Jefferies retains 'Buy' rating for Hargreaves Lansdown

Jefferies analysts' forecast that the interest income earned on client cash will help fund the platform's investment programme. They noted that HL was unlikely to be one of the platforms involved in the ‘double dipping' issue highlighted by the Financial Conduct Authority last year - where platforms charged platforms fees alongside taking interest on client cash. As a result, analysts Julian Roberts, Tom Mills, Laura Gris Trillo and Fangfei Li said they did not expect any changes to HL's guidance for interest margins on client cash. Former Hargreaves Lansdown chief executive Chris ...