Hargreaves Lansdown (HL) UK Review: A Comprehensive Guide for Investors
Explore an in-depth Hargreaves Lansdown UK platform review which includes pros & cons, fees, ISAs, SIPPs, investment range, platform features & who Hargreaves Lansdown is best for.
Hargreaves Lansdown (HL) has long been a dominant force in the UK investment platform market, trusted by millions for its comprehensive services and extensive resources. However, with its acquisition and delisting from the London Stock Exchange in March 2025 by a private consortium, many investors are keen to understand what this means for the platform's future. Is HL still a leading choice for your investments in this new era?
At Plouta, our commitment is to provide you with clear, unbiased insights to navigate your financial journey, protect your assets, and build towards financial independence. This in-depth review will examine Hargreaves Lansdown's offerings, fees, platform experience, and customer support, considering its new ownership structure.
What you will learn in this guide: ⤵
About Hargreaves Lansdown: Its history as a market leader and the recent significant changes in its ownership.
Key Features & Account Options: A detailed look at HL's ISAs, SIPPs, LISAs, Junior accounts, Active Savings, and its vast investment range.
HL's Fee Structure (2025): A breakdown of platform charges for funds and shares, dealing fees, and other potential costs.
Platform & Technology: An assessment of HL's well-regarded website and mobile app.
The Pros & Cons: A balanced perspective on using HL, especially in light of its recent changes.
Research, Education & Support: An overview of HL's industry-leading resources and customer service.
Who Hargreaves Lansdown is Best For: Helping you decide if this platform aligns with your investment style.
About Hargreaves Lansdown: A Market Leader's Story & New Chapter
Founded in 1981 by Peter Hargreaves and Stephen Lansdown, HL grew to become the UK's largest direct-to-investor platform, renowned for its customer service and empowering individuals to manage their own investments. For many years, it was a FTSE 100 (and later FTSE 250) listed company.
A Significant Shift in 2025: In a major development, Hargreaves Lansdown was acquired by a consortium of private equity firms – CVC, Nordic Capital, and Platinum Ivy (a wholly-owned subsidiary of ADIA) – with the acquisition completed and the company delisted from the London Stock Exchange on March 25, 2025. The consortium has stated its intention to support HL's transformation plan, investing in technology, digital channels, and service enhancement, while maintaining focus on client value and service. This change marks a new chapter for the platform.
Hargreaves Lansdown by the Numbers (Early 2025 Context)
Prior to its acquisition, HL consistently reported strong figures:
Customers: Trusted by over 1.9 million clients.
Assets Under Administration (AUA): Figures around £135 billion were reported (though AUA can fluctuate with market movements and net new business; earlier figures for H1 2023 showed £127.1bn with 1.77 million clients).
Market Position: Historically the UK's largest retail investment platform. The new owners aim to build on this position.
Key Takeaways: Hargreaves Lansdown at a Glance
UK's Largest Platform (Historically): Known for its comprehensive offering and large client base.
New Private Ownership: Acquired in March 2025 by a consortium (CVC, Nordic Capital, ADIA) with plans for further investment and transformation.
Extensive Investment Choice: Offers shares (UK & international), thousands of funds, ETFs, investment trusts, bonds, and more.
Comprehensive Account Range: Includes ISAs, SIPPs, LISAs, Junior ISAs, Fund & Share Accounts, and the "Active Savings" service.
Tiered Platform Fees: 0.45% annual fee for funds held in ISAs/SIPPs (reducing for larger amounts), with share/ETF/trust holding fees capped annually (£45 for ISAs, £200 for SIPPs).
Dealing Fees Apply: For shares, ETFs, and investment trusts (£11.95 per trade, with reductions for frequent traders). Fund dealing is free.
Industry-Leading Research & Education: Renowned for its market insights, fund research (including the "Wealth Shortlist"), articles, guides, and tools.
Strong Customer Service: A key differentiator, with UK-based support and a reputation for responsiveness.
Financial Advice Available: Offers personalised financial advice for those who need it (for a fee).
User-Friendly Platform: Well-regarded website and mobile app.
The Pros: Why Choose Hargreaves Lansdown?
Even under new ownership, many of HL's traditional strengths remain compelling:
Unparalleled Investment Choice: Access to a vast universe of UK and international shares, over 3,000 funds, investment trusts, ETFs, bonds, and even cash savings solutions via Active Savings.
Excellent Research & Educational Resources: This is a standout feature. HL provides extensive market commentary, in-depth fund analysis (including their "Wealth Shortlist" of preferred funds), share research, financial planning tools, guides, and regular webinars. This is invaluable for both novice and experienced investors.
Top-Tier Customer Service: Consistently rated highly for its responsive, UK-based customer support via phone, email, and secure message. Access to human interaction is a big plus for many.
User-Friendly Platform: Both the website and mobile app are generally considered intuitive, well-designed, and packed with features, making it easy to manage investments.
Comprehensive Account Range: A one-stop shop for ISAs, LISAs, SIPPs, Junior ISAs, and general investment accounts. Their SIPP is particularly popular.
Reputation & Trust (Built Over Decades): While now privately owned, HL has a long-standing reputation for reliability and serving UK investors. The new owners have emphasised continuity of service and client focus.
No Platform Fee for Junior ISAs: A great benefit for parents investing for their children.
Capped Platform Fees for Holding Shares/ETFs/Trusts: The annual 0.45% platform fee is capped at £45 per year in an ISA/LISA/Fund & Share Account and £200 per year in a SIPP when holding shares, ETFs, investment trusts, and bonds. This makes it cost-effective for larger portfolios of these assets.
Financial Advice Option: Access to regulated financial advice provides a pathway for those who need personalised recommendations.
The Cons: Potential Drawbacks of Hargreaves Lansdown
Higher Platform Fees for Funds: The 0.45% annual charge on funds (up to £250,000) is higher than some key competitors. While it tiers down for larger amounts, it's not capped overall for funds, which can make it expensive for very large fund-based portfolios compared to flat-fee platforms.
Share Dealing Fees: The standard online dealing fee of £11.95 per trade for shares, ETFs, and investment trusts is one of the highest among major platforms. While it reduces for frequent traders (10-19 trades/month: £8.95; 20+ trades/month: £5.95), it can still add up for active investors.
No Fractional Shares: You cannot buy portions of shares, which can be a barrier for investing in high-priced stocks with smaller amounts.
Foreign Exchange (FX) Fees: Up to 1% currency conversion charge when buying overseas shares, which is on the higher side.
Uncertainty with New Ownership (for some): While the new owners have pledged investment and continuity, some long-term clients might feel a degree of uncertainty that comes with any change from public to private equity ownership. The focus will be on whether the high service levels are maintained alongside transformation plans.
Investment Options & Account Types with Hargreaves Lansdown
HL offers a market-leading range:
Account Types:
Stocks and Shares ISA: Invest up to £20,000 tax-efficiently (2025/26 allowance). HL's ISA is flexible.
Lifetime ISA (LISA): For eligible 18-39 year olds saving for a first home or retirement. Get a 25% government bonus on up to £4,000 contributed annually.
SIPP (Self-Invested Personal Pension): Highly popular, offering extensive investment choice and tax relief for retirement savings.
Junior ISA (JISA): Tax-efficient investing for children (£9,000 allowance for 2025/26). No HL platform fee.
Fund and Share Account (General Investment Account): For investing beyond tax wrappers.
Active Savings: An online service allowing you to pick and choose from a range of fixed-term savings accounts from different banks, all managed through your HL account. (Note: Cash ISAs are also offered via Active Savings).
Junior SIPP: A pension for a child.
Investment Choices (within most accounts):
Shares: Extensive range of UK shares (LSE, AIM) and shares from major international markets (US, Europe, Canada, etc.).
Funds: Over 3,000 funds (OEICs and unit trusts) from HL and numerous other fund managers.
Investment Trusts: A wide selection of closed-ended funds.
Exchange Traded Funds (ETFs): A broad range covering various indices, sectors, and asset classes.
Bonds & Gilts: Corporate bonds and UK government bonds.
HL Multi-Manager Funds & Ready-Made Portfolios: For those looking for diversified, managed solutions created by HL's experts.
Hargreaves Lansdown Fees & Charges (2025)
HL's fee structure is transparent but has several components:
Annual Platform Fee (Custody Charge): Charged monthly, based on the value of your investments.
For Funds (OEICs/Unit Trusts):
0.45% on the first £250,000
0.25% on the value between £250,000 and £1 million
0.10% on the value between £1 million and £2 million
0% on the value over £2 million
For Shares, ETFs, Investment Trusts, Bonds, Gilts:
0.45% capped at £45 per year within an ISA, LISA, or Fund & Share Account.
0.45% capped at £200 per year within a SIPP.
No platform fee for Junior ISAs and no platform fee for holding cash.
Dealing Charges (Online):
Funds (OEICs/Unit Trusts): £0 (Free to buy and sell online).
Shares (UK & International), ETFs, Investment Trusts, Bonds:
£11.95 per deal for 0-9 deals in the previous month.
£8.95 per deal for 10-19 deals in the previous month.
£5.95 per deal for 20+ deals in the previous month.
Regular Investing Service: £1.50 per deal for regular investments into shares, selected ETFs, and investment trusts. (Fund regular investing is free from dealing charges).
Dividend Reinvestment: Usually charged at 1% of the dividend value (min £1, max £10).
Foreign Exchange (FX) Fee: Applied to international trades, tiered:
1.0% on the first £5,000 value
0.75% on the next £5,000 (value between £5,000.01 and £10,000)
0.5% on the next £10,000 (value between £10,000.01 and £20,000)
0.25% on the value over £20,000
Other Potential Fees: SIPP-specific fees (e.g., for drawdown actions, though many standard actions are free), telephone dealing is more expensive. HL typically doesn't charge for transferring out.
Promotional Offers: HL sometimes has offers, such as discounted platform fees for new ISA/SIPP accounts for a limited period (e.g., a 40% discount for 6 months on new accounts with £10k+ from July-Dec 2025 was noted in one source). Always check current offers.
Plouta Tip: HL's website has a detailed charges schedule. The best value depends on your portfolio mix (funds vs. shares) and size. The capped fee for shares makes it attractive for larger share-based portfolios.
Platform Technology & User Experience
Website: Widely regarded as one of the best in the industry – comprehensive, feature-rich, and generally easy to navigate. Offers detailed portfolio views, research tools, and secure account management.
Mobile App: Available for iOS and Android. Highly rated and allows users to:
View portfolios and valuations.
Deal in shares, funds, ETFs, and trusts.
Add cash, make withdrawals.
Set up watchlists and access research.
Biometric login for security. Many users find it very convenient for managing investments on the go.
Security: Robust security measures are in place, including encryption and optional two-factor authentication via an app.
Reliability: As a large platform, it's generally very stable and reliable.
Research Tools & Educational Resources
This is where HL truly excels and often justifies its premium positioning:
Wealth Shortlist: HL's influential list of carefully selected funds, chosen by their research team for their long-term potential.
In-Depth Market Analysis & Commentary: Regular articles, reports, and videos from HL's team of experts on market trends, economic conditions, and investment strategies.
Share Research: Detailed information on individual companies, including broker ratings, director deals, and financial data.
Fund Research: Comprehensive data and factsheets for thousands of funds.
Calculators & Tools: A wide range of tools for retirement planning, ISA calculations, portfolio analysis, etc.
Guides & Webinars: Extensive library of educational content covering all aspects of investing, from beginner basics to advanced strategies.
HL Live App: Provides access to live market data, news, and insights.
Customer Service & Support
UK-Based Helplines: Highly praised for their knowledgeable and helpful UK-based customer support teams, accessible by phone.
Secure Messaging & Email: Options for non-urgent queries.
Extensive Online FAQs: A comprehensive help section on their website.
Reputation: Consistently wins awards for customer service and is often cited as a key reason clients choose and stay with HL. Even with its large scale, it maintains a strong service ethos.
Who is Hargreaves Lansdown Best For?
Hargreaves Lansdown appeals to a broad spectrum of UK investors:
Beginners: Due to the excellent educational resources, user-friendly platform, and helpful customer service.
Investors Who Value Service & Research: If comprehensive support and in-depth research are high priorities, HL is a top choice.
SIPP Investors: Their SIPP is market-leading, offering huge choice and flexibility.
Investors Holding Primarily Shares/ETFs/Trusts in ISAs/SIPPs: The capped platform fee for these assets is very attractive for larger portfolios.
Those Wanting Everything Under One Roof: The ability to hold ISAs, LISAs, SIPPs, Junior accounts, and even cash savings via Active Savings is very convenient.
Individuals Who May Want Financial Advice Later: HL offers a clear pathway to regulated advice.
Hargreaves Lansdown might be less suitable for:
Very Cost-Sensitive Investors with Large Fund Portfolios: The uncapped percentage fee on funds can become expensive compared to flat-fee platforms for multi-hundred-thousand-pound fund holdings.
Highly Active Share Traders: The standard £11.95 dealing fee can add up if making many trades, although it does reduce for very frequent traders.
Those Only Needing Basic, Low-Cost Execution: Simpler, cheaper platforms exist if you don't need HL's extensive research and service wrapper.
How Hargreaves Lansdown Compares (Briefly)
vs. AJ Bell: Both offer comprehensive services and wide investment choice. HL's fund platform fee is slightly higher (0.45% vs. AJ Bell's 0.25% on the first tier), but AJ Bell charges for fund dealing while HL doesn't. HL's share dealing is more expensive unless you're a very frequent trader. Both have excellent educational resources.
vs. Interactive Investor (ii): ii's flat-fee model is generally cheaper for larger portfolios (especially funds). HL's percentage fee can be better for smaller portfolios initially. HL is often seen as stronger on research and ease of use for less experienced investors.
vs. Fidelity International: Fidelity has a lower headline platform fee for funds (0.35%) and also offers free fund dealing. Both have strong research. HL's capped fee for shares/ETFs is a key differentiator.
vs. Vanguard Investor UK: Vanguard is much cheaper for investing purely in Vanguard funds but offers no other investment types. HL provides whole-of-market access.
Frequently Asked Questions (FAQs) about Hargreaves Lansdown
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Yes, HL is regulated by the Financial Conduct Authority (FCA). Client money and assets are held separately from the company's own assets. Eligible investments are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person if HL were to fail. Its new private ownership does not change these regulatory protections.
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It's HL's selection of funds across major sectors, chosen by their investment analysts for their potential to outperform their peers over the long term. It's a research tool, not personal advice.
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Yes, HL offers a regulated financial advice service for a fee. This is separate from the information and guidance provided on their platform. Initial consultations to discuss if advice is right for you are often free.
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The consortium (CVC, Nordic Capital, ADIA) has stated its intention to invest in HL's technology and services to enhance the client proposition and accelerate its transformation plan. They have emphasised maintaining HL's client focus and strong purpose. Users will likely see continued development of the platform.
Quick Takeaway Points for Hargreaves Lansdown
Market Leader: UK's largest platform, now under new private ownership with plans for further investment.
Comprehensive Service: Extensive investment choice, wide range of accounts (ISA, SIPP, LISA, Active Savings), and excellent customer support.
Top-Tier Research & Education: A key strength, ideal for informed decision-making.
Fees: 0.45% platform fee for funds (tiered down for larger pots). Share/ETF holding fees are capped annually (£45 in ISA, £200 in SIPP). Dealing fees of £11.95 for shares/ETFs (reduces for frequent traders); fund dealing is free.
User-Friendly: Highly-rated website and mobile app.
Best For: Investors valuing service, research, wide choice, and a one-stop solution, especially for SIPPs and those with larger share/ETF holdings in ISAs.
Consider If: You have a very large fund-only portfolio (compare vs. flat fees) or are a highly frequent, very cost-sensitive share trader.
Conclusion & Our Verdict on Hargreaves Lansdown
Hargreaves Lansdown has built an formidable reputation as the UK's leading investment platform, and even with its new private ownership effective March 2025, its core strengths remain largely intact and are expected to be built upon. For investors seeking a comprehensive, user-friendly platform backed by outstanding customer service and arguably the best research and educational resources in the direct-to-consumer market, HL continues to be a top-tier choice.
The platform's extensive range of investments and account types, including its market-leading SIPP and flexible ISA, caters to a vast array of investor needs. While its headline platform fee for funds (0.45%) is not the cheapest, the capped fees for holding shares, ETFs, and investment trusts make it very competitive for certain portfolio compositions, particularly larger ones. The free fund dealing is also a significant plus.
The acquisition by CVC, Nordic Capital, and ADIA signals a new phase of investment, particularly in technology and service enhancement, which could further improve the client experience. While some may view the higher share dealing fees or the percentage-based fund fees as drawbacks compared to newer, low-cost entrants, HL's overall proposition – blending choice, service, and unparalleled support – often justifies its premium positioning for many.
For those who value a trusted partner to help them navigate their investment journey, make informed decisions, and manage all their investments under one roof, Hargreaves Lansdown remains a formidable and highly recommended platform in 2025. It thoroughly supports Plouta's mission of enabling users to achieve financial independence through informed and confident investing.
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Disclaimer: This review is for informational purposes only, based on information available up to June 2025, and does not constitute financial advice. Platform fees, features, and product details can change. Always check Hargreaves Lansdown's official website for the most up-to-date information before making any investment decisions. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may be subject to change.