Wealth platform AJ Bell's share price has endured a tough 2023.
Retail share activity has dried up while the financial regulator is taking more interest in just how Bell and its wealth platform peers make their money.
Fair value assessments introduced in May are threatening fees, while last month the FCA wrote to the platforms questioning the level of interest paid on money held by their clients.
Good news is that total assets under administration across its platform reached a record £70.9 billion, up 11% across the year, which it said was driven by net inflows and “favourable market movements”, but the 30% share price this year suggests the market is worried.
Add in the news this week that US bucket shop Robinhood is going to enter the UK retail market and Bell’s management will have plenty to address alongside next week’s annual results update.