Update: Nicky Morgan MP asks HL to explain Woodford's Wealth 50 inclusion

Follows letter to FCA

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Nicky Morgan MP
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Nicky Morgan MP

Chair of the Treasury Select Committee Nicky Morgan MP has demanded Hargreaves Lansdown (HL) explain its relationship to Woodford Investment Management in the wake of its Equity Income fund's suspension, which "until a short while ago" was displayed on its influential Wealth 50.

In a letter to the firm, Morgan said HL "has been closely linked" with Woodford IM and asked its executives to explain how that link impacted client exposure to the gated fund. It follows Morgan's letter on Monday (10 June) to the Financial Conduct Authority (FCA) asking it to disclose more information about the action to be taken following the suspension of the fund. The crisis in Woodford's flagship fund has resulted in questions asked of Hargreaves Lansdown, customers of which held 31% of the gated fund at the end of last year, forcing CEO Chris Hill to publicly apologise to client...

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