Things have gone from bad to worse for St James’s Place. The UK’s biggest wealth manager, with £168.2bn of funds under management, has found itself caught in the crosshairs of sweeping regulatory changes across the advice sector.  

The Cirencester-headquartered firm had already taken a hit from the Financial Conduct Authority’s Consumer Duty rules, which forced an overhaul of its complicated charging structure, including scrapping its controversial exit fees on investments.