James Hay profits dip as SIPP attrition continues

clock

SIPP provider James Hay recorded a 10% dip in profits in the first half of 2012, during which it continued to leak business.

Profits within the pension administration business were down from £5.9m to £5.3m, with a delay in planned hires from last year and an increase in compliance costs blamed. While 1,046 SIPPs were transferred in, 1,703 were transferred out, although the company is still aiming to reach a breakeven rate of acquisition by the end of the year. Meanwhile, parent company IFG Group reported an adjusted operating profit of £5.9 million, down from £7.2 million during the same period in 2011, with revenues down from £39.7m to £38m. Profits in its independent financial advisory business were do...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Women, wealth, and worry: How to close the retirement gender gap

Women, wealth, and worry: How to close the retirement gender gap

Julia Peake explores the retirement gender gap and suggests how it can be closed...

Julia Peake
clock 16 December 2025 • 4 min read
Senior pension figures question HMRC's 7.7 million salary sacrifice uptake figure

Senior pension figures question HMRC's 7.7 million salary sacrifice uptake figure

‘It doesn't take much of an error in those figures to have no benefit whatsoever’

Jenna Brown
clock 15 December 2025 • 8 min read
FCA launches consultation on adapting to a 'changing pensions market'

FCA launches consultation on adapting to a 'changing pensions market'

Outlines regime for digital pension planning tool

Holly Roach
clock 11 December 2025 • 3 min read