Britain's biggest retail broker thinks it could be an insurer and has joined the sector trade body to prove it

Oliver Gill
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Hargreaves Lansdown will be the first "platform member" of the ABI (Source: Getty)

Hargreaves Lansdown, Britain's biggest financial broker, is preparing to shake-up the insurance sector by joining its main trade body.

The Bristol-based firm has been welcomed as a member of the Association of British Insurers (ABI).

“Hargreaves Lansdown’s business has been built around putting the interests of our clients first, and helping people to save and invest with confidence," said Hargreaves Lansdown head of policy Tom McPhail.

The ABI has modernised and developed a strong ethos of building policy around the interests of investors, and is now looking to extend its representation to support platform providers such as Hargreaves Lansdown, as well as its traditional insurance company membership. Working with the ABI will give us greater scope to promote our clients’ interests.

Read more: Peter Hargreaves takes the plunge into new firm Blue Whale Capital

The FTSE 100 firm will be the ABI's first "platform member", which chair Andy Briggs said, "are an increasingly important part of the market and reflect the way technology is changing long term saving and the way customers save".

Meanwhile, the ABI's Yvonne Braun, a director of policy, long term savings and protection added:

"The ABI already has significant platform membership via the insurer-owned platforms and is now opening up ABI platform membership.

"This has never been more important as the long term savings market continues to undergo profound change.”

Read more: Hargreaves Lansdown profits jump by a fifth

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