Non-insurer Hargreaves Lansdown has become a member of the Association of British Insurers (ABI) – in a pioneer move aimed at extending representation.
The ABI said: “Platforms are an increasingly important part of the long-term savings industry, which is why the ABI has established a platform working group. The group consists of senior representatives of platforms owned by ABI members and is open to other platforms joining as ABI Platform Members.”
According to the trade body, it is increasingly working on long-term savings initiatives that involve the wider sector beyond its existing membership. The new membership category aims to provide “a powerful voice” for the platform community, as well as robust representation to regulators and policymakers.
“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,” commented ABI chair Andy Briggs.
Tom McPhail, head of policy at Hargreaves Lansdown, said: “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.”
He added that working with the trade body would give Hargreaves Lansdown greater scope to promote its clients’ interests.
“As Hargreaves Lansdown is not an insurance company, technically it cannot become a full member of the ABI. The company will hold Platform Membership, which in practical terms operates on a similar basis to full membership,” explained the ABI.
Director of policy, long-term savings, and protection Yvonne Braun said the ABI already has significant platform membership via the insurer-owned platforms and is now opening up ABI Platform Membership.
Related stories:
Could brokers turn away from panels?
Insurer online platforms to face FCA scrutiny
