Wealth manager and Financial Planner Tilney Smith & Williamson - soon to rebrand - said Assets Under Management fell by £1.9bn in the first quarter of this year, “reflecting more challenging recent market conditions.”

Wealth manager St James's Place today reported record first quarter net inflows of £2.91bn (£2.90bn in Q1 202) and strong annual growth in funds under management of £151.25bn (up £15.79bn on Q1 2021).

AJ Bell has blamed “negative market movements of £2.7bn”, for a 4% slump in assets under management in its latest trading update.

The Financial Ombudsman Scheme has reported a sharp rise in the number of new SIPPs cases in 2018 and is upholding an increasing number of complaints.