Hargreaves Lansdown has launched a new service, Simply Invest, aimed at first-time investors.  

The company described the scheme as a “low cost fund solution suitable for younger investors”, with an investment process said to take just five minutes and an associated mobile app.

It will initially only offer the Legal and General UK Index fund, which tracks the performance of the FTSE All Share.

But the firm says new investors can opt for other funds when they feel confident enough.

The fund is discounted to 0.04 per cent, down from its headline
0.1 per cent charge.

Hargreaves Lansdown will charge a maximum of 0.45 per cent as a platform fee.

Danny Cox, Chartered Financial Planner, at Hargreaves Lansdown said: “The need to invest for the future has never been greater for younger generations, now that final salary schemes are a thing of the past, inflation has returned to the fray and cash is still yielding next to nothing.

“Many younger people recognise the need to invest, they just don’t know how best to go about it.
 
“Our new Simply Invest service makes investing in the stock market easy for first time investors, while helping them build their knowledge and confidence with a monthly educational tutorial delivered to their inbox.

“The whole investment process takes just five minutes and is specifically designed for those who are new to investing.”