Numis places St James's Place under review after £426m client refunds provision and dividend cut

A ‘disappointing’ third warning

Investment bank Numis has placed its rating for St James’s Place under review after the wealth manager said it would take a £426m provision for potential client refunds and slashed its dividend.

In its final results for 2023, the FTSE 100 firm said it has made a £426m pre-tax provision to refund clients over ongoing advice charges, after it faced a "significant increase in complaints". The move follows a major overhaul of its charging structure in October last year, following the introduction of new Consumer Duty rules by the Financial Conduct Authority.  St James's Place shares slump 30% after £426m client refunds provision "A combination of the provision we have established and an expected decrease in the level of profit growth in the next few years as we transition to o...