Hargreaves Lansdown is to scrap its controversial Wealth 50 best-buy list after only 16 months following prolonged criticism over how it picked funds and how slow it was to offload them following the Neil Woodford scandal.
It will replace it with a new Wealth Shortlist, chosen by an independent panel, and overhaul the way it promotes funds and investments to its 1.3 million customers.
The new list will also give greater prominence to ethical and passive funds. The Wealth 50 mainly backed traditional actively run portfolios.
Britain’s biggest broker, with more than £100bn of savers’ money, created the buylist in