St James Place has for some time been one of the largest and most successful (assuming profit = success) firms in our business. They stuck to their knitting (management-meeting-speak, soz), not changing their way of working when similar sales forces, Allied Dunbar, the Men from the Pru and the banks, all bailed out. They’ve been getting a hard time in the press, and now, more importantly from their shareholders and will, I think, cave in now. Their ‘bloated organisational structure, with more than 120 employees holding a “head of” title’ is changing. Next step, I’d say, those many fancy, brass-plated adviser offices will become virtual. Watch this space.
“Reeves backs down on plans to cut ISA limit”
So it looks as though Cash ISAs are safe for the moment (FTM – is that a thing?) Rachel has apparently ‘bowed to pressure’ from the banks and building societies and decided not to reduce the allowance to £4,000 for cash and to keep the £20,000 parity with Stocks and Shares ISAs. Bowed also to common sense, I’d say.
