There is mounting evidence that vulnerable clients have been left even worse off by the Coronavirus pandemic and the soaring cost of living.

These are grim times for platforms, hit by runaway ’trains’ coming from all sides.

Almost half (46%) of Financial Planners have had clients withdrawing funds from their investments to cover essentials bills and address income shortfalls due to the cost of living crisis, according to a new report.

Pension specialist Cartwright has handed each staff member a one-off cost of living payment of up to £2,000 to help them cope with the current challenging financial times.