M&G plc plunged into an IFRS loss after tax of £347m last year after making a profit of £309m the previous year, it reported in 2024 full year results today.

Fintech and adviser support services firm Fintel, owner of SimplyBiz and Defaqto, said statutory profits climbed 6.3% to £15.3m in 2024 as revenue climbed.

Revenues at Jersey-based wealth manager Team almost doubled in the year to September, climbing from £5.3m to £10.3m but despite this the firm posted a £1.6m loss (2023 profit £0.7m).

Net flows at Aviva’s wealth arm climbed 23% in 2024, rising to £10.3bn from £8.3bn, as assets under management grew 17% to £198bn, from £170bn.

Wealth manager St James’s Place returned to profit last year after introducing a simpler and more comparable charging structure following customer complaints.

Integrafin, the parent company of adviser platform Transact, has reported record funds under direction on the platform of £64.1bn for the three months to the end of September.

Investment and wealth manager M&G is to exit the digital platform market and will merge its life and wealth divisions in a major shake up for the company.