(Sharecast News) - St.James's Place announced the result of its previously announced review into its charging structure which was expected to come into effect in the back half of 2025.
In the case of shareholders, the modifications were expected to see the wealth management firm's underlying cash result reduce over the next few years, before accelerating in the medium-term and farther out.
"These changes, which have naturally involved engagement with our key regulators, address the evolution over time of an external environment that is increasingly seeking simple comparability of all advice, investment management and other services, on a component-by-component basis," the company said.
The new fee structure would impact the "vast majority" of its new investment bonds and pensions, it added.
They would now have an initial charge as well as ongoing charges from the beginning, but no early withdrawal charges or gestation period.
Previously, charges across all of the firm's wrappers had been disclosed primarily on an all-inclusive basis, but would now be broken down into the various components.
In the case of charges for product administration, those would be tiered in the case of larger investments.
The charges would also be rebalanced to better reflect the value to clients across the various elements of St.James's proposition.
St James's Place (STJ)