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Hargreaves: Legacy payment ban will not affect us

Ian-Gorham-FW-Index-480.jpg
Ian Gorham

Hargreaves Lansdown says the Financial Conduct Authority’s decision to impose a sunset clause on all legacy payments between fund managers and platforms will not affect the business.

Speaking in response to the FCA’s platform policy statement, published today, Hargreaves chief executive Ian Gorham says the platform had planned for a legacy payment ban.

Gorham says: “We were aware this was being considered. Hargreaves Lansdown has always said it would treat both existing and new clients the same, so this does not have an effect on us. We have planned for this.”

Although marketing payments from fund managers will be permitted, Gorham says the firm has no intention of charging fund managers for advertising but may seek to reclaim costs for fund pricing error correction on an ad-hoc basis.

Gorham adds Hargreaves will buy clean share classes to offer clients and negotiate preferential terms with fund managers.

Hargreaves will also apply the platform rules to its Sipp business.

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