St James’s Place is scrapping exit fees for the vast majority of new investment bonds and pensions as part of an overhaul of its charging structure.

In an update today (October 17), SJP said there would be a revised charging structure for new investment bonds and pensions which will operate with an initial charge and ongoing charges but without any early withdrawal charges.

The firm said this is already the case with its unit trust and Isa business.

In addition, charges across all its wrappers, which have historically been disclosed primarily on an all-inclusive basis, will be separated into component parts.

These will comprise initial and ongoing advice, investment management, and product administration which will be tiered for larger investments.

Andrew Croft, chief executive officer, said: “The changes announced today are about positioning our business for continued success by putting in place a future charging structure that reflects the evolution of consumer engagement with retail financial services, and is aligned to the long-term value that we deliver to clients through the partnership.

“We have always been confident that SJP offers its clients real value that helps individuals and families achieve financial wellbeing.”

Additionally, SJP said it is rebalancing its charges so that they better reflect the value clients see across each element of our proposition.

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