Barclays plotting to rival Hargreaves Lansdown

Barclays is plotting to ramp up its investor platform to create a rival to Hargreaves Lansdown. 

Finance boss Tushar Morzaria has said Barclays plans to grow its DIY platform Smart Investor to lure customers of the FTSE100 giant built by Peter Hargreaves and Stephen Lansdown. 

Expansion: Finance boss Tushar Morzaria has said Barclays plans to grow its DIY platform Smart Investor

Expansion: Finance boss Tushar Morzaria has said Barclays plans to grow its DIY platform Smart Investor

Expansion: Finance boss Tushar Morzaria has said Barclays plans to grow its DIY platform Smart Investor

Smart Investor has seen 230 per cent growth in customers this year as savings rates were cut to new lows over the summer. 

The bank has also set up a service called Plan & Invest. Customers fill out a questionnaire and are advised on an investment plan, drawn from more than 10,000 options. 

The service is aimed at Barclays current account customers with a minimum investment of £5,000. 

Banks are extending services as turnover comes under pressure from low interest rates. 

Morzaria said Barclays would cut costs, expand its cards business and plough more money into mortgages.

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