Gross and net flows for direct to consumer investment platforms continued their downward trend in 2023, hitting their lowest point in the fourth quarter of 2023, according to a new report.

Platform and investment analyst Fundscape predicts that 2023 will be another tough year for platforms after a dismal 2022.

Platforms had their worst three months in a decade in the third quarter as market wobbles and a wave of bad news took their toll, according to a new report from platform and investment research company Fundscape.

Total platform assets under management (AUM) slumped by £52.2bn to £838.4bn in the second quarter, down 5.9% on the previous quarter.