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James Hay Sipp growth surpasses target

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    IFG Group, owners of pensions administrator James Hay and IFA firm Saunderson House, has reported strong performance in both companies with the former reaching its target for new Sipp sales and the latter being fully compliant with the Retail Distribution Review.

    James Hay Partnership in October surpassed its goal of gaining 250 new Sipps per month, with 258 new pensions joining the company. However, the monthly average at Q3 2012 was 213 and that of Q4 2011 was 148.

    This monthly goal is part of a plan to gain 4,000 new Sipps over a five year period, which would mean new business would exceed the company’s 10 per cent attrition rate, which it is mostly due to the maturity of the James Hay book that existed prior to its merger with IFP Partnership.

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    Saunderson House, IFG’s IFA arm, is already purely fee-based and therefore the group expects “minimal impact” on the company or its clients when the RDR comes into effect in the new year.

    The company has attracted 85 new clients in the year to date and recovery rates of billable hours of greater than 80 per cent.

    Slightly less positive is IFG’s business in Ireland, where the group says market conditions “remain difficult... as the economy remains depressed”.

    Despite this, IFG says it is encouraged by new client wins within its corporate pensions business, and the expansion of its Individual Advisory offering.

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