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Peter Hargreaves steps down from HL board

Peter Hargreaves steps down from HL board

Hargreaves Lansdown founder Peter Hargreaves has stepped down from the firm’s board, it has been announced, sending shares down by 3.5 per cent.

“I believe this is the right time for me to step down from the board. The group continues to perform strongly and I have every confidence in the strong management team and the well diversified board to look after my interests in the group,” he said.

The 68-year-old said he planned to continue to work in the business, but would spend more time with his family and pursuing outside interests.

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“I will, of course, remain in close touch as a major shareholder,” he added.

Mr Hargreaves set up the company trading from a bedroom in 1981 and with co-partner Lansdown turned it ino one of the country’s largest financial services businesses. The Bristol-based firm is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

In the 2014 New Year honours list he was awarded a CBE for services to business innovation, financial services, and the City of Bristol.