So investors have received compensation payouts of only around 20 per cent of the value of their investment, according to lawyers acting on their behalf.
5) The amazing disappearing profits
For its next trick, IFG Group has made its profits disappear in their entirety.
The parent company of James Hay and Saunderson House saw its profits go down by 103 per cent, creating a loss of £101,000 in the first half of 2017.
Despite this IFG Group saw its assets under administration and advice increase by 19 per cent to £29bn in the past 12 months.
IFG Group has attributed the 103 per cent decrease in profits to the fall in interest rates in the second half of 2016, which affected James Hay.
Self-invested personal pension provider James Hay saw a £3.3m loss of interest revenue as a result of rates being cut to 0.25 per cent, bringing IFG Group’s revenues down £1.4m to £38.5m.
damian.fantato@ft.com
