St James’s Place is at a crossroads. The UK’s largest wealth manager has been criticised for years about the fees it levies on clients. Now pressure from regulators and new Consumer Duty rules have led SJP to shake up its business.

Its controversial exit fees — which penalised clients for withdrawing their cash early — are on the chopping block. It is also scrapping its single all‑inclusive fee. Now it will separate charges, so it is easier for investors to see what they are paying for advice, fund management and investment platform services.