St James’s Place 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 ...
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