Hargreaves Lansdown wounded by Woodford in latest Which? platform rating survey
Fallen to joint sixth place
Platform giant Hargreaves Lansdown has slipped from second place to joint sixth place in Which?'s latest annual platform satisfaction survey.
HL, which has over 1.2 million users, achieved a 67% satisfaction rate among the 1,442 platform users surveyed - 642 of whom currently use HL - compared to the 88% and 77% respective scores of Which?'s recommended providers Vanguard and AJ Bell Youinvest.
HL came out top in Which?'s first-ever 2014 survey and had remained one of the best performers until this year, according to the review site, which found many of those surveyed had their confidence knocked by last year's Woodford scandal and the fact the manager's flagship fund remained on HL's Wealth 50 buy list until the day it was suspended.
Which?'s research also found that HL was one of the more expensive platforms for investors with a portfolio worth more than £50,000, while its charges are more than double those of Which?'s recommended providers for those holding assets of more than £1m.
However, it received high scores from those surveyed for some areas of its service.
HL told Which?: "Regarding the LF Equity Income fund, we share investors' disappointment and frustration, and are pleased the majority of money has now been returned from the fund."
The firm will soon be replacing its Wealth 50 list with a Wealth Shortlist, which will be overseen by an independent panel.
Some £500m of the LF Equity Income's £3bn AUM remains tied up in a portfolio of illiquid biotech start-ups.
