Hargreaves Lansdown is to scrap its controversial Wealth 50 best-buy list just 16 months after it was launched and overhaul its fund recommendations. In a series of sweeping changes after the Woodford scandal, which led to accusations of a conflict of interest at Britain’s biggest investment platform, Hargreaves is to introduce a Wealth Shortlist.
The choice of funds for the list will be overseen by a new independent panel separate from the company’s existing product governance committee. Hargreaves will also appoint two new independent directors to oversee governance and investment decisions.
Under the shake-up, the firm will revamp its research notes on funds in an effort to be more transparent about their selection and performance.
Hargreaves, which has about 1.3 million customers and looks after
