HL faces calls to repay fees on WEIF-invested multi-manager funds - reports

Paid more than £1m since June

Hargreaves Lansdown has faced calls to repay more than £1m in fees paid by investors in its multi-manager funds, which allocate a total of £444m to the suspended Woodford Equity Income fund.

The platform waived annual fees of up to 0.45% on the suspended fund, following criticism of its decision to continue to promote it via its best buy list despite underperformance. However, it has continued to charge fees on its multi-manager fund range, which like other WEIF investors, is likely to see costly losses on its investment in the fund. HL is understood to be a target of a legal challenge from Woodford investors claiming compensation for their anticipated losses, while the Financial Conduct Authority is currently in the process of monitoring multi-asset funds exposed to the fun...