Sales of self-invested personal pensions (SIPPS) at James Hay in the first half of the year were up significantly but profits and revenues were down.
James Hay Partnership H1 SIPP sales reached 2,600 - this exceeded the full year sales for 2012. Its total SIPP book now stands at 38,392 pensions under administration.
However, the results said profits and revenue had been hit by the Retail Distribution Review (RDR). James Hay Partnership adjusted operating profits of £3.4m were down from £4.7m in the first half of last year.
The results said: "The effects of attrition, new business lag and the once-off loss of income under RDR had an adverse impact. The effects of attrition on the legacy James Hay book and the lag effect of new SIPP business are diminishing as the James Hay Partnership book has now achieved net book growth and continues to gain momentum.
"This was a one-off loss of income, not material, as the business model is not reliant on rebate income."
Overall group pre-tax operating profit stood at £2.7m.
IFG Group chief executive Mark Bourke said: "Operationally, the core businesses have delivered a good first half result and new business momentum continues.
"Strategically, we have clear direction. Financially, we have a strong and flexible balance sheet allowing further investment. The Group is in good shape and we are building a platform for substantial growth over the medium term."
Underperformance still present – for now
Regtech or fintech
15% increase in number of claims paid
Open architecture philosophy
Inflation above 2% for first this this year