Hargreaves Predicts £13M Regulatory Bill Amid Pandemic

Law360, London (May 14, 2020, 12:38 PM BST) -- Hargreaves Lansdown said Thursday that it is preparing for a £13 million ($16 million) hit from the national bankruptcy compensation scheme in the coming year, double the amount the asset manager handed over last year.

The asset management sector is braced for choppy waters as analysts predict that the coronavirus crisis will lead to more claims over wrongly sold financial products.

Hargreaves said in a market update that it expects to have to pay between £12.5 million and £13 million to the Financial Services Compensation Scheme for the year ending March 2021, up from the £6.8 million it paid for the same...

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