Further consolidation in the direct to consumer platform sector is on the cards as providers struggle to find new business, according to investment consultancy Fundscape.

Abrdn made a pre-tax loss of -£615m last year down from a £1,115m profit in 2021, driven by a decline in investments revenue.

Profits for Abrdn’s advice arm rose 75% year-on-year in the first half of 2022 despite significant losses in the parent business.

Online D2C platform interactive investor has launched what it calls an ‘ultra low cost’ SIPP with a flat fee of £12.99 a month.