Funds were hit by a record £25.7bn in outflows in 2022 as frightened investors withdrew their money, according to a leading investment trade body.

Investors pulled out £7.6 billion from funds in September, the eighth month of net retail outflows this year.

Market uncertainty in January spurred UK savers to withdraw £642m from retail funds, the first outflows since March 2020.

The Investment Association (IA) has today published figures on how savers invested in February.