Mixed year for platforms as Budget fuelled investor uncertainty

Figures from the business showed that during the final quarter of the year gross flows jumped 14% to £44bn, which is said was the second highest on record. It added net flows stayed steady at £5.4bn. However, it added that Budget uncertainty – especially over potential cuts to pensions tax allowances – resulted in continued outflows, with assets directed into cash and annuities. Q3 saw a "rush on tax-free cash from pensions by some customers, and others to maximise their contributions before changes came into effect," the business said. However, pension allowances were spared by the c...