The UK’s largest wealth manager, St James’s Place, has come under fire for its fees and the way its advisers are incentivised, following an investigation by a Sunday newspaper.

The Sunday Times obtained documents which it claimed showed advisers are told to play down fees charged to clients, and that advisers can end up in debt if they do not sell enough product, as SJP fees for being part of the network can exceed the adviser’s own income.

Also under scrutiny was the firm’s “early withdrawal” charge of six percent for pension savers, if they withdraw money within the first six years of it being dep...