St James’s Place - one of the UK’s largest wealth managers with more than 4,700 advisers - has given a cautious welcome to the FCA’s ‘simplified advice’ proposals published today but warned that the boundaries between advice and guidance must remain clear to avoid consumers being mis-sold.

Mark FitzPatrick, the new CEO of national wealth manager St James’s Place, has started work today in his new role after the company received regulatory approval for the appointment.

Wealth manager St James’s Place has changed the manager line-up and cut fees on two of its funds, the Balanced Managed fund and the Continental European fund.

Adviser network Openwork has recruited St James’s Place exec Anna Davies to be its new wealth proposition director.