Hargreaves Lansdown abandons its £600 'death fee' and cuts minimum investment amount to £100
Investment platform Hargreaves Lansdown has dropped its controversial ‘death fee’ to tot up the assets of deceased customers’ estates.
The charges were revealed by Money Mail in April this year and branded ‘heartless and crass’ by experts.
The firm was hitting grieving families with fees of up to £600 for valuing the funds and shares of their loved ones once they had passed away.
Death fee: Hargreaves was charging families up to £600 for valuing the assets of their deceased loved ones
Rival firms such as Charles Stanley Direct and Fidelity made no charge for the same service, we showed. It is the latest in a series of U-turns unveiled by Hargreaves Lansdown.
Earlier this year, Hargreaves came under fire for deciding to charge shareholders £12 to cast a vote at the company’s annual general meeting. It has now scrapped the charge.
The fund supermarket will also cut the minimum amount which customers can invest from £500 to £100. Chief executive Ian Gorham said: ‘Many improvements have been made in response to client suggestions.’
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