In the meantime, I’m going to pivot and talk instead about the
lack of change, which is inspired quite depressingly by
this article around the SJP exit fees (that aren’t exit fees; just fees that apply if you try to exit the plan). In yet another loophole, buried deep within the several loopholes already being exploited, they’ve now found a way to ensure that some clients continue paying these fees until 2036. Yep, another 11 years. Never mind the claims they made last year around changing. Nor Consumer Duty supposedly enforcing it before that. Nor RDR, which was 13 years ago, banning exit fees (for everyone else). Somehow they will keep dancing to the beat of their own drum.
I call it depressing, not because I want to get into lazy SJP bashing, but because I talk to smaller advice firms all day every day who are constantly frying their brains trying to keep up with all the regulation and all the requirements and all the Consumer Duty and all the clarity for their clients; and it just feels like a big old slap across the chops when another company just seems to avoid those sales rules. I know life isn’t fair… but… regulation should be.
However, on the flip side was a fascinating comment I read recently from an SJP client. His view was “I dislike the new charging structure on SJP. Previously we didn’t have to pay any entry fee and, as long as we were loyal, there was no exit fee. It’s only those who weren’t loyal and want to leave that had to pay. Now, everyone has to pay (by initial fees) and I don’t think it’s right”. Now, I can only assume they’ve dosed him up hard on the kool-aid, with the regulation-flouting exit penalties being seen as the difference between loyal and disloyal. But, it also shows the effectiveness of their marketing and the way one piece of information can be spun completely differently, depending on who is narrating it.
This has all come at the same time as them
finally unbundling their charges and making it a bit clearer what goes where. If you’re looking at a plan though, remember you still need to work out if it was pre or post 23/08/2025 and if there have been any regular contributions since in order to be clear on the charges. Plus you’ll also need to be ready to explain a switch away doesn’t mean a slur on their character as lacking in loyalty!
Anyway, back to the exciting world of Evo prep. Slides are ready. Stage is polished. Surprises are organised. It truly is going to be a belter. Looking forward to seeing lots of you there. In the meantime, there’s a whole bunch of good stuff below, from help on CIPs, to upcoming webinars and platform changes. For clients there’s also a bunch of compliance round ups since the FCA has had a very busy summer!
I would also like to maintain my own tradition with a wine recommendation. I was in Italy this summer and got introduced to Grechetto and it was flipping lovely (admittedly it hits different having an ice cool glass after a hot day in a sunny Italian city vs a rainy autumnal Friday, but still!)
Here’s an option, or apparently Tesco stocks some too!
Have a wonderful weekend all and hope too see lots of you on Tuesday!
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