St James's Place has been fined £250,000 by the FSA for inadequate monitoring and record keeping.
A final notice has been issued imposing the penalty which relates to replacement business. SJP says the issues concern the standard of file records it holds and its representatives relating to replacement sales. It says the board carried out a review of its procedures as soon as it found out about the FSA's concerns in December 2001 and has made changes in accordance.
Legal and Research director Hugh Gladman: “We very much regret that previously our record keeping for replacement business was not of the required standard. We also wish to emphasise that the fine does not relate in any way to the suitability of the advice provided by SJP representatives to their clients and that no clients were disadvantaged.”