M&G’s platform and advice businesses saw an increase in annual pre-tax losses to £32m in 2023 (2022: £24m).

After a turbulent two years platforms are beginning to show signs of recovery with assets up, according to a new study by platform consultancy the lang cat.

The number of advice firms planning to launch their own in-house platform has levelled-off, according to NextWealth’s latest report into the trend.

A third (34%) of advisers changed platforms in the last year following the Consumer Duty, mergers and technology updates, according to Defaqto’s newly-released annual Platform Service Review for 2024.