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Hargreaves gets rebate from Woodford to secure 0.6% charge

Hargreaves Lansdown has claimed it will be providing access to the new CF Woodford Equity Income fund at the “lowest price of any broker”.

Neil Woodford’s new fund will be available from the discount broker at an ongoing charge of 0.6 per cent after the Bristol-based broking giant secured the lowest price share class as well as a rebate.

Hargreaves has secured the Z share class, which was set up for selected distribution partners and has an ongoing charge of 0.65 per cent.

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However the broker will receive a further 0.05 per cent rebate which it will pass on to its clients as a “loyalty bonus”. If the rebate is held outside a tax wrapper it will be taxable.

Most advisers will have access to the fund via the 0.75 per cent ongoing charge share class, with the UK’s largest adviser platform, Cofunds, making the fund available at that price.

The CF Woodford Equity Income fund is set to be added to Hargreaves’ Wealth 150+ when it launches, bringing the number of funds on the list to 28.