Former SJP Advisers Ready Legal Claim Over Client Transfers and Unpaid Compensation at £12 Shares
Updated
Updated · Financial Times · May 28
Former SJP Advisers Ready Legal Claim Over Client Transfers and Unpaid Compensation at £12 Shares
1 articles · Updated · Financial Times · May 28
A group of former St James’s Place advisers is preparing legal action alleging the wealth manager transferred their clients to other network advisers without fair compensation.
Robertson Pugh Associates said hundreds of appointed representatives were affected, including advisers whose contracts were terminated or suspended and others who had sought to leave SJP’s network.
SJP said it seeks the highest standards of conduct and would resolve any issues fairly under its contractual arrangements, adding it would defend any claim robustly.
The threatened case lands after SJP’s recent overhaul: it changed fees in 2023 under consumer-duty rules and set aside £426 million in 2024 over advice-related complaints.
SJP shares, which more than tripled from £4.15 in April 2024 to £15.20 in January, have since slipped back to about £12.
As SJP faces legal action and regulatory scrutiny, are its million clients paying for a broken promise?
With its own advisers suing for 'stealing' clients, is SJP’s wealth management empire facing a rebellion?