View more on these topics

SJP reveals 47 per cent gender pay gap

Gender-Differences-Man-Woman-Inequality.jpgSt James’s Place has revealed that its male employees are paid 47.2 per cent more than its female staff – one of the largest gender pay gaps reported by a firm operating in the investment sector.

The wealth manager also revealed that women received bonuses 80 per cent lower than men on average.

In SJP’s report it says that the gap is due to a higher number of men being employed in senior positions compared to women. It adds that where similar roles are performed there is no pay gap.

Chief executive Andrew Croft says: “We are committed to creating a positive culture at SJP in which everyone can thrive, regardless of gender, ethnicity, sexual orientation or religion.

“The reporting of gender pay is an important step forward for UK businesses. At SJP we find a larger gap than we would like between the average pay of men and women. This is due to a higher proportion of men in senior positions and a higher proportion of women in our more junior positions. We recognise there is more for us to do, and narrowing the gender pay gap is a key objective for our business over the coming years.”

 All UK companies with more than 250 employees are required to publish details of the difference in pay between men and women by 4 April.

SJP submitted its information yesterday.

Next week’s Money Marketing cover story will take an in-depth look at how the advice and investment management industry has responded to the new Government legislation on gender pay gap reporting.

Recommended

Rachel Vahey
3

Rachel Vahey: Pension tax relief tweaks start to bite

Evidence points to the recent changes stalling individuals’ desire to contribute to pensions The cost of pensions tax relief is one discussion that never quite goes away. Instead, there seems to be constant speculation both on the current costs, whether it is sustainable and, more importantly, whether the Government – this one or a future […]

5

FOS appoints independent reviewer after Channel 4 exposé

The Financial Ombudsman Service will be reviewed by an independent person following claims of poor staff training and alleged biases in its decisions that were exposed in a recent Channel 4 investigation. Treasury Committee chair Nicky Morgan wrote to FOS chief executive Caroline Wayman on 13 March asking for more information about the findings of […]

Aviva-signage-building-2013-700.jpg
7

Aviva Investors confirms end of trail commission

Renewal and trail commission is being traded in for a single fee for advisers using Aviva-branded funds from 30 June. Norwood Financial Services partner David Frost contacted Money Marketing saying advisers were not duly warned of the changes by Aviva Investors before being contacted on 7 February. Frost says: “I do not recall anything that allows […]

1

How SJP picks its fund managers

Despite criticism, the wealth manager claims to negotiate better deals than its rivals  Much like the acquisition strategy and adviser charging model of St James’s Place, advisers can feel in the dark about how the wealth manager selects its funds and fund managers. Despite negative press over its opaque charging structure, SJP has continued to […]

protect

Preparing for the journey ahead

Simon Halifax – Senior Marketing Consultant  Life’s unpredictable as no one really knows what the future will hold. The reality is that there’s likely to be a few surprises or bumps in the road along the way on our journey of life These ‘bumps’ aren’t usually positive, so we try not to think about them and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Neil Liversidge 29th March 2018 at 6:28 pm

    Just another reason why small independent firms are the way to go. There’s no gender pay gap at West Riding. Five of our seven employees are female, two of three senior employees are female, and we’re the best payers in town. We also pay 9% into employees’ pensions, so auto-enrolment hasn’t burdened them. Do catch up, SJP!

Leave a comment