By Anthony O. Goriainoff
St. James’s Place said it continues to review its fees and charging models as part of the work completed for the Financial Conduct Authority’s consumer duty rules, so as to operate with a simple and scalable charging platform.
The FTSE 100 wealth-management group said Friday it was responding to media speculation regarding its client fees and charges structures, adding that the evaluation wasn’t complete and no decision had been made. It added that it was confident that all options under consideration would ensure value for clients as well as a strong, secure, and sustainable business for all stakeholders.
“We naturally continue to engage with all of our primary regulators during this process,” it said.
On Friday the Financial Times reported that the company was under pressure from regulators to overhaul its fee structure so as to comply with the FCA’s new consumer duty, which forces companies to show they are acting in the best interest of consumers.
Write to Anthony O. Goriainoff at [email protected]
Read the full article here
