Tom McPhail has announced that he is not only stepping down from his role as head of policy at Hargreaves Lansdown but is leaving the world of pensions altogether to begin a new career path in public affairs for an electric scooter retailer.
In a twitter post this morning (April 27), Mr McPhail announced he would be leaving Hargreaves Lansdown after 18 years to work for a company called Pure Electric, a retailer of electric bicycles and scooters.
Mr McPhail will leave his role on June 1. Pure Electric is owned by Adam Norris, former director and creator of Hargreaves Lansdown’s pensions business.
He is also the father of McLaren Formula 1 star, Lando Norris.
Mr McPhail said: “[Pure Electric’s] ambition is to lead the revolution in local transport towards healthier and more environmentally sympathetic solutions.
"I’ve long been an enthusiast for two wheeled transport and this is an opportunity for me to step away from financial services and involve myself in a business closely aligned with how I’d like to live my life.
“Our immediate goal is to get the legalisation of e-scooters over the line and then to focus on improving cycling infrastructure.”
Mr McPhail has worked in financial services since 1986 but joined Hargreaves Lansdown in 2002 as its head of pension research.
He currently leads the company’s policy work, working with the pensions research team and technical experts across the business.
He is also founding chairman of the Star steering committee which is a government backed initiative aimed at delivering a long-term governance solution to pension switches.
Mr McPhail is highly respected across the pensions industry, with many expressing sadness at his decision to leave the market.
Taking to twitter, Steven Cameron, pensions director at Aegon, said: “Wow Tom! Pensions - won't be the same without [you]. All the very best - you deserve it.”
Martin Bamford, director of client education at Informed Choice, said: “Congratulations, Tom! A huge loss to the world of pensions, but what a gain to the world of electric bikes!!”
Tom Selby, senior analyst at AJ Bell, said: “First a global pandemic, then Tom McPhail leaves Hargreaves Lansdown. Only two more horsemen to go…”
Hargreaves Lansdown has not yet announced Mr McPhail’s successor.
amy.austin@ft.com
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