Hargreaves Lansdown, AJ Bell shares sink as UK regulator warns on charges
Publishing timestamp: 2023-12-12 07:58:59
Summary
The Financial Conduct Authority (FCA) has warned 42 investment firms, including Hargreaves Lansdown and AJ Bell, about their fees and interest charges. The FCA found that many of these firms were retaining a portion of the interest earned on customers' cash balances, while also charging fees for holding cash. The FCA has instructed these companies to cease this practice by the end of February or face regulatory intervention. Hargreaves Lansdown denies engaging in "double dipping" but will review its practices, while AJ Bell claims it does not charge a platform fee on cash. Shares of both companies fell after the FCA's announcement.
Sentiment: MIXED
Tickers: HL.-GB,
Keywords: business news, hargreaves lansdown plc, personal finance, investment strategy, breaking news: investing, aj bell plc,