Britain’s largest water company is trying to avoid a potential multibillion-pound taxpayer bailout
The wealth manager St James’s Place is the biggest faller on the FTSE 100 index this morning, with its shares slumping almost 32%, after it took a £426m provision for potential client refunds and slashed its dividend.
The firm said it has experienced a “marked increase” in clients registering complaints about the service they have received in the past.
We recognise that this is a disappointing outcome for everyone…
We switched off ongoing servicing charges for 2% of clients where there was a lack of evidence that ongoing servicing was provided in this period.
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 our new charging structure, reduces our ability to invest for long term growth in our business over the next few years.
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