St James's Place hit by £7m FSCS levy

Wealth manager St James's Place (SJP) has revealed it received a Financial Services Compensation Scheme (FSCS) levy of £6.9m for 2014.

Announcing its first half results, the group said that, due to a new accounting requirement, the expected charge has been recognised in full immediately, leading to a drop in profits. Profit on an IFRS basis for the first six months of the year was £82.4m, compared with £90.1m in the same period last year, when it was required to report only a six-month charge from its FSCS levy, which it said was £2.4m. Operating profits on the wider EEV basis stood at £260.7m, up 12% on the £233.6m recorded in 2013. Net inflows of funds under management (FUM) rose 23% to £2.44bn, with total FUM c...