Welcome to a special episode of The investing Show, focusing on recent events at St James’s Place, the UK’s largest financial advice chain. As well as advice, SJP also provides asset management and life insurance. It has more than 900,000 clients, and 4,600 advisers. It has more than £150 billion under management. Despite its success, SJP has long been criticised for its high and often opaque fees. Its share price has fallen more than 43 per cent in 2023, mostly in anticipation of reforms to its charging structure. The company has now announced that it’s scrapping exit fees, which were particularly controversial, from the end of 2025. Robin Powell has been speaking to Jason Butler about the changes at SJP and what they mean for SJP clients, for consumers generally and for the financial advice profession. Jason used to be a financial planner and is now an entrepreneur. He’s also an author and a columnist for the FT.