After the heady growth and the robust ISA season of the first half of the year, the third quarter of the year was decidedly pedestrian. Stock markets flatlined as oil and labour shortages dragged on economies and depressed consumer sentiment. Despite this, UK platform assets rose by 2.7% to £891.5bn, while gross and net sales dropped back slightly on the previous quarter to £37.8bn and £13.7bn respectively.
The UK platform industry followed up a great first quarter of 2021 with a second one of Olympic-style proportions and yet another clutch of records. With restrictions easing and consumers spending more, a robust recovery was to be expected. Markets didn’t disappoint — the FTSE All Share rose by 5% in the three months to June, while platform industry assets grew by 6.5% to £865.8bn.