St James's Place PLC - Cirencester, England-based wealth manager - Responds to Financial Times report that it is under pressure to change its fee and charges structures for clients. Says it is continuing to build on the work completed for Consumer Duty, as previously disclosed, which includes an assessment of its fees and charging models. Consumer Duty is a set of consumer protection rules enforced by the UK Financial Conduct Authority that required financial services firms to "deliver good outcomes for retail customers".
St James's Place says it is "engaging with all of [its] primary regulators during this process". It adds: "Whilst the evaluation has not yet been completed and therefore no decision has been made, we are confident that all the options under consideration will ensure value for clients and a strong, secure, and sustainable business for all stakeholders. We naturally continue to engage with all of our primary regulators during this process."
The Financial Times reported on Friday that St James's Place is facing pressure from UK regulators to change its fee structure, with critics citing "opaque and expensive charges" for financial advice, as well as "stiff penalties" for early withdrawals.
https://www.ft.com/content/1280b319-578e-44d7-b240-1e306c2d1389
Current stock price: 741.80 pence, down 9.4% in London early Friday
12-month change: down 22%
By Tom Waite, Alliance News editor
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St James's Place (STJ)