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We knew the fourth quarter was going to be tough, but not this tough! The platform industry (all platforms) was in net outflow of £8.2m. (Yes, the entire industry was negative thanks to outflows in workplace/institutional platforms). Adviser platforms were positive, but their net flows halved quarter on quarter to £655m, their lowest total on Fundscape records.

Advisers and investors are often fed up with the platforms they use and would like to switch to a new provider, but a major deterrent is the exit fees that some platforms charge.