James Hay profits dip as SIPP attrition continues

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...