Hargreaves Lansdown has unveiled a raft of price changes, which will see customers pay for fund trades.
The investment and savings platform is cutting its platform fee and share trading fee as it overhauls its cost structure for the first time in more than a decade.
The headline account charge will fall from 0.45% to 0.35% from 1 March and dealing charges for buying or selling shares online will be reduced from £11.95 to £6.95 per trade. Hargreaves Lansdown’s Ready Made Pension Plan will also see the account charge applied to the holding reduced from 0.45% to 0.15%, with the fund charge remaining at 0.30%.
However, Hargreaves Lansdown is introducing a fund dealing fee of £1.95 per trade, which it says reflects a growing number of people trading in funds.
The firm said as a result of the changes, five in 10 clients will be better off. More than nine in 10 (94%) will see a reduction, pay the same or see an increase of no more than £5 a month.
Richard Flint, interim CEO at Hargreaves Lansdown, said: “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 bring 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.”
Simon Belsham, chief client officer at Hargreaves Lansdown, added: “Over the past four decades, we’ve consistently adapted to meet the changing needs of UK savers and investors, and today’s fee changes are a continuation of that commitment.”
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