St James’s Place PLC shares slipped on Monday after news broke that some 15,000 claims had been filed against the wealth manager.
Bolton-based AMK Legal has filed the claims, which allege St James's Place charged people for annual reviews of their investments that never took place, over the last three months, as per The Sunday Times.
Around £12 million has already been won on behalf of 4,000 clients, according to the law firm.
The news comes after St James’s Place said last week that £426 million had been set aside to cover the claims, alongside its admin costs.
Such provision has been made for cases from between 2018 and 2023, though AMK told The Sunday Times it was seeking compensations dating back to incidents in 2013.
“We are hoping that the Financial Conduct Authority and SJP see sense on this and offer redress to anyone that has paid fees since 2013 and not had an annual review,” Michael Jordan, from the law firm, commented.
Shares in SJP slipped 4.4% to 489.20p.