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Hargreaves tipped to apply for banking licence

Hargreaves tipped to apply for banking licence

Discount broker Hargreaves Lansdown is expected to apply for a full banking licence in an effort to build on its strong growth according to The Mail on Sunday.

Analysts at Morgan Stanley have predicted that Hargreaves could announce the move when it publishes its financial statements for the last 12 months on Wednesday, said the newspaper.

The move would allow Hargreaves, which was founded by executive director Peter Hargreaves (pictured), to pay better interest rates on clients’ cash and follows the increased ISA allowance announced in the Budget

The paper quoted Morgan Stanley as saying: ‘ISA reforms allow for increased cash holdings plus flexibility between cash and investments, and pension reform would also increase client cash. To attract and retain customers, we believe Hargreaves will have to pay more competitive rates on client cash.’

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