Advised platform net flows plunged 38% to £2.8bn in the second quarter of 2023.

Integrafin, parent company of adviser platform Transact, has reported advised client numbers climbed to a record 229,000 in the three months to the end of June.

Adviser platform Transact has criticised the approach some other platforms have taken towards cash handling and the use of cash interest.

Integrafin, parent company of platform Transact, suffered a near £4m fall in IFRS pre-tax profit in the half year to 31 March as it was hit by rising costs and adverse markets.