New research on the UK wealth management sector has revealed that assets under management have reached a record £957bn for the first time with collective investments now making up over 40% of all assets.

SIPP and platform provider AJ Bell has called on the Government to exempt pensions and ISAs from Inheritance Tax as part of a drive to “simplify” UK savings.

A Chartered Financial Planner has backed a cross-party report urging a radical shake-up of ISAs.

Old Mutual Global Investors is exiting the ISA and investment account markets and planning to transfer most of its 8,300 clients to Hargreaves Lansdown.