SJP pre-tax profits up 42% but Consumer Duty changes loom

St James’s Place has reported a rise in pre-tax profits of 42% in 2022, but this year the advice firm plans changes to how it operates to comply with the incoming Consumer Duty rules.

The wealth management firm reported IFRS profit before shareholder tax of £501.8m in the year to the end of December, up from £353.8m in 2021, while post tax profits were £405.4m, up from £287.6m.  Underlying cash was £410.1m, up from £401.2m last year, with the group's primary source of net cash generation is product charges. SJP investment director Rob Gardner departs to found environmental venture SJP has long faced industry criticism over the transparency of its client charges.  Following what it called this year's "record results", in light of the Financial Conduct Authorit...