Platforms 'the big winners of the 2014 Budget'

Platforms have been labelled the biggest winners of the 2014 Budget, as the increase in the ISA allowance and a move to provide more flexibility for retirees gives the sector a boost.

Research by Platforum predicts an increase in projections for AUM growth following the changes announced in the Budget, as existing users increase their contributions to savings pots and take advantage of the new rules around annuities. The group said it expects the advised platform market to hit £495bn by December 2016, with D2C platforms growing to £270bn in size by the same period. Following the move to increase the annual ISA allowance to £15,000, shares in Hargreaves Lansdown - the only listed platform - soared this week, climbing 15% on the day of the Budget, as investors specul...