St James’s Place advisers cannot practically sell their business to a firm outside the group, despite now facing a discount of up to 45 per cent in the value of their businesses if they don’t. The drop in practice valuations is particularly impactful given the interest rate on loans made by SJP to advisers is calculated at 3.75 per cent over the Bank of England base rate. Read more: https://on.ft.com/4mAvSJW