St James's Place shares slump on Consumer Duty charge cap and inflows slowdown

Cost of fee cap worth £859m

Valeria Martinez
clock • 2 min read

St James’s Place’s shares sold off this morning after the group announced plans to cap fees for long-term clients in response to the Consumer Duty, and reported a slowdown in new business during the first half of 2023.

The firm's share price is down 15.8% today, according to Morningstar data, following the publication of its interim half-year results, which laid out plans to cap product charges at 85 basis points a year for clients who have been invested for a decade. The change, which will benefit around 65,000 clients, will take effect from August onwards. According to SJP, the impact will be to lower the margin range on net income from funds under management by some four basis points going forward. St James's Place makes raft of manager and remit changes to fund range As the advice giant prepa...

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