St James's Place Shares Slide

Media reports of a fee shakeup have hit the shares of the FTSE 100 wealth manager

Alliance News 13 October, 2023 | 9:43AM
Facebook Twitter LinkedIn

twenty pound notes

Shares in FTSE 100 wealth manager St James's Place (STJ) fell 15% on Friday morning on reports it is under pressure from regulators to change its fee structure.

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.

The company’s shares lost £1.22 to trade at £6.96 on Friday, a fall of just under 15%. Year to date the shares are off 36% but this follows a very strong period of outperformance in 2020 and 2021.

St James's Place says it is "engaging with all of [its] primary regulators during this process" it. It added: "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 information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

Facebook Twitter LinkedIn

Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
St James's Place PLC643.00 GBX-2.96

About Author

Alliance News  provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures