Hargreaves Lansdown stops taking money on 1,500 funds. Affects other brokers too.

Reaper

This started happening 2 weeks ago but I've only just heard about it.

Hargreaves Lansdown is preventing customers investing in 1,500 funds because they have failed to meet new European Union rules on Key Information Documents (KID).

Other brokers have started taking similar action.

https://www.reuters.com/article/europe-funds-platforms-suspension/uk-investment-platforms-suspend-some-funds-for-failing-to-meet-new-eu-rules-idUSL8N1OZ1L8

HappyHarry

Welcome to Mifid II, which came into place on 3rd January.

The transparency requirements for charging have changed significantly, and many fund providers have not yet got their systems in a position where the charging details are as transparent as they need to be. Many fund providers have a short-term permission to carry on as before whilst their systems are updated, but it seems HL are simplifying what they need to do by simply refusing to purchase funds from those fund providers who are not yet compliant with Mifid II.

sorcerer

A large number of these stocks, have now produced their KIDs, so I think most will be back and available to trade.

dunstonh

The FCA has already said it sees 2018 as a bedding in year and would not penalise those who could not be fully compliant on 3rd Jan as long as the firms were moving towards being compliant.

I suppose you have two points of view here. A firm that wants to be 100% compliant as soon as possible or one that wants to be as close as possible to full compliance but willing whilst having flexibility to give other firms a chance to get there.

Personally, I can understand them immediately blocking US domiciled ETFs/ITs as you know that compliance is unlikely. It's not a case of delay but just not going to happen with most. But cancelling ones you know are coming is harsh at this stage.