AJ Bell CEO Michael Summersgill was the latest investment boss to criticise the uncertainty ahead of last November’s Budget, in a trading update for Q1.
The platform delivered net inflows in the final three months of 2025, despite “temporarily elevated outflows” in the run up to the Budget.
“Customers nearing retirement responded to speculation around potential pension tax changes, resulting in a £500m increase in pension withdrawals compared with Q1 FY25,” said Summersgill.
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“Persistent uncertainty in the lead‑up to the last two Budgets has become an unwelcome feature of the market, prompting higher levels of assets moving out of pensions and risk‑based investments. This is directly at odds with the government’s stated ambition to boost retail investing.
“We hope to see a more considered approach to the next fiscal event and urge government to provide a clear commitment to pension tax stability going forward.”
Quilter’s Steven Levin and Aberdeen’s Jason Windsor also commented on the market uncertainty in updates released this week.
AJ Bell Investments
Momentum in the firm’s investments arm continued in its Q1, with assets under management rising a further 7% in the quarter to £9.5bn. The investments arm also received net inflows of £300m.
“We have started the year with strong momentum,” added Summersgill.
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“The platform market presents significant long-term growth opportunities, and our dual-channel model, supported by continued business investment, ensures we are well-placed to deliver on this opportunity.”
Meanwhile, the platform business recorded record assets under administration of £108bn, up 21% over the previous 12 months and 5% in the quarter.
In terms of customer numbers, it reported a further 5% rise in Q1 to close 2025 at 673,000.
This story was written by our sister-title, Portfolio Adviser
