Hargreaves Lansdown warns co-founder against public attacks

• The firm revealed it has ‘shared protocols’ with co-founder Peter Hargreaves
•  77-year-old is still the largest shareholder with just under 20%

By Daniel Fessahaye

Updated: 12:15 GMT, 31 October 2023

Hargreaves Lansdown has sent a warning to its billionaire co-founder to stop publicly criticising the company.

In the latest annual report which was released last week, the firm revealed it has ‘shared protocols’ with co-founder Peter Hargreaves, to ‘ensure a common understanding of how interactions will take place’.

The ‘shared protocols’ reminded Hargreaves of a shareholder agreement that prohibits what he can say about the company in public, according to a report in The Times.

Co-founder Peter Hargreaves, 77, (pictured) is still the largest shareholder in Hargreaves Lansdown just under 20 per cent

The warning comes following months of attacks from Hargreaves, one being on chair Deanna Oppenheimer, who he has accused of overseeing a ‘diabolical’ performance at the business.

Hargreaves, also launched a stinging attack on the group’s high costs and strategy, led by outgoing CEO Chris Hill, earlier this year.

In an interview with the Financial Times earlier in 2023, He said: ‘The board indulged in completely unnecessary irrelevant programmes, which have distracted the firm from its prime objective. It’s hardly surprising the shares have collapsed.’

The 77-year-old is still the largest shareholder with just under 20 per cent,

In the 1980s, Hargreaves, along with business partner Stephen Lansdown, created what has become one of the UK’s biggest investing firms.

Last month, the firm reported a 50 per cent rise in its profits this year, as rising interest rates pushed customers to its savings offering.

The group said its profit before tax had grown 50 per cent to £402.7million, while revenue increased 26 per cent to £735.1million in the 12 months to 30 June.

Hargreaves Lansdown said annual revenue growth reflected an improved net interest margin as interest rates rose and more customers held cash in both their investment and savings account.

Hargreaves Lansdown shares are up 0.11 per cent to 705.80p in midday trading on Monday.

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Hargreaves Lansdown warns co-founder against public attacks

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