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Hargreaves Lansdown reduces platform fees
(Sharecast News) - Hargreaves Lansdown announced changes to its fees on Monday with effect from March, as it looks to deliver "greater value for clients" amid growing competition. The investment platform said the three core changes are a reduction in the platform fee to 0.35% from 0.45%, a drop in the share trading fee from £11.95 to £6.95 per trade, and the introduction of a small fund dealing fee of £1.95 per trade.
HL said the introduction of the fund dealing fee results from the "significant" change in client behaviour over the last 12 years when prices were last updated, with more people now trading in funds than before.
The company also said its Ready Made Pension Plan will become "even greater value", with the account charge applied to the holding declining to 0.15% from 0.45%, while the fund charge remains at 0.30%.
Interim chief executive Richard Flint said: "Hargreaves Lansdown was founded over 40 years ago to deliver the best products and the best support at the best value. These changes will see HL become even greater value for our clients and make investing even simpler and more accessible. This investment in value comes alongside a number of other recent investments, including an upgraded app, new product offerings and partnerships to being even greater experience and range of choice to our clients.
"At Hargreaves Lansdown, we believe that price is an important part of value alongside the trust our clients place in us, the breadth and quality of our investment options, and the support we provide in every single interaction.
"We remain focused on helping clients achieve their goals, and we look forward to continuing to invest in our technology, our people, and our services in the years ahead as we keep raising standards across our platform."
Jefferies said the changes were likely to be a response to outflows to other, cheaper platforms.
"While these costs remain higher than, for example, AJ Bell, they do make HL more price competitive," said analyst Julian Roberts.
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