Why SJP's advice review has industry-wide consequences

The announcement by SJP last week that it is setting aside £426m to refund clients' annual advice fees where there is no evidence of ongoing client service being provided comes just after the Financial Conduct Authority (FCA) has asked for annual review data for the top 20 advice firms. Anyone looking for evidence that the Consumer Duty regulations are having a major impact need look no further. We have seen the immediate impact on SJP's share price but the ramifications go much further and are likely to affect all firms providing advice. They will need to review their end-to-end p...