Underlying profit before tax rose 18% year-on-year to £17.1m (H1 FY23: £14.5m) for wealth manager and Financial Planner Brooks Macdonald for the six months ended 31 December.

Platform and SIPP provider AJ Bell has reported strong growth in revenue and profits in its results for the year ended 30 September published today.

More than 4 in 10 financial advisers expect the FCA’s new Consumer Duty - which came into effect on Monday 31 July - to hit profits due to the cost of complying with the new rules.

Integrafin, parent company of platform Transact, suffered a near £4m fall in IFRS pre-tax profit in the half year to 31 March as it was hit by rising costs and adverse markets.

Wealth manager and SIPP provider Mattioli Woods has today reported a sharp rise in pre-tax profits by 45% to £4.8m in its interim results for the six months ended 30 November.

SIPP provider and wealth manager Mattioli Woods has reported a near 73% rise in revenue for the year ended 31 May thanks to a rapid acquisition programme.

Full year pre-tax profits slumped by 26% to £269.2m at investment and platform provider Hargreaves Lansdown as the company was hit by economic headwinds.

Investment management and SIPP provider Redmayne Bentley has reported a 27% increase in profits for its latest financial year thanks to a strong final quarter.

Transact is to cut some of its charges in April with annual commission charges and buy commission charges both reduced.

Pension group XPS has reported flat profits for the 12 months ending 31 March at £11.4m but remains positive about the year ahead.