Andy Bell

The firm’s customers will be able to apply for fixed-term savings accounts from a variety of banks through AJ Bell’s platform. Sums of up to £85,000 will be covered by the Financial Services Compensation Scheme.

In a trading update released by the firm yesterday, AJ Bell revealed that it had seen an increase in activity since the outbreak of the coronavirus and the turbulence in international stock markets. The company’s customer numbers increased by 8% in the three months to the end of June. AJ Bell’s net inflows were £1.2 billion and its assets under administration rose by 12% to reach £54.3bn. 

Andy Bell, the chief executive, said: “Markets have rebounded from the lows seen in the previous quarter but remain volatile and this has helped increase the value of assets under administration and customer trading volumes.”

The firm said that its strong half-year results released at the end of March combined with the market volatility stemming from COVID-19 has driven record levels of dealing activity. 

Mr Bell added: “This operational resilience demonstrates the strength of our business model which has been appreciated by many customers and advisers. The long-term growth drivers of the platform market remain undiminished and we are well-positioned within the market to benefit.”

The shares closed yesterday down by 3p, or 0.7% to 430p.