ISA withdrawals from adviser platforms rose 42.8% year-on-year in 2023 as the cost of living crisis started to bite, according to a new report.

AJ Bell’s adviser platform Investcentre has axed or cut several custody charges on its platform and is increasing the amount of interest paid on clients’ cash.

Investment expert Fraser Donaldson reviews the FCA's latest 'Dear CEO' letter on cash interest. Mr Donaldson, Insight Consultant at Defaqto, writes a regular column on DFMs for Financial Planning Today magazine with the latest column reproduced below. To view Fraser's past columns and lots more content in the magazine register and subscribe to the magazine. If you are not yet registered for Financial Planning Today website do so now to find out more. Registration is free.

M&G’s platform and advice businesses saw an increase in annual pre-tax losses to £32m in 2023 (2022: £24m).