Hargreaves Lansdown is ditching its Wealth 50 fund buy list following extensive criticism in the wake of last year's Neil Woodford scandal.
Taking its place will be a new list, the Wealth Shortlist, presided over by an independent panel, with two new hires to oversee investment decisions and governance issues. Under the current set-up, the funds are voted on for inclusion in the list by the firm’s own research team.
The Wealth 50 has been under review since January, when the firm announced it would be making changes to improve the transparency of the process and adding detail and structure to its research notes.