 31 December 2024. In February 2024, the wealth manager first earmarked its £426m provision towards redress and associated administration costs relating to "historic" ongoing services issues. It later revised this upwards to more than £430m. Last July, it confirmed that it would look to recoup some of ...
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