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.

Net adviser platform flows fell to £655m in the fourth quarter of 2023, their lowest total on record, according to analyst Fundscape.

Investment platforms saw their worst ever quarterly net flows in the third quarter - plummeting to just £2.3bn, according to investment research company Fundscape.

Further consolidation in the direct to consumer platform sector is on the cards as providers struggle to find new business, according to investment consultancy Fundscape.