Hargreaves Lansdown quizzed by watchdog

HARGREAVES Lansdown has come under fire from savers after the collapse of Neil Woodford’s investment empire.

Many investors say they only put their money in the fund manager’s doomed funds because they were championed on Hargreaves best-buy list. The role played by the UK’s biggest online funds supermarket is being examined by the Financial Conduct Authority. The watchdog is demanding more information about what bosses knew and when. MPs also plan to launch an inquiry.

Around 133,000 Hargreaves customers invested directly in the flagship Equity Income fund and were unable to access their money when it was frozen in June. Gabriel Herbert, a financial services worker, had around £18,000 invested in Equity Income, but withdrew £8,000 on the advice of colleagues shortly before it was suspended.

Herbert, 64, from London, said: ‘I invested mainly because Hargreaves Lansdown was promoting it so much and hailing Woodford as a star investor.’