Hargreaves Lansdown delays P2P launch until 2017

Hargreaves Lansdown delays P2P launch until 2017

Hargreaves Lansdown has revealed that it expects to launch its peer-to-peer lending operation in 2017.

The advisory firm revealed the news in its annual report, which also confirmed that the launch of its cash management service HL Savings would also take place next year.

Hargreaves Lansdown declared that once HL Savings was launched, its entry into peer-to-peer lending would follow.

In September last year, Hargreaves Lansdown announced it would be launching peer-to-peer services to its clients.

However, it originally expected to bring the service to market during the second half of 2016.

In its latest announcement, Hargreaves Lansdown revealed that it had increased staff numbers in HL Savings in order to help the development of a new digital cash deposit service and peer-to-peer platform.

Hargreaves Lansdown also reported that it had capitalised £1.1m of staff costs relating to the development of the cash deposit and peer-to-peer platforms.

The firm has been helping clients choose and manage investments since 1981 and its latest results showed that profit before tax had increased by 10% on last year.

Ian Gorham, chief executive of Hargreaves Lansdown, stated: “We are delighted to present a set of results demonstrating a healthy profit growth and continued substantial new assets and clients.

“Hargreaves Lansdown is well positioned to take advantage of the structural opportunity for growth in the savings and investments market, including the launch of the Lifetime ISA in April next year.”

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