Moneysupermarket is due to introduce an investment platform, giving users the ability to open accounts and buy and sell mutual funds and exchange traded funds, reported the Financial Times.
The step will bring parent company Mony Group into competition with major UK investment platforms including Hargreaves Lansdown, AJ Bell and Interactive Investor, as well as a rising number of digital newcomers.
Mony Group CEO Peter Duffy said: “Investment is still intimidating for lots of people — 70 per cent of UK adults don’t invest. We think there is an opportunity to help customers here.
“We have rebuilt our platform. We think we can help people in more ways and the next step of the process is to add investments to that. Customers trust us, the brand is very strong.”
“This sits in the app where you do everything else. There is nothing quite like this on the market.”
At launch, the platform will offer 40 mutual funds and ETFs, including Vanguard LifeStrategy products, S&P 500 tracker funds, and AI and robotics ETFs.
Investments can be held in either a stocks-and-shares Isa or a general investment account.
The platform fee is 0.34% and trades will not incur a dealing charge, noted the report.
The launch comes after Moneysupermarket introduced a savings platform in February, providing access to third-party cash Isas and other savings products.
Mony Group is primarily known for its price-comparison business, spanning products such as insurance, mortgages, car hire, TV and broadband.
Duffy rejected the suggestion that the savings and investment expansion was a response to pressure from AI on the comparison business, saying it was simply “the next logical step for us to help our customers more”.
“Moneysupermarket introduces investment platform” was originally created and published by Private Banker International, a GlobalData owned brand.
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