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

 Rachel Vahey: Advisers and clients still need clarity on NMPA increase

Rachel Vahey: Advisers and clients still need clarity on NMPA increase

'HMRC has had years to clear this up but has sat on its hands'

Rachel Vahey
clock 11 March 2026 • 4 min read
Pension freedoms exposed a longevity problem we still refuse to confront

Pension freedoms exposed a longevity problem we still refuse to confront

'The gap between product complexity and consumer understanding is not narrowing'

Julia Fintz
clock 11 March 2026 • 4 min read
Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Complex Hartley Pensions administration continues amid 'misappropriated funds' investigation

Administration expected to conclude in 2027

Isabel Baxter
clock 10 March 2026 • 3 min read