Hargreaves Lansdown (HL) CEO Chris Hill has announced he will be waiving his multi-million pound bonus in the wake of the fall-out from the suspension of the LF Woodford Equity Income fund.
After previously apologising to investors, the CEO Chris said he will not take his bonus, upwards of £2m a year, until the fund has re-opened.
He said: "Until investors are able to access their money held with Woodford Equity Income, I will not be taking a bonus."
The move adds to the pressure placed on Neil Woodford as he continues to charge his investors 0.75% per year, amid calls from the Treasury Select Committee's Nicky Morgan and HL to waive fees.
In the wake of the suspension of the Equity Income fund in early June, HL removed the fund from its Wealth 50 and ceased to charge investors in the fund platform fee.
However, it has faced criticisms regarding the closeness of its relationship with the fund manager, continuing to back the group's Equity Income and Income Focus fund amid a period of underperformance and shares have sunk since the announcement.
Hill has also previously issued an official apology to investors locked in the suspended Woodford Equity Income fund.
In his first public statement since the suspension was announced on 3 June, CEO Hill said: "I would like to apologise personally to all clients who have been impacted by the recent problems with the Woodford Equity Income fund. We all share their disappointment and frustration. Our priority right now is to support our clients and keep them informed."
He added that "the shortcomings of one fund" should not undermine the benefits of the entire Wealth 50 buy list: "We are confident in the robustness of how we analyse, research and compile our favourite fund list with a focus on ensuring best value for clients - nonetheless, we are reviewing this specific situation to ensure we learn from it and address it for the benefit of our clients going forward."
According to the FT, the CEO has said HL would review the controversial decision to readmit the fund into the Wealth 50 earlier this year, after Woodford agreed to cut annual fees by 0.10%, and would "learn from it".
The apology comes after the FT reported Mark Dampier, head of research and a staunch supporter of Woodford, is set to retire from the business, though the director himself has denied he has plans to leave.
Dampier, his wife and CIO Lee Gardhouse recently sold £6.1m worth of shares in Hargreaves Lansdown prior to the share price falls the business has experienced as a result of the Woodford crisis.
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