British wealth manager Hargreaves Lansdown has unveiled a service targeted at first-time investors.

The new service, dubbed Simply Invest, will initially offer the Legal & General UK Index fund that monitors FTSE All Share’s performance. Users will also have the option of selecting from other funds as they gain confidence.

The service will be available at an ongoing charge of 0.04% per year.

At the same time, Simply Invest users will also get access to all features of the HL platform such as mobile app, tax wrappers and helpdesk, at an annual charge of 0.49%.

The service will also allow investors to develop better knowledge on the market through tutorial emails, and offer them insights on how to build their investment portfolio, the company said.

Hargreaves Lansdown head of communications Danny Cox said: “The need to invest for the future has never been greater for younger generations now that final salary schemes are a thing of the past, inflation has returned to the fray, and cash is still yielding next to nothing. Many younger people recognise the need to invest, they just don’t know how best to go about it.”