Funds under direction (FUD) at platform Transact totalled £44.82bn at the end of December, an increase of 9.1% over the previous quarter as gross inflows rose.

Total group funds under management at wealth manager and Financial Planner Brooks Macdonald increased 13.6% to £15.5bn in its second quarter ending 31 December 2020.

Financial Planning-led wealth management firm AFH Financial has reported that its client inflows continue to be impacted by the Coronavirus pandemic.

Changes to the financial reporting form advisers use to submit annual returns to the FCA could halve the costs of providing adviser charging data across the industry, the regulator said today.