It found that over the last five years the total AUA had grown by 87%, with the average DIY investment provider growing 12% in quarter two alone, and that over the last decade self-directed assets nearly quadrupled, climbing from £167bn to £653bn.

The research also found that account growth kept pace, with 14.9 million accounts being DIY investors, up 96% from 7.6m recorded in quarter two of 2021.

Boring Money has been tracking the DIY investment market through its quarterly tracker since 2015, drawing on data from leading providers to benchmark AUA, account growth and provider-level performance every quarter.

It claimed the growth was driven by sustained consumer appetite for self-directed investing and strong underlying markets, with the number of new entrants to the sector continuing to rise alongside asset growth.

Holly Mackay, Founder and CEO at Boring Money, said: “Strong markets and continued consumer interest took self-directed investments to fresh highs by the end of June. The DIY investment platform sector has quadrupled in the last decade.

“The next test will be any sustained market correction, as one-quarter of all investors have only been in the market for less than three years, experiencing volatility but no sustained downturn. Providers need to keep an eye on the future – any sustained correction will demand swift, clear communication, particularly for those with less experienced customers on their books.”