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St James’s Place swings to a loss on £426m provision for customer refunds

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SJP, based in Cirencester, had a tough time in 2023
SJP, based in Cirencester, had a tough time in 2023 Photo: Mike Kemp/Getty Images

St James’s Place posted a full-year loss for 2023 after making a provision of £426m to refund customers who paid for a service they did not receive.

The company said it received an increase in complaints about so-called “ongoing servicing” in 2023 and said it had engaged extensively with the Financial Conduct Authority on the issue.

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