Hargreaves Lansdown Founder Peter Hargreaves speaks out on pro-Brexit stance

Among Britain’s highly successful long-term senior executives and founders of some of the most prominent electronic trading companies in the country, the possibility that Britain may leave the European Union after a referendum in June is a potential circumstance that would be relished. Joining CMC Markets Plc (LON:CMCX) CEO and founder Peter Cruddas in the […]

Hargreaves Lansdowne founder speaks out on Brexit

Among Britain’s highly successful long-term senior executives and founders of some of the most prominent electronic trading companies in the country, the possibility that Britain may leave the European Union after a referendum in June is a potential circumstance that would be relished.

Joining CMC Markets Plc (LON:CMCX) CEO and founder Peter Cruddas in the pro-Brexit school of thought is Peter Hargreaves, who founded Bristol-based £6.9 billion Bristol-based Hargreaves Lansdown PLC (LON:HL) alongside Stephen Lansdown in 1981.

On Friday, Mr. Hargreaves spoke out about his perspective on how a post-Brexit Britain would look, likening it to Singapore in the 1960s.

He explained to the BBC on Friday “I am firmly convinced that the day hopefully, we decide to leave, that little bit of insecurity, that little bit of unknown will be an absolute fillip to everyone.”

Mr. Hargreaves continued

“When Singapore became independent from Malaysia, that little insecurity that they were no longer part of Malaysia, it was an inspiration. I honestly think that would be good for us too.”

Hargreaves Lansdown is Britain’s largest retail financial services company, having grown from a small brokerage firm in Clifton, Bristol in the 1980s, to today’s electronic brokerage.

In a recent meeting with FinanceFeeds, Hargeaves Lansdown demonstrated its self-developed Vantage service, which is an in-house developed proprietary platform that offers customers a wide selection of option choices such as spread betting and CFDs, ISA’s, SIPPs as well as corporate and government bonds, ETF’s, Investment Trusts. The company considers its strong customer service and safety of client funds to be top priorities.

Trading in the instruments that the company provides is manageable via the Vantage system which holds different types of investments together in one place with one valuation and dealing service, and whilst CFDs and spread betting are very much part of the firm’s product range and are offered under the HL Markets brand, Hargreaves Lansdown has 14% of the UK’s market share in ISAs.

The company’s CEO is one of Bristol’s most successful commercial leaders. 43-year old Ian Gorham, whose salary is £500,000, superseded Mr. Hargreaves in 2010 and has maintained the company’s incredible financial strength, attracting talent from London at senior level, exemplified by IG Group CFO Christopher Hill having joined the company as CFO in the last quarter of 2015.

Mr. Hargreaves told the BBC on Friday that concerns about leaving the European Union and the potential impact that such a decision would have on the financial sector, particularly the City of London, were being blown out of proportion.

“We raise money for the Russians; we raise money all over the world, for countries that are not in Europe,” he said. “They’ve got to use London. London can raise billions on a few phone calls” – Peter Hargreaves

Mr. Hargreaves believes that there would be absolutely no material effect on trade between Europe and Britain should an exit from the European Union take place.

Just as Britain would no longer be required to pay tens of millions of pounds every day to the various white elephant projects and failed economies in the European Union, the country would retain its sovereignty as an independent nation and further secure London’s place as the prestigious world financial center. He clearly understands that even if Britain is not inexorably tied to the European nations politically, the demand for European companies to sell tehir products in the world’s 10th largest economy by GDP would still be very strong.

“Can you imagine if they put up a trade barrier, and we would reciprocate immediately” said Mr. Hargreaves. “Just imagine the three phone calls Angela Merkel would get the following day, the chief executive of [Volkswagen], the chief executive of Mercedes and the chief executive of BMW” – Peter Hargreaves

Mr Hargreaves, voiced his pro-Brexit opinion last year, has stated that being autonomous could also help the country to strike better trade deals. He said Britain could look to the Commonwealth for more trade, as it would be free of previous deals that favoured other EU members.

Mr. Hargreaves also considers the reduction in bureaucracy to be a potential boon. “Britain would also escape many of Brussels’ rules and regulations” he claimed.

As the Brexit debate gains further ground and the referendum approaches, this is another clear statement from a leading executive who has built up one of the most substantial and well-respected companies in the electronic financial services industry, rather similar to that of Peter Cruddas who has donated £1 million to a Brexit campaign, and also co-founded The City For Britain, a pro-Brexit group representing the interests of London’s financial sector workers.

Photograph: Clifton, Bristol. The original home of Hargreaves Lansdown

Read this next

Retail FX

Malaysia regulator exposes OctaFX clone, shady FB profiles

Malaysia’s financial regulator today warned online investors about the risks of following investment tips made on social-media platforms.

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”

<