Tom McPhail, head of Policy at HL, said the company wants to do more to represent investors’ interests and to influence government and regulatory policy.
He said: “We want to speak up on behalf of investors, to make sure government and regulatory policy helps people to plan for their future.
“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.”
Andy Briggs, ABI chairman, said: “The ABI Board is delighted to welcome Hargreaves Lansdown as the first ABI Platform Member. Platforms are an increasingly important part of the market and reflect the way technology is changing long term saving and the way customers save. The market is strongest when it speaks with one voice and this new category of membership reflects the growing importance of ABI policy work in the platform area.”
Yvonne Braun, director of Policy, Long Term Savings and Protection, said: “We are very pleased to welcome Hargreaves Lansdown as our first ABI Platform Member. The ABI already has significant platform membership via the insurer-owned platforms and is now opening up ABI Platform Membership.”
The ABI says that as Hargreaves Lansdown is not an insurance company, technically it cannot become a full member of the ABI so the company will hold Platform Membership, which in practical terms operates on a similar basis to full membership.