IFG shares tumble by 14%

SHARES in IFG tumbled 14% yesterday as the financial services company issued a profit warning.

The company told the stock exchange it had decided to quit the pensions release business in Britain in an effort to stave off further losses. It would also suffer from the need to invest in its insurance business, as well as lower trading margins from policies, it said.

IFG’s pensions release business had already cost it €4 million after the British financial services regulator, the Financial Services Authority (FSA), carried out an investigation into its sales and compliance procedures.