MoneySuperMarket enters investment platform market
MoneySuperMarket has entered the investment platform market with the launch of a direct-to-consumer proposition.
The new platform, Investments by MoneySuperMarket, offers customers access to Stocks and Shares Isas and general investment accounts from as little as £1.
Available through the firm’s app, it charges a 0.34% annual platform fee with no trading fees.
Customers can choose from a curated range of 40 funds and exchange traded funds (ETFs), including Vanguard LifeStrategy portfolios and S&P 500 tracker funds.
The launch marks the latest step in MoneySuperMarket’s strategy to broaden its financial services offering beyond comparison and savings products as it looks to position itself as a digital financial companion.
Research commissioned by the firm found that 70% of UK adults do not currently invest. Among those who do, 60% hold a Stocks and Shares Isa, while one in 10 do not know what type of investment product they own.
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MoneySuperMarket chief customer officer Lis Barton said investing still felt “complicated, expensive and out of reach” for many consumers.
“We’ve built Investments by MoneySuperMarket to change that, making it simple, affordable and easy to get started, whether you’re investing for the first time or looking to get more from the investments you already have,” she said.
Barton added that the launch represented “a major step” in the firm’s ambition to help customers manage their day-to-day finances while building long-term wealth.
The platform is powered by Seccl, the FCA-authorised investment technology provider owned by Octopus Group, enabling customers to open, fund and manage investment accounts within the MoneySuperMarket app.
Seccl chief product officer James Homes said trusted consumer brands could help make investing more accessible.
“Millions of people still find investing too complex, expensive or intimidating, and trusted digital brands have an important role to play in making it feel more accessible,” he said.
“We’re proud to provide the infrastructure behind MoneySuperMarket’s new investment proposition, helping it bring investing into a trusted app where people already compare, save and make financial decisions.”
At launch, investors can choose between ready-made portfolios, including Vanguard LifeStrategy funds, or self-directed investments through a selection of funds and ETFs.
