Platform net sales drop as worst results since 2013 revealed

More generally, last year's sales figure dropped by 34% since 2018 and by almost 50% (47%) since 2017. As a result of poor net sales showing, Fundscape has said, the net sales ratio - which used to hover around 50% - has decreased to 25.6%.

However, Fundscape did find the year ended "on a high" as net sales made rose to more than £8bn, an increase the consultancy said was down to the general election results on 12 December.

Elsewhere, in Q4 of 2019, assets under administration (AUA) rose by 3% to £713.1bn and annual asset growth for 2019 came to £112bn, a 19% increase.

This figure was almost four times higher than the £30bn achieved the previous year. Fundscape said the results were mostly because of an increase in asset values. 

DB transfer flows camouflage tough year for platforms

Fundscape chief executive Bella Caridade-Ferreira (pictured) said last year was tough for the investment industry. "The all-important ISA season in the first half of the year was a damp squib with half the usual volume of net sales thanks to last-minute Brexit negotiations and political brinkmanship."

She continued: "With the outlook crystal clear after the general election, sales flows rose markedly in the last weeks of December. Since then, platforms have reported bumper January sales, so things are looking up for a bumper ISA season and a strong start to 2020."

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• Bella Caridade-Ferreira