Investment provider Hargreaves Lansdown has warned that its FSCS levy could nearly double in the coming year from £6.8m to £13m.

The STAR initiative, the cross-industry group aiming to improve the transfer of pension and investment assets between providers, is to seek a new chairman following the decision by its chairman Tom McPhail of Hargreaves Lansdown to leave the industry.

Hargreaves Lansdown co-founder increased his share sell off from £500m to £550m today due to strong demand from institutional investors. 

Peter Hargreaves, one of the two founders of Bristol-based investment provider Hargreaves Lansdown, is to sell £500m of his shares.