Hargreaves Lansdown bosses reportedly to waive bonuses over Woodford issue

Chief executive Chris Hill, chief financial officer Philip Johnson, chief investment officer Lee Gardhouse and research director Mark Dampier, will take no bonus for 2019, an unnamed source was cited as saying.

“Chris believes this is the right thing to do. He recognises the impact that the gating has had on our clients. This demonstrates his and Hargreaves Lansdown’s continued focus on putting clients first,” the source added.

Woodford’s LF Woodford Equity Income Fund was suspended in early June after liquidity problems that trapped around 300,000 Hargreaves clients in the fund.

A spokesman for Woodford Investment Management reiterated comments already made by the organisation: “The company will continue to charge a management fee as we focus on repositioning the portfolio, to cover the infrastructure and resource costs associated with running an actively managed fund.”

Investors were told last week they would be blocked from accessing their money until the end of the year.