Wealth manager St James’s Place has changed the manager line-up and cut fees on two of its funds, the Balanced Managed fund and the Continental European fund.

More than a third (37%) of financial advice firms have changed their fee structure as a result of completing the FCA’s Consumer Duty fair value exercise.

Investors in St James’s Place can be forgiven for reaching for a stiff Scotch this evening - it’s been one hell of a day.

St James's Place, one of the UK’s largest wealth managers, suffered a 21% drop in its share price at one point today after announcing a review of its much-criticised fees and charges.