Former appointed representatives of St James’s Place are mobilising a group claim that the wealth manager siphoned their client books without adequate compensation. Lawyers from Robertson Pugh Associates say hundreds of advisers had customers reassigned to other SJP advisers, often after contracts were terminated or after the advisers tried to leave the network.

The dispute surfaces as SJP wrestles with regulatory pressure from the 2023 consumer‑duty reforms that forced a revamp of its charging model and a £426mn reserve set aside in 2024 for heightened complaint volumes. The firm has since recovered part of that pot, and its share price, which surged from a £4.15 low in April to over £15 in January, now hovers around £12.

SJP’s board responded that it upholds “the highest standards of conduct and compliance” and will defend any claim robustly. If the advisers succeed, the case could pressure the firm to revise its contractual arrangements with appointed representatives and signal wider scrutiny of the UK wealth‑management distribution model.

Investors are watching the litigation because a sizable payout could dent SJP’s profitability and affect its dividend outlook, while the claim also underscores tensions between large platforms and the independent advisers that fuel their client acquisition.