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View the article online at http://citywire.co.uk/wealth-manager/article/a736150

Regulatory costs weigh on SJP as assets rise 27%

by Jun Merrett on Feb 25, 2014 at 08:14

The result was also impacted by a £5.5 million Financial Services Compensation Scheme levy, although this was down on the £6.2 million SJP paid out in 2012.

SJP said although the Retail Distirbution Review (RDR) had a ‘neutral’ impact on the group, the changes in the nature of cashflows meant there was limited reallocations of income and expense across which also contributed to the loss.

The company also reported a one-off cost of £6.2 million due to former shareholder Lloyds Banking Group’s selling off its 57% stake in SJP in three rounds over 2013.

At 8:30 SJP's share price was up 3.7% on the day, trading at 823.5p.

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1 comment so far. Why not have your say?

Knowledgable insider

Feb 25, 2014 at 14:36

Nice to see that someone out there has figured a way of dealing with the proposterous new RDR rules and prospered

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