Following anger from users, British investment manager Hargreaves Lansdown has reversed its decision to introduce new charges for clienst that prefer to buy investment trusts over unit trusts or other open-ended funds.
The broking giant sparked fury when it unveiled its new charging structure last month that proposed a 0.45% charge for investment trusts, on top of a separate charge for holding shares.
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Under the new pricing, which comes into effect in March, there will again be a single charge for investment trusts and shares of 0.45% for Isa savers, which is capped at £45 per year.
Ian Gorham, CEO of Hargreaves Lansdown, said the new fee has been scrapped in response to client feedback.
"We have always listened to clients and designed our service around what they want. It is clear that this particular aspect of our pricing change has been disliked," said Gorham.
"I believe it is therefore the right thing to do to revert to a charging structure that clients are happy with. Clients who hold investment trusts through Hargreaves Lansdown will therefore be better off than previously proposed."
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By GlobalData
