Hargreaves toasts soaring profits but expects ISA demise

The co-founder of Hargreaves Lansdown says there is “no doubt” less cash will be put into the tax-free savings accounts, which represent a quarter of the company’s assets under management (AUM), as the credit crunch takes hold. However, he adds he expects pensions to be less affected by investor caution and is confident in the firm’s growing SIPPs business. “There is no doubt in my mind that this will be an inferior ISA season to last year,” he says. “There will be less money put into ISAs and I’m not sure what sort of an impact that will have. It is always difficult to predict. “I...