St James’s Place is under pressure from regulators to overhaul its fee structure to ensure it complies with the UK’s new consumer duty, according to people familiar with the discussions.
The UK’s largest wealth manager has faced scrutiny over what critics say are opaque and expensive charges for financial advice and stiff penalties for early withdrawals.
Investors’ concerns over its business model have intensified since the Financial Conduct Authority introduced “consumer duty” rules in July, that force companies to show they are acting in customers’ best interests.
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