St James's Place's fees should be more "clearly articulated", according to the firm's new non-executive director Dame Helena Morrissey in an interview.
Morrissey, the former CEO of Newton Investment Management, told The Telegraph the firm, which has come under fire for bad business practises, the fees it charges clients must be more transparent. Although she added they must also not be "oversimplified", as that could lead to overcharging.
"I have not met anybody yet who can completely clearly articulate how it works in a sentence," Morrissey said.
I have not met anybody yet who can completely clearly articulate how it works in a sentence"
"I would like to satisfy myself that fund charges are transparent and fair, but I do not believe they are transparent because otherwise I would be able to explain them to you very quickly."
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As well as being criticised for its fees, SJP has come under pressure for its advisors' sales tactics as well as some of its bonuses, like cruises.
Morrissey added: "In some cases, a cruise might not cost as much as paying someone a huge bonus, but the optics look really bad."
Morrissey told The Telegraph the firm had reassured her it was keen to discuss the issues it had been criticised for.
"I would not want to be somewhere that is only interested in the status quo," she continued.
"Everyone seems to be up for a shaking of the trees, as it were, which is good as I have never known a company where everybody is thrilled all of the time."
This article was first published by InvestmentWeek, a sister title to International Investment