Investment platform Transact saw FUD for the quarter ending 30 June of over £37.71bn, an increase of 13.5% over the quarter and an increase of 5.1% over the financial year to date.

Over the same quarter the FTSE All Share Index rose by 9.8%, and the MSCI World Index rose by 19.3%.

Inflows for the quarter were over £1.2bn and outflows were £428m.

For the year to date inflows were £4.45bn with outflows of £1.6bn.

Alex Scott, CEO of Transact, said: "Despite the very challenging conditions of the past few months, I can report that net inflows in the last quarter matched those of the same period last year and FUD reached their highest ever end of quarter level.

“The outlook for the next quarter is obviously heavily dependent upon the economic effects of the measures being taken to combat COVID-19 and their impact upon equity markets, FUD and flows.”

“This was only possible due to the dedication of our staff. As we negotiate our way through the anticipated return from lockdown, their welfare, and the service they deliver to customers, continue to be my primary concerns."