SJP shares crash after it sets aside £426m for advice fee refunds - Citywire New Model Adviser

St James’s Place (SJP) has set aside a £426m provision to refund clients’ ongoing advice fees following a back-book review, forcing the wealth giant to more than halve its dividend.

At 8.30am, SJP’s shares had sunk 30%, to 436.5p per share. 

SJP said in its full-year results this morning that its cash position has been ‘significantly impacted by’ a review exercise which found there was a lack of evidence that clients who pay for ongoing advice were receiving an annual service.

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2024-02-28 11:48:45Z
CBMidWh0dHBzOi8vY2l0eXdpcmUuY29tL25ldy1tb2RlbC1hZHZpc2VyL25ld3Mvc2pwLXNoYXJlcy1jcmFzaC1hZnRlci1pdC1zZXRzLWFzaWRlLTQyNm0tZm9yLWFkdmljZS1mZWUtcmVmdW5kcy9hMjQzNzExNNIBAA