Hargreaves Lansdown axes raft of fees as competition heats-up

Investment platform market becoming increasingly competitive

Hargreaves Lansdown office in day


Hargreaves Lansdown has taken the axe to some of the fees it charges users of its platform.

Shares, investment trusts and ETFs can now be bought free of charge via a regular savings direct debit, in the same way as open-ended funds. Until yesterday, a £1.50 charge applied to all transactions.

Reinvesting dividend income has also been made free, having formerly incurred a charge of 1% of the value, up to a maximum of £10.

This follows on from other recent changes. Lifetime ISA charges were cut to 0.25% with a £45 a year cap, and Junior ISA charges have been fully axed.

The investment platform and retail stockbroking market is becoming increasingly competitive with Hargreaves coming under pressure from a combination of long-standing rivals like AJ Bell and Interactive Investor, and the many new entrants in the fintech space.

Chief client and commercial officer Ruchir Rodrigues, said: “Cutting the cost of regular saving is a further commitment to support those at the start of their investing journey and pass our success on to loyal clients through improved products, better services and greater value.”

Also see: Platforms may struggle into 2024, says Fundscape CEO


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