D2C platforms under threat from open banking

Investec Click & Invest and UBS Smartwealth, were the most expensive since they use actively managed investments and discretionary management teams, with the former costing 1.25 per cent for an investment of £15,000 and the latter costing 1.29 per cent for the same.

Dennis Hall, managing director of Yellowtail Financial Planning, said: "Open banking could potentially work for advisers and work for financial services but I think the biggest challenge is getting a big enough cohort of consumers to use it in the first place.

"People may not want to have a third party aggregating their data but if you can get over that it could be very helpful for advisers."

damian.fantato@ft.com