Liberty Sipp, which is facing claims over unregulated investments, has reported a nearly 20 per cent increase in pre-tax profit.
Money Marketing reported in May law firm Anthony Philip James & Co says it has up to 700 investors who allege they have suffered significant losses as a result of unregulated pension investments through the provider.
The firm is facing at least 30 cases in which investors allege it was responsible for the misselling of Sipps between 2011 and 2013.
Also in May, Wixted & Co Solicitors issued a case in the Circuit Commercial Court in Bristol against Liberty Sipp.
There, a group of 27 investors is taking action against Liberty Sipp over allegations it was responsible for losses incurred from risky investments.
In its annual results, Liberty, which has £2.95bn of assets under management, reported pre-tax profit of £506,000 in 2017/18, which was a 19 per cent increase on the previous year.
Liberty administers 12,800 Sipps and works with 745 advice firms across the UK
Liberty sales and marketing director Matthew Rankine says: “As fees have come down, Sipps have become a more mainstream product.”