The group initially said it would be disclosing its pricing model by the end of 2013, well in advance of the FCA’s deadline of 6 April 2014.
In a statement to the stock exchange this morning (4 December), chief executive Ian Gorham said by delaying the announcement of the details it would allow HL to refine its Wealth 150 list and its broader proposition in order to achieve the “best results” for its client base.
According to recent reports, Hargreaves is expected to reveal a tiered pricing model, based on assets under administration, with 70bps being suggested as the starting point, although Gorham called much of the speculation “unfounded”.
He said: “Hargreaves Lansdown will be announcing its RDR pricing structure in early 2014. This announcement was previously scheduled for the end of the calendar year 2013. The regulatory deadline for implementing our new RDR pricing structure is 6 April 2014. Work is progressing well and the extra time will allow us to refine the Wealth 150 review and overall proposition so that we ensure we achieve the best results for our clients.
“We note recent unfounded press speculation about Hargreaves Lansdown's pricing, but at this stage details of our final charges are yet to be confirmed. We are delighted with the results of our tender to fund managers seeking market leading fund charges for our clients. We look forward to announcing the pricing structure in early 2014 and implementing it before the regulatory deadline of 6 April 2014.”
Hargreaves Lansdown will also be publishing its interim results for the period ended 31 December 2013 on 5 February 2014.
An analyst presentation will be held at the offices of Numis Securities at 9am on 5 February and a dial-in facility will be available. For details analysts are invited to email ir@hl.co.uk
