Peter Hargreaves: 'It is hardly surprising' HL's shares 'have collapsed' - reports

Criticises new advice structure

The co-founder of Hargreaves Lansdown has called out the firm following a tough year, criticising its new advice protocol and unnecessary costs.

In an interview with the Financial Times, Peter Hargreaves said the current board had "indulged in completely unnecessary irrelevant programmes, which have distracted the firm from its prime objective. "It is hardly surprising the shares have collapsed." In the past 12 months, the Bristol-based firm has had its share price fall almost 40%, according to Refintiv data. Hargreaves Lansdown drops Marlborough Multi Cap Income from Wealth Shortlist Hargreaves, who is the biggest shareholder in the firm with a near 20% stake, pointed to its plans for a large-scale hybrid advice service...