One might, perhaps, think it is fairly uncontroversial for a regulator to tell wealth managers they must show they are acting in good faith towards their customers, avoid causing foreseeable harm and help them meet their financial objectives. But last year it was enough for St James’s Place to set aside £426 million for potential complaints and implement a complete overhaul of its fee structure. Its shares are now 60 per cent lower compared with last year.
There are possibly thousands of people who are owed money back from SJP, many of whom may well be readers of this column. But the elephant in the room remains: is the stock a bargain? The shares now trade at a forward price to earnings multiple of 6.7,
