St James's Place under regulatory scrutiny to reform fee structure - reports

Financial advice and exit charges

St James’s Place is facing pressure from regulators to reform its fee model in a bid to comply with the recently introduced Consumer Duty.

People familiar with the matter told the FT that the wealth manager has been discussing additional overhauls to its charging structure to satisfy regulators' concerns. Mark FitzPatrick named as successor to SJP CEO Andrew Croft SJP has come under fire for its expensive charges for financial adviser and its penalties for exit withdrawals. The company's proposals to change its fees included removing early withdrawal charges for new clients by mid-2025 and simplifying fees for several of its advisory and administrative services. However, the people familiar with the matter said SJP...