LONDON: UK’s FTSE 100 fell on Friday with St. James’s Place leading losses on reports of regulator pressure over fees, but ended the week higher supported by a rally in heavyweight energy stocks.
The commodity-focussed FTSE 100 closed 0.6% lower on Friday but ended the week 1.4% higher, snapping its three-week losing streak.
St James’s Place tumbled 21.8% following media reports the British wealth manager is under pressure from regulators to overhaul its client fee structure to comply with the UK’s new Consumer Duty rules. British American Tobacco shed 3.5% after the US health regulator on Thursday blocked the sale of six flavours of its
main vape brand, Vuse Alto, in the market including the menthol flavour that makes up a large portion of its sales.
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