Have St James’s Place shares hit the bottom as it takes £426mn fees hit?

The market hated St James’s Place's (STJ) results, sending the shares down by a third at one point, after the brass-name-plate advisory business dropped a £426mn charge on the income statement to cover potential compensation payments for clients who may have incurred excess charges, as well as imposing a steep dividend cut that means the payment will stay at 18p until 2026. The company has also arranged an additional £250mn credit facility that it can draw on if needed.