Hargreaves Lansdown

EVOLVING
 DELIVERING 
Report and Financial Statements 2024


Additional Chair’s Letter
As announced on 9 August 2024, the 
Consortium1 has made a firm and final2 offer 
for the Company (Offer), with the independent 
Board3 of the Company has stated its 
intention to unanimously recommend the 
cash offer to shareholders. Pursuant to the 
Offer, each shareholder will be entitled to 
receive 1,140 pence per share, comprised of 
cash consideration of 1,110 pence per share 
and a dividend of 30 pence per share in 
respect of the financial year ended 30 June 
2024. The Offer is subject to shareholder 
and other regulatory approvals. 
It is intended that the acquisition will be 
implemented by way of a Court-sanctioned 
scheme of arrangement under Part 26 of the 
Companies Act and is expected to complete 
in the first quarter of 2025. 
As stated in the announcement regarding 
the Offer, the Independent Board notes the 
Consortium’s history of investing in UK and 
European financial services businesses, 
including wealth management, and the 
expertise they bring to help develop Harp’s 
client proposition. The Board believes that 
this expertise has the potential to enable 
an accelerated transformation aligned with 
Harp’s strategy to transform the investing 
experience and create the best savings and 
investment platform for its clients. Should the 
Offer complete, Harp’s management would 
work alongside the Consortium on the strategic 
direction of the Group and execution of the 
associated strategy.
This Annual Report and Accounts (ARA) was 
prepared during the period that the Offer was 
under discussion. As the ARA predominantly 
provides a review of the prior year, the 
statements made in the ARA and the updates 
on performance to the date of publication 
remain unchanged. 
However, I would like to draw your attention 
to the statements below, which, in connection 
with the Offer, add to or clarify certain 
statements made in the ARA.
In respect of the forward looking position 
regarding the Company’s strategy, deliverables 
and future performance, the Board remains 
supportive of the statements made but notes 
that these may be subject to change in the 
future, following completion of the Offer. 
As a result, all statements in the ARA should 
be read in this context. 
Specifically, in respect of:
Viability statement and going concern: We 
have included an updated Viability Statement 
within the ARA to reflect the Offer. 
The Offer is subject to shareholder and 
other regulatory approvals. As a result the 
Directors do not have certainty on the future 
plans for the business, including whether 
the Offer will be approved by shareholders 
and gain regulatory approval, the potential 
timing for transfer to the potential new 
owners or full knowledge of their future 
plans for the business; including any 
financing arrangements. 
These conditions indicate the existence of a 
material uncertainty which may cast significant 
doubt about the Group’s ability to continue as a 
going concern. The Group financial information 
does not include the adjustments that would 
result if the Group and the Company were no 
longer considered to be or able to continue 
as a going concern. Notwithstanding this 
uncertainty, the Directors are satisfied that 
the going concern basis remains appropriate 
for the preparation of the financial information 
contained in the ARA. As further set out in 
the Viability Statement, notwithstanding the 
uncertainty described above having assessed 
the Group’s risks, existing facilities and 
performance, the Directors have concluded 
that the Group expectation is to remain viable 
over the Viability Period to June 2027.
Financial statements (Revolving Credit 
Facility (RCF)): the Company’s RCF contains 
a statement that it will fall away on a change 
of control. The RCF is undrawn and was put in 
place to further strengthen the Group’s liquidity 
position and increase cash management 
flexibility. This is further discussed in the 
Viability Statement.
Governance Report (stakeholder 
engagement): in considering the Offer, the 
Board considered the potential impact on the 
Group’s broader stakeholders, including our 
colleagues, shareholders, clients, suppliers and 
regulator. In particular, the Board considered 
the expectations of stakeholders for the 
Company over the short, medium and long 
term and undertook a review of the Offer 
with its advisers, including on the basis of 
valuation advice from its financial advisers. 
The Board considered the Company’s brand 
and reputation as well as the Consortium’s 
intentions post acquisition and the potential 
impact of them on stakeholders.
Governance Report (delisting of shares): 
Your attention is also drawn to the fact 
that should the transaction complete, 
the Consortium has indicated that it will 
seek to delist the Company’s shares from 
trading on the London Stock Exchange.
Directors remuneration report (Remuneration 
in FY25): recognising the provisions of the 
Offer, should the transaction complete as 
intended, rewards and incentives will likely 
be reviewed. If for any reason the Offer does 
not proceed, the current remuneration policy 
and awards made will continue. Given the 
timing of any transaction completing, the 
Board will make awards for FY25 under its 
current share plans and in accordance with 
its Remuneration Policy.
I would like to take this opportunity to 
particularly thank my fellow Board members 
for their commitment during this time to ensure 
that we are continuing to meet high standards 
of corporate governance and ensuring that 
the interests of our stakeholders have been 
and will continue to be considered as part of 
this process. I would additionally like to further 
thank colleagues who have continued to focus 
on our clients and delivering good outcomes 
for them during this period.
Chair 
Alison Platt
1 
A newly formed company to be indirectly owned by CVC 
Private Equity Funds, Nordic Capital XI Delta, SCSp (acting 
through its general partner, Nordic Capital XI Delta GP SARL) 
and Platinum Ivy B 2018 RSC Limited 
2 
The financial terms of the Offer are final and will not be 
increased or improved, except that BidCo reserves the right to 
increase and improve the financial terms of the Offer if there 
is an announcement of an offer or a possible offer for HL by a 
third-party offeror or potential offeror. 
3 
Comprising Hargreaves Lansdown’s full Board excluding Peter 
Hargreaves’ shareholder representative, Adrian Collins, who is 
a non-independent non-executive director. 

Hargreaves Lansdown
Report and Financial Statements 2024
CONTENTS
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
 
Governance 
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance 
Committee Report 
112
 
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
 
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
Directors, company secretary, 
advisers and shareholder information 
174
Five-year summary 
175
Glossary of alternative financial 
performance measures 
176
Glossary of terms 
179

Hargreaves Lansdown
Report and Financial Statements 2024
1
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
 
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
 
 
Governance 
59
Financial statements 
128
Other information 
173
Strategic report
AT A GLANCE
WE ARE 
HARGREAVES 
LANSDOWN.
HL is the largest savings and investment 
platform in the UK. 
For over 40 years, we have helped clients 
improve their financial futures and our purpose 
is making it easy to save and invest for a 
better future. We do this through our easy-to-
use platform and broad proposition supporting 
clients’ financial needs across their lifetime. 
Today we are trusted by more than 
1.88 million clients and their £155.3bn 
savings and investments.
Making it 
easy to save 
and invest for 
a better future
 
 
 
1.88m 
clients 
91.4% 
client retention 
14,000+ 
investment options
43.2p 
dividend 2024
£396.3m 
statutory PBT 
£155.3bn 
AUA

Hargreaves Lansdown
Report and Financial Statements 2024
2
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
MARKET OPPORTUNITY
OPERATING IN A LARGE 
AND GROWING MARKET 
HL looks after over £155.3 
billion of clients’ savings and 
investments but our addressable 
market in the UK is worth around 
£3.4 trillion today and expected 
to grow to £3.7 trillion by 2026.
Growth in the UK pension market is a key driver 
of overall market growth, as the responsibility for 
retirement continues to shift from the State and 
employers to individuals. 
Our addressable pension market is worth around 
£1.5 trillion today but is expected to grow to 
around £1.9 trillion by 2027. Successive pension 
policies from Pension Freedoms in 2015 to the 
launch of Pension Dashboards in 2026 continue 
to shift the dial, giving the UK new-found 
flexibility and transparency over their retirement 
savings, both personal and workplace.
As client preferences continue to shift to being 
able to manage their money digitally, the UK 
direct-to-consumer (D2C) platform market, 
currently worth around £365.5 billion, continues 
to attract an increasing share of client assets. 
The D2C platform market is expected to grow 
at around 10% per year to 2027, underpinned by 
a few key factors we cover on the next page. 
The UK savings market continues to grow, driven 
by the sustained attractiveness of cash as an 
asset class. D2C cash platforms account for 
around £50 billion of a £2 trillion market and are 
well placed to attract clients thanks to a better 
client experience and often rates.
~£3.7tn 
addressable 
market in 20261
£3.4tn 
addressable 
market today1
£1.5tn 
addressable pension 
market today
£365.5bn 
D2C platforms2
£155.3bn 
HL Total AUA
~£50bn 
cash platforms3
1. 
BCG addressable market estimated at £3.4tn in 2024 growing 
at +4.3% CAGR
2. UK Platform AUA as at March 2024, Platforum, UK D2C: 
Market Update, July 2024
Note 3. Estimate for cash platform market sizing includes savings 
attracted by Flagstone, HL, Raisin, Moneybox, Monzo, Insignis. 

3
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
 
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
 
Governance  
59
Financial statements 
128
Other information 
173
EVOLVING CLIENT NEEDS AND MARKET DYNAMICS
Evolving needs
Products designed 
for good client outcomes 
We know clients’ are daunted by 
saving and investing and that stands 
in the way of financial resilience. 
That’s why building client’s confidence 
to save and invest, making it easy 
to do so and giving them a broad 
choice so they can do everything 
on one platform, is at the heart of 
our value proposition. 
Best of human 
and digital expertise 
Clients want a great digital experience 
as well as the option to speak to 
knowledgeable and reassuring HL 
colleagues for the moments that 
matter. For some, this may be help 
getting started while for others it 
might be reaching retirement and 
moving into Drawdown. 
Proactive and  
personalised experience
Clients expect high quality digital 
journeys and a personalised 
experience. Market insights, 
investment opportunities and 
guidance on how to improve their 
outcomes, need to be tailored to 
the client’s personal circumstances, 
aligned with their investment goals. 
Broad investment 
choice under one roof 
Across a client’s lifetime and as their 
financial needs change, building 
financial resilience requires accessing 
a range of investments and accounts. 
From pensions to workplace pensions, 
savings and investments, clients are 
increasingly interested in building a 
diversified portfolio under one roof.
Structural 
market trends
Not enough people 
saving or investing 
Just 13% of UK households have an 
adequate pension for a comfortable 
retirement yet over 12.1 million 
households have enough to start 
investing for the future, but they just 
aren’t. A significant opportunity exists 
for the UK to improve its financial 
resilience, just by making it easier 
to save and invest. 
Ageing 
population
Over 10 million people (nearly 20% 
of the UK population) are now over 
65, up by around 50% from over 40 
years ago. The result is a growing 
savings gap versus the level of 
funding needed for a comfortable 
retirement. Individuals need bigger 
retirement pots, at the same time 
state and company pension provision 
is becoming less generous. 
Work and retirement 
patterns changing 
Retirement is becoming an 
increasingly fluid concept. Fewer 
individuals are working for and retiring 
with the same company and many are 
continuing to work after retirement 
age. The result is a more complex 
retirement picture, with multiple 
pension pots in different places and 
a more complex level of financial 
planning needed. 
Responsible 
investing
Making responsible investing easy 
is quickly becoming non-negotiable 
for UK platforms, underpinned by 
key regulations such as Consumer 
Duty, Task Force on Climate-
related Financial Disclosures 
and Sustainability Disclosure 
Requirements. HL’s responsible 
investment AUA has risen 43% 
in the last three years. 
Competitive 
and regulatory 
dynamics
Competitors
The UK retail saving and investing 
space is seeing both new entrants 
and existing platforms launching 
disruptive offerings, spanning new 
products to alternative revenue 
models. Despite competitive 
pressures, opportunity for a simple, 
trusted platform offering the breadth 
of products and services needed to 
look after clients across their lifetime. 
 
Consumer Duty 
The FCA has a renewed focus on 
ensuring firms make it easy for 
clients to achieve good outcomes. 
The Consumer Duty rules were 
implemented in 2023 and require 
companies to evidence and attest 
they are delivering good client 
outcomes every year. Good client 
outcomes have always been key 
principles for HL, so we are well 
positioned for this new era. 
Advice/Guidance boundary
The current review of the Advice/
Guidance boundary would allow 
firms to provide more relevant 
financial information to consumers, 
democratising access to support. 
It offers the potential for us to 
proactively engage with our client 
base, ensuring people’s saving 
and investing behaviours and 
goals are aligned.
 
Technology 
Ultimately, it’s technology that 
will enable platforms to provide a 
more personalised experience and 
improve client outcomes efficiently. 
Together, cloud computing and 
artificial intelligence allows us 
to analyse client behaviours and 
improve client outcomes over 
time through a personalised 
and proactive experience.
MARKET OPPORTUNITY 
CONTINUED

Hargreaves Lansdown
Report and Financial Statements 2024
4
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
 
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
 
Governance  
59
Financial statements 
128
Other information 
173
BUSINESS MODEL
A PARTNER 
FOR LIFE
 
Our proposition
We support clients’ financial needs throughout 
their life, building long-term relationships, 
driving growth and sustainable returns for 
our stakeholders.
HL’s award-winning digital platform gives 
clients access to a broad range of savings 
and investment solutions and products to 
manage their finances and facilitate their 
investment goals.
Retirement
We offer a range of solutions to help people 
prepare for later life and retirement. Our 
proposition includes a Ready-Made Pension 
Plan plus Self Invested Personal Pensions 
(SIPPs), Junior SIPP, Income Drawdown and 
Annuities. These are supported by a range of 
retirement planning tools to make it easy for 
people to check if they are on the right track 
to achieve their retirement objectives. 
Investments
HL’s proposition offers clients significant choice 
and flexibility in managing their investments. 
Our products include the Stocks & Shares 
ISA, Lifetime ISA (LISA), Junior ISA (JISA) and 
General Investment Account (GIA). The range 
of solutions means clients can invest in line 
with their needs across different life stages. 
We leverage our scale to deliver great value to 
our clients, for example, we achieve an average 
17% discount across our top 100 funds.
Active Savings 
Our cash management platform gives access 
to highly competitive savings rates and allows 
clients to easily spread cash savings across 
multiple providers, maturities and accounts, 
including Cash ISA and the UK’s first multi-
bank Cash ISA. Active Savings is an important 
service to both new and existing clients, now 
holding more than £10 billion of assets.
Trading
HL is the UK’s biggest retail stockbroker – 
accounting for 34% of all UK trades and 56% of 
overseas trades. HL clients can trade through 
our app, website or by phone, and we focus on 
delivering best execution across a wide range 
of investments in the UK and abroad. Our scale 
enables us to improve the price per share trade 
clients receive by an average of £16 versus the 
spot price. Clients have access to an evolving 
proposition including automated trades, 
monthly investing, live prices, a digital voting 
tool, and equity and gilt primary capital raises. 
HL Funds
Our focus is on ready-made solutions to 
provide simple solutions for low/mid confidence 
investors, including a Ready-Made Pension 
plan, a Ready-Made active range and a 
Ready-Made index range to cover different risk 
profiles. Additionally, we provide investment 
solutions for clients across a broad range 
of sectors and investment needs to capture 
specific market opportunities. We manage 
over £10 billion of assets.
Powers our distribution engine
Through the channel of their choice, clients can 
access a range of products and services that 
support them in achieving their financial goals. 
Our channels:
• Direct-to-consumer (D2C): easy-to-use 
tools and expert-led content available 
through our app, website and other 
channels including webinars, to help clients 
make the right investment decision for them 
and access market opportunities. 
• Helpdesk: clients can speak to an HL 
colleague for assistance and guidance 
on any service or product. 
• Advice: dedicated financial advisers 
supporting clients to build a full financial 
plan to address specific goals across various 
life stages. 
• Workplace: Workplace Solutions offers 
a variety of services adjacent to its core 
pension proposition (e.g. third-party 
retirement service and flexible benefits 
platform) addressing corporate client’s 
evolving protection and saving needs.
OUR PROPOSITION
POWERS OUR DISTRIBUTION ENGINE

Hargreaves Lansdown
Report and Financial Statements 2024
5
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
 
BUSINESS MODEL 
CONTINUED
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
 
Governance  
59
Financial statements 
128
Other information 
173
Attract 
Our trusted brand, broad proposition and 
client-focused service enables us to attract 
and build lifelong relationships with clients. 
We continuously evolve our approach to client 
acquisition, investing in our digital experience, 
service, product proposition and marketing to 
ensure we maintain and improve our offering 
and we make it easy for our clients to save 
and invest for a better future. During 2024 
we acquired 78,000 net new clients. 
Engage
A key priority for us is helping people engage 
with their financial security by making investing 
understandable, simple and accessible for 
everyone. With 1.88 million retail clients we 
have great insight into the needs of the UK 
retail investor. This insight allows us to focus 
our investment and resources on what matters 
to them. We continuously look for ways to 
deliver more value to clients and become 
an increasingly important part of their daily 
financial lives.
We have proven that giving people confidence 
by providing relevant, timely and digestible 
investment information and then making it easy 
to act helps our clients invest and get positive 
outcomes. The happier and more engaged 
clients are, the greater the new business 
flows through transfers of investments held 
elsewhere, new lump sum contributions and 
regular savings, particularly when it comes to 
using tax allowances within a SIPP and an ISA. 
Retain
We have a loyal client base with a retention rate 
of 91.4%. We build lifelong relationships with 
clients as they build their wealth, becoming 
their trusted financial partner.
This underpins our ongoing revenue 
generation, along with the positive impact 
of compound growth. 
We focus on delighting our clients every 
day and we’ve always set out to offer clients 
a saving and investing experience they can’t 
get elsewhere, supported by our trusted voice 
in the market and multi-channel digital and 
human offering. 
Driving strong growth 
By attracting, engaging and retaining clients, 
we grow our AUA which helps drive revenue 
growth. Consistent revenue growth allows 
us to continually reinvest in the client value 
proposition, making us more appealing and 
competitive, while allowing us to build a more 
efficient and scalable platform. This is the 
fundamental flywheel of our company.
Total AUA: 
£155.3bn 
(2023: £134.0bn) 
Total active clients: 
1.88m 
(2023: 1.80m)
Creating value
Sustainable returns
We generate revenues based on the value of 
assets administered on our platform, activity 
levels of our clients, net interest margin 
on uninvested cash, and advice given to 
clients. Of these revenue streams, 81% are 
ongoing in nature, providing a high degree 
of profit resilience. 
We always strive to be a fitter and leaner 
business. A strong focus on cost discipline 
allows us to create capacity for us to invest 
in our clients through our proposition and 
platform, and in turn generate stronger 
returns for shareholders.
Our scalable growth, diversified 
revenue streams and cost discipline 
underpin sustainable profits. After ensuring 
we maintain a surplus of capital over and 
above our regulatory requirement, our capital 
management framework sets out our approach 
to delivering sustainable and attractive 
shareholder returns over time.
Sustainable returns are not only a function of 
what we do, but how we do it. Environmental, 
Social and Governance factors are embedded 
throughout our operations and investments to 
ensure we manage our business for the long 
term. This is key for building trust in our brand, 
products and services, and helping our clients 
reach great outcomes across their lifetime.
 
R
E
T
A
I
N
A PARTNER  
FOR LIFE
E
N
G
A
G
E
A
T
T
R
A
C
T
DRIVING STRONG GROWTH
CREATING VALUE
Detail on how we have 
addressed these stakeholders 
in our strategy is on page 22

6
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
 
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
 
Governance  
59
Financial statements 
128
Other information 
173
STRATEGIC SUMMARY
A REFRESHED STRATEGY FOR 
THE NEXT PHASE OF GROWTH
WHAT CLIENTS WANT 
Make it easy 
A platform I can trust 
Give me great value 
WHAT WE’RE DOING ABOUT IT
Transforming the 
investing experience 
 
Making saving and investing understandable, simple 
and accessible for all is the foundation on which 
Peter Hargreaves and Stephen Lansdown started the 
company over 40 years ago. It’s what continues to 
drive HL today. 
Combining the best of 
colleague and digital capability
We will always offer clients a great digital 
experience while having knowledgeable 
colleagues available to provide guidance 
and reassurance via web, app, our Helpdesk 
or Financial Advisers. 
Leveraging our scale 
to drive client value 
Leveraging our scale is the renewed focus of 
our strategy. Driving efficiencies in everything 
we do, enables us to continuously improve 
our client value proposition. 
Great people, great culture
HL has great people and a strong client focused culture. 
Our focus is on unleashing the potential of our people 
to power the next phase of HL’s growth.
 
 
Responsible and resilient business
We want to make it easy for everyone to save and invest for 
their future. As a Responsible Business, Investment Platform 
and Fund Manager, we drive positive, long-term change 
at a local and national level.
 
 

STRATEGIC SUMMARY 
CONTINUED 
 
 
  
 
 
 
  
 
 
 
 
 
  
 
 
 
  
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24
Corporate Responsibility Introduction
31
Responsible Platform 
33
Responsible Fund Manager
35
Responsible Business 
36
Responsible Employer
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability
Information Statement 
50
Risk Management and the Principal
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
7
Hargreaves Lansdown
Report and Financial Statements 2024
7
Hargreaves Lansdown 
Report and Financial Statements 2024 
Str
Strat
ategic r
egic repor
eport
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173
TRANSFORMING 
THE INVESTING EXPERIENCE 
Best Buy 
Pension 
Boring Money 
Awards 2021–2024 
Best Online 
Stockbroker 
Personal Finance 
Awards 2024 
UK’s first ever 
multi-bank Cash ISA 
MAKE IT 
EASY 

Strategic report 
STRATEGIC SUMMARY 
CONTINUED 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173
 
 
  
 
 
 
  
  
 
 
 
 
 
 
 
 
 
  
 
 
 
  
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24
Corporate Responsibility Introduction
31
Responsible Platform 
33
Responsible Fund Manager
35
Responsible Business 
36
Responsible Employer
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability
Information Statement 
50
Risk Management and the Principal
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
8 
COMBINING 
THE BEST OF COLLEAGUE 
AND DIGITAL CAPABILITY 
60% 
calls answered 
in under 
20 seconds 
3.6m 
average 
weekly logins 
app & web 
#1 
rated investment 
platform for Trust Note 1
1 
#1 Classic Platforms, Boring Money H2 2023. 
A PLATFORM 
I CAN TRUST 
Hargreaves Lansdown 
Report and Financial Statements 2024 

 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Strategic report
Strategic report 
STRATEGIC SUMMARY 
CONTINUED 
9 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173
LEVERAGING 
OUR SCALE TO DRIVE CLIENT VALUE 
17% 
average 
discount, top 
100 funds 
£16 
average price 
improvement 
per trade 
£51m 
total fund 
discounts 
DELIVERING 
VALUE 
Hargreaves Lansdown 
Report and Financial Statements 2024 

 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173
Strategic report 
STRATEGIC SUMMARY 
CONTINUED 
OUR VALUES: 
HOW WE SHOW UP 
We understand the important 
role we have to play in building 
a better financial future for both 
our clients and wider society. 
Our culture, values and governance ensure 
our clients are at the heart of our business 
and that we work in a sustainable and 
responsible way. 
1 
CLIENT 
FIRST 
We want our clients to achieve 
great outcomes – it drives our 
decision making. 
2 
SHOW 
COURAGE 
We’re boldly ambitious, but 
never reckless or arrogant. We 
have difficult conversations. We 
love a challenge. We always act 
with integrity. 
3 
ALWAYS 
CURIOUS 
We see potential everywhere. We 
know what we’re doing but know 
we can always do better. We keep 
learning, so we can keep educating. 
4 
CARE 
DEEPLY 
Everyone at HL genuinely cares. 
We support each other to deliver 
an outstanding experience for 
clients and an inclusive culture 
for our colleagues. 
5 
ONE 
CONNECTED 
TEAM 
We are one team and it shows. 
We work together to drive the 
business forwards and help client’s 
to improve their financial futures. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
10 

 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173
Strategic report 
STRATEGIC SUMMARY 
CONTINUED 
WHY HL? 
OUR INVESTMENT CASE 
LARGE AND 
GROWING MARKET 
We operate in a large and growing market 
addressing a clear client need, with both 
government and regulatory backing to 
get more people in the UK investing for 
their future. 
HL is well positioned to support and drive 
this as the UK’s largest D2C investment 
platform, building on a 40-year heritage 
of delivering for our clients in the market 
we created. 
With a £3.7 trillion addressable market 
of savings, investments and pensions, 
we are well placed to capture this growth, 
providing a single home for all saving 
and investment needs. 
£3.7tn 
addressable market by 2026 
38% 
working-age people (12.5m) 
are under-saving for retirement 
TRUSTED BUSINESS 
FOCUSED ON IMPROVING 
CLIENTS' FUTURES 
We help people build a financially 
secure future by making investing simple, 
understandable and accessible for all. 
HL’s differentiated client proposition 
caters for every life stage, underpinned 
by a diverse and evolving product offering 
and premium client service. 
We’ve built a diverse and loyal client 
base across both age and portfolio 
size, demonstrating HL’s ability to attract 
and support clients across the UK in 
building wealth over time. 
1.88m 
clients 
91.4% 
client retention rate 
LEVERAGING SCALE 
TO DRIVE VALUE 
FOR OUR CLIENTS 
Our scale and heritage in the market 
means we are well placed to improve our 
proposition and deliver increasing value 
to clients. 
Thanks to a 40-year history and now 
millions of daily client interactions with 
our platform, we have a unique level of 
insight into the UK retail investment 
industry and opportunity to drive 
innovation. This year we launched the 
UK’s first multi-bank Cash ISA. 
Our scale also enables us to offer 
greater value to HL clients, through 
discounted fund management fees and 
price improvement in trading (versus the 
best primary exchange price). 
£155.3bn 
AUA 
236m 
digital visits 
DELIVERING 
LONG-TERM AND 
SUSTAINABLE GROWTH 
HL is a stable and growing business, 
with 81% revenues recurring. Our business 
model is diversified and means we 
perform across different market cycles. 
We are highly cash generative, have 
a strong balance sheet and retain a 
 
significant surplus of capital over and 
above our regulatory requirement. 
We have paid an increasing ordinary 
dividend for the last nine years. 
Our strategic investment programme is 
underway and already delivering positive 
results. A strengthened leadership team, 
with clear go-forward plans, will increase 
the pace we achieve our strategic 
ambitions and return HL to a business 
delivering attractive growth for 
shareholders and wider stakeholders. 
£396.3m 
profit before tax 2024 
43.2p  
dividend 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
11 

 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173
Strategic report 
CHAIR’S INTRODUCTION 
CORPORATE 
RESPONSIBILITY 
UNDERPINS 
OUR PURPOSE 
Ensuring our brand lives up to the 
expectation of all our stakeholders. 
It is an absolute privilege 
to lead the board of such 
an iconic British business. 
Alison Platt 
Chair 
Dear shareholder 
I am delighted to present my first Report 
and Financial Statements as your new
 
Chair following my appointment to the 
role in February. 
It is an absolute privilege to lead the Board of 
such an iconic British business. It’s testament 
to the resilience of the Hargreaves Lansdown 
brand that despite the challenges of recent 
years client numbers remain by far the largest 
in the sector with client retention levels 
at 91.4%. 
I have spent much of my early tenure listening 
and learning, starting inside the business in 
Bristol listening to calls, working alongside 
client supporting colleagues and listening to 
managers and front line teams involved in 
everything from tech, to change management 
to compliance. It is striking that, unprompted, 
so many clients cite Hargreaves Lansdown’s 
service – whether digital or human – as core to 
their decision to stay, or indeed, where we get 
it wrong, leave. It’s heartening therefore that 
on his arrival, Dan Olley and the team made 
service levels the number one priority for the 
business. The performance and results at the 
tax year end showed what a terrific difference 
that made and the pride of our people in 
delivering a record outcome for clients 
is thoroughly well deserved. 
The first few months have also been marked 
by my working with Board colleagues to 
define our role beyond the obvious and critical 
governance accountabilities. As Dan leads 
the business to get Hargreaves Lansdown 
growing and delivering at pace again, the 
board must play its part in bringing support 
and challenge and acting as ambassadors for 
the ambitious agenda that lies ahead. This 
approach has meant we’ve spent considerable 
and valuable time working with Dan and Amy 
to get underneath the plans and ensure the 
collective experience of the Board is tapped 
as we prioritise and focus on execution. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
12 

13
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Culture, purpose and 
stakeholder engagement
Corporate Responsibility underpins our 
purpose, to help people save and invest for 
a better future. During the year the Board has 
focused on ensuring we have a strong and 
healthy culture embedded across our business 
so that we can deliver positive results not only 
for our clients but also for our colleagues, the 
environment, our community and shareholders. 
Whilst the key elements of the HL Way have 
remained, we have updated our client focused 
values through a process of consulting with our 
colleagues to ensure that we are all one team 
with a common purpose and set of goals.
We have been updating our Corporate 
Responsibility strategy ensuring our approach 
is focused through our actions as a responsible 
Platform, Fund Manager, Business and 
Employer. Our strategy, progress and ambitions 
are set out on pages 31 to 42. I am really 
pleased to see that we have made further 
progress in our climate reporting, our push for 
greater financial resilience both at a society 
and local community level, and our diversity 
and inclusion metrics.
As well as engaging and hearing lots of 
feedback from our clients and colleagues I have 
been keen to spend time with our shareholders 
and hear their views first hand. Understanding 
the views and interests across our stakeholder 
groups helps the Board to make better 
decisions with the aim of generating long-
term value for the Company’s shareholders 
whilst contributing to wider society by building 
strong and lasting relationships with other 
key stakeholders. 
Regulation and Board changes
Front of mind for the Board is ensuring that 
our brand lives up to expectation for all our 
stakeholders. Regulatory reputation matters 
and I’m grateful to both Andrea Blance as Risk 
Committee Chair and Darren Pope as Audit 
Committee Chair for the huge amount of 
work they have done in building a robust and 
credible plan with the HL teams to tackle our 
regulatory agenda. Along with the whole of the 
financial services sector we have been working 
hard to embrace the FCA’s Consumer Duty 
requirements. As required by the regulator, 
Penny James, our Senior Independent Director, 
has taken on the role of lead director for this 
work. In a demonstration of the importance we 
place on this agenda the Board has established 
a working sub-committee including myself 
and Dan Olley to ensure the actions are 
integral to our operating plans and progress 
and performance against targets visible to 
the Board.
It is crucial that the Board has the necessary 
capabilities and attitude to play its part in 
delivering performance that leads to enhanced 
shareholder returns. With the transition of Dan 
to the CEO role we have commenced a search 
for a new Non-Executive Director with the 
focus being on global technology skills. At the 
time of writing the search remains ongoing. 
The role played by all Board colleagues is 
key and I believe the make-up of the board 
now reflects the critical areas of performance 
and strategy to HL. In June we commenced 
the external Board evaluation led by the 
consultancy Independent Board Evaluation. 
Whilst required by the Corporate Governance 
Code, the timing is excellent as we seek to 
ensure this Board performs to its very best 
individually and collectively. I look forward to 
absorbing and acting upon their observations.
Dividend
In line with our communications last year, the 
Board is pleased to recommend a final ordinary 
dividend of 30.0p per share representing an 
increase of 4% on last year. The final ordinary 
dividend will be paid on 1 November 2024 to 
all shareholders on the register at the close 
of business on 4 October 2024, subject to 
approval at our AGM on 22 October 2024.
This brings the total ordinary dividend for the 
financial year to 43.2p per share, representing 
an increase of 4% on last year.
Looking ahead
Looking forward the Board firmly believes 
that we are very well positioned to capitalise 
on a growing sector and a recovering market. 
Getting back to some of the founding principles 
of this business, being a champion for the 
retail investor and making it easy for people to 
save and invest for a better future is key and 
building on the unique assets the business 
has built over the last 40 years gives us an 
exceptional base. There is much work to do to 
excel in this highly competitive market and the 
Board believes that in Dan Olley we have a CEO 
whose background and capabilities make 
him ideal for the task. Delivering the plan will 
require a total team effort and the capabilities 
and experience which lie inside the Bristol 
business are being utilised to the maximum and 
enhanced by some newly recruited colleagues 
who bring specific expertise in areas such as 
data, digital and change management. 
It has been a busy and engaging year and 
I am grateful to colleagues and investors 
alike for the time they’ve given me and for 
the honest and straightforward feedback 
I’ve received. As I said in my opening, this 
is an iconic British brand, looking after over 
1.88 million clients in a world where financial 
security has never been more important. 
Leading the Board to bring bravery, humility 
and hard work to the collective effort will 
be my goal as Dan capitalises on the strong 
momentum already evident. 
Alison Platt 
Chair
14 August 2024
CHAIR’S INTRODUCTION 
CONTINUED

14
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
CHIEF EXECUTIVE’S REVIEW
MAKING IT EASY 
TO SAVE AND INVEST
I’m pleased to see our strategy 
and focus on our priorities beginning 
to deliver results.
With the momentum we are 
building I’m very positive about 
the future for HL, but even more 
positive about the impact we can 
have on people across the UK.
Dan Olley 
Chief Executive Officer
Overview
It has been an eventful first 12 months in 
role, not least with the approach from the 
consortium which has resulted in a firm and 
final offer for HL, with the Independent Board 
intending to unanimously recommend the cash 
offer to shareholders. The offer is expected 
to complete in Q1 2025 subject to certain 
conditions, including shareholder and other 
regulatory approvals. 
For more details of the offer, please see the 
Additional Chair’s letter from Alison at the very 
front of this report. 
Additional At HL, we have been helping 
people to save and invest for a better future 
for over 40 years. This year our focus has 
been on getting back to basics: continually 
striving for great client service, providing a 
great client experience and great client value. 
That means putting our clients at the heart of 
the organisation and serving them well, with 
the humility, expertise and passion that makes 
HL the company it is. We need to help more 
people across the UK save and invest to secure 
their future, so this is more than a mission, 
it’s an obligation and our sole focus.
When I joined the business as CEO in August 
2023, it was clear that HL is a great business 
with a passion for serving its clients, but 
we had work to do in areas to serve our 
clients better. For example, it was clear our 
client service in H2 2023 had fallen below 
the level we and our clients expect and that 
our website and app functionality could be 
significantly improved.
Based on these initial observations, I laid out 
four clear priorities (Delight clients, Increase 
pace, Save to invest and Focus on Our People) 
to align the organisation and increase the pace 
of execution, whilst undertaking a thorough 
business wide review. The output of this 
review, coupled with our analysis of client 
needs, has enabled us to evolve the strategy 
and create clear financial and operating plans 
to achieve our objectives. 
I am pleased with the progress we have 
made against these initial four priorities, and 
importantly these changes are starting to have 
a positive impact on our clients, for example 
the significant improvements in Client Service 
the teams delivered through Tax Year End 
in March and April of this year. 

15
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
The combination of great value, great service, 
relevant research and a broad proposition helped 
us welcome another net 78,000 active clients to 
the platform, taking assets under administration 
(AuA) to £155.3 billion and underlining HL’s 
position as the UK’s largest and most trusted 
Investment Platform. Our Net New Business 
(NNB) for FY24 was £4.2bn, with a stronger 
performance in the second half. This has 
delivered revenue of £764.9m up 4% vs. FY23. 
Our increased focus on cost discipline across the 
organisation through the year has allowed us to 
slow cost growth, especially in H2, delivering an 
underlying profit of £456m, again up 4% YoY.
I would like to thank every HL colleague 
for helping deliver this year’s improved 
performance and for embracing the changes 
we are making to make HL an even stronger 
organisation. Guided by our purpose to “make 
it easy to save and invest for a better future”, 
I am proud of what we have achieved together 
and excited about the road ahead.
Getting back to basics, 
led by our clients
In September 2023, I set out four immediate 
priorities to increase momentum across the 
organisation while we commenced a more 
comprehensive business-wide review. I am 
pleased to see the progress that has been 
made and the early positive impact this is 
having for both our clients and our results.
Delighting Clients, Drive Growth
Putting clients first has always been at 
the heart of Hargreaves Lansdown, so this 
was a very natural first priority to set. 2023 
had seen a decline in our usually high levels 
of client service, and we had clear client 
feedback that there were opportunities in both 
our digital experience and proposition, all of 
which we needed to, and have, acted upon.
• Service – We have been focused on 
returning our Service standards to the levels 
we and our clients expect. We have invested 
in our colleagues and technology to reduce 
call answering times, improve call quality 
and increase the number of client calls fully 
resolved at first point of contact. As a result, 
we were able to handle over 190,000 calls 
in the 5 weeks up to tax year end (up 21%), 
with  approximately 58% answered in under 20 seconds 
and NPS peaking at over +50. We will never 
be satisfied, and we will keep working 
to continue to enhance and extend our 
service offerings, but I would like to thank 
all HL colleagues for their efforts to make 
the improvement.
• Proposition – This year, we completed the 
launch of two new “Ready-Made” HL fund 
ranges designed to give our clients a simple 
way to invest. The “Managed by Experts” 
range seeks to leverage the best of active 
funds from across the market and the “Track 
the Markets” range is a simple way to invest 
in a range of passive tracker funds. We have 
also launched a Ready-Made Pension Fund, 
which uses a life stage strategy to adjust 
risk based on a client’s age. Since launch, 
the new “Ready-Made” suite of funds have 
seen net inflows of circa £300 million. 
January 2024 saw the launch of the UK’s 
only multi-bank cash ISA, allowing clients 
to spread their ISA savings across multiple 
banks and maximise their FSCS protection. 
By June 2024, over 33,000 clients had taken 
advantage of this new offering, with AuA 
of £533 million.
• Digital Experience – Another key priority 
this year was initiating plans to remove 
all unnecessary friction from our digital 
journeys and extend our App functionality. 
Client feedback is very favourable towards 
our digital experience, so we are evolving 
our App and Website incrementally to meet 
client needs even more effectively. 2024 
saw the introduction of our new “Easy Bank 
Transfer” option allowing clients to quickly 
and easily top up accounts in a few clicks. 
In 2024 this new top up option enabled 
clients to add £2.4 billion into their accounts 
whilst also reducing our costs to process 
top-ups by £1.9 million. Our new News 
section was launched, allowing HL’s teams 
to get our clients the latest investment news 
and research faster than ever before and 
proving the new technology that we will 
use to power much of the Website as we 
migrate over the coming months. There is 
still much we can do, but we have started 
to make progress.
We’ve made solid progress 
but there is much more to do 
to deliver on our ambition to 
constantly delight our clients 
into the future, and accelerate 
our growth.
Dan Olley 
Chief Executive Officer
Increase Pace
We work in a fast-paced industry, and we are 
accelerating our pace of innovation to deliver 
for our clients. In 2024 we evolved our ways 
of working to leverage the best thinking from 
leading high performing digital innovators. This 
has seen an acceleration of both the in-year 
continual improvement work, evidenced in 
the progress in digital experience above, and 
a step change in delivery pace of our larger 
strategic initiatives, further increasing our 
confidence that we will deliver our strategic 
change programme within the original 
financial parameters.
Save to Invest
We have been constantly looking for thoughtful 
ways to simplify, automate and standardise 
to drive efficiency so that we can reinvest in 
our business and our clients. We have made 
good progress across several areas, including 
leveraging Robotic Process Automation (RPA) 
across a number of processes, freeing up 
colleagues and funding to allow us to invest 
more in improving our service ahead of tax 
year end. We have launched automation tools 
such as Salesforce and Amazon connect that 
help colleagues be more efficient and provide 
even better client service and have evolved our 
ways of working that have significantly reduced 
the dependence on contractors and 3rd party 
consultancies. Overall, our FY24 underlying 
costs were £338.5m, below guidance 
expectations with the growth rate down 
to 5% in H2. 
CHIEF EXECUTIVE’S REVIEW
CONTINUED

16
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
CHIEF EXECUTIVE’S REVIEW
CONTINUED
Focus on our People
We welcomed several new highly experienced 
colleagues to the HL leadership team as we 
strengthened experience and capability in 
key areas such as Technology, Operations 
and Digital Product Management. Key was 
strengthening experience in executing digital 
transformation at pace, innovating with data 
and technology to drive client value and 
driving operational efficiency and cloud-based 
resilience at scale. While still early days, I’m 
pleased to see the positive impact these new 
colleagues are already having across the 
organisation as they couple their experiences 
with the extensive experience we already 
have in the organisation. 
On a personal note, I have also had the 
pleasure to welcome Alison Platt to the 
organisation as Chair. Alison brings a wealth 
of experience and a thoughtful, supportive 
and engaging approach that has landed 
exceptionally well across HL. 
Findings from the 
comprehensive Business 
Wide Review
In parallel with executing on our initial 2024 
priorities, we have undertaken a thorough 
review of all aspects of the business, from our 
client proposition to our operations and support 
functions. This review has further strengthened 
my belief that HL is a great business, built on 
a strong heritage and with an important role to 
help more people across the UK secure their 
and their families financial future. However, 
it is has also shown that we have not always 
kept pace with the competitive environment, 
the way customers consume marketing, the 
increasingly sophisticated and demanding 
requirements of digital customer journeys 
and the service levels clients expect. This has 
caused our rate of growth to slow over the past 
few years, but also creates clear opportunities 
that, if captured, will only accelerate the 
number of clients we can help, and through 
this drive the growth of the organisation. 
The key findings are:
1. Client Engagement & Retention – Our 
proposition and digital experience have only 
changed modestly in the last few years. This 
has resulted in Net new business growth 
reducing from £8.7 billion in FY 2021 to £4.2 
billion in FY 2024, reflecting declining client 
and asset retention rates, which have fallen 
from 92.1 per cent to 91.4 per cent and from 
91.4 per cent to 88.5 per cent respectively 
over the same time period. Advances in 
technology, changing market dynamics 
and evolving client needs mean there is 
a significant opportunity to now take the 
savings we are making across the business 
and invest to evolve all aspects of the 
proposition for our clients. 
There is no single silver bullet – the already 
announced strategic spend alongside 
revenue investment to support long term 
client and asset retention is important and 
it will take a combination of continued 
focus on service, significantly enhancing 
the digital experience and client journeys, 
and targeted revenue investment to be 
successful. This revenue investment, were 
it to be implemented, would be expected to 
be largely mitigated through a combination 
of asset growth, and both lower cost growth 
and a return to pre-Covid platform asset 
retention levels over the medium term.
2. Client Acquisition – HL was built on 
providing clients great research and content 
and helping them build their confidence to 
invest. This need is still there today, and we 
know we can help a lot more people start 
their investing journey. What has changed 
radically is how we need to reach and 
engage potential clients through multiple 
channels, and while we continue to attract 
new and younger clients, the level of gross 
new inflows we are able to attract to the 
platform from new clients each year has 
dropped by 35% since FY21. We need to 
leverage our brand strength and data to 
much more effectively get our messages 
to target clients wherever they are. We 
also offer great value, that both clients and 
non-clients alike are not aware of, such 
as our fund discounts and the deal prices 
we achieve for our clients when trading. 
We need to get better at telling this story 
through our platform, marketing and 
to the press.
3. Client Service – We have made good 
progress on our Client Service from where 
it was at the end of 2022 and early 2023 
when our monthly NPS declined to a low of 
+33 during the 2023 tax year end due to 
challenges with Helpdesk capacity and call 
volumes. We have significantly improved 
since then and as I mentioned earlier, I am 
proud of what our teams achieved this 
year given the starting point, and our NPS 
improved to +48 during tax year end period. 
However, our review has shown there is 
so much more we can do to really delight 
every client.
4. Operational transformation & Cost 
Efficiency – The review has highlighted 
a significant opportunity to streamline 
and automate our middle and back-office 
processes, making them more resilient, 
less prone to human error and freeing up 
colleagues and spend to invest back into 
serving our clients. We will seek to address 
the disproportionate cost growth as client 
numbers expanded over the last few years, 
with our cost to serve increasing from 
22.3bp in FY21 to 23.7bp in FY24.
5. Colleague Engagement – My review of the 
organisation has also involved honest and 
open conversations with colleagues at all 
levels of the organisation. HL colleagues 
are passionate about our clients. It’s in the 
DNA from when the company was founded. 
Colleagues’ feedback identified lack of 
clear priorities, slow pace of change, siloed 
working and manual processes as key 
sources of frustration.
6. Investment Spend – HL is now two 
years into its original capital markets day 
investment programme, and while some 
progress has been made in certain areas, 
such as the launch of the new HL funds, 
progress has been less tangible in key 
areas such as operational automation and 
digital platform automation. As we have 
strengthened the HL Leadership team 
and changed ways of working in parallel 
with the review, we remain confident that 
the investment plans can still be delivered 
within the financial envelope originally set, 
though full completion of some activities 
will extend into FY27.

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Strategic report 
CHIEF EXECUTIVE’S REVIEW 
CONTINUED 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Many of these changes and programmes 
are already underway, facilitated by the initial 
priorities we laid out at the start of FY24, and 
we have made considerable progress. While we 
remain confident that we have identified the 
opportunities we need to capture, and we can 
deliver over the medium to longer term, I also 
want to be clear that the delivery of our core 
priorities involves significant change across 
large parts of the business, coupled with on-
going investment over the medium term as set 
out above. Any transformation programme of 
this breadth and complexity carries significant 
execution uncertainty, and there is no doubt 
that delivery of benefits will not be linear. 
An ever more competitive environment only 
adds to the need to execute flawlessly. 
Evolving our strategy 
HL has a clear and refreshed strategy, which 
the Board is confident will deliver over the 
longer term, with good progress already made 
against the initial priorities identified in FY 
2024. The refreshed strategy comprises five 
strategic priorities intended to address the 
findings from the review, as set out at HL’s 
interim results in February 2024: 
(1) Transform the investing experience: 
Removing jargon, terminology and 
complexity and making it easy for its clients 
to set their financial goals and work towards 
achieving them with minimum effort and 
fuss. A key focus will be improving HL’s 
digital experience and proposition as well 
as evolving its marketing capability. 
(2) Combine the best of colleague and digital 
capability: Bringing together the deep 
experience of HL’s colleagues with advances 
in AI and other digital technologies to serve 
clients on their terms. HL will continue to 
invest in its colleagues and technology 
to deliver a service continuum from DIY 
investing to full financial advice. 
(3) Leverage economies of scale to drive 
client value: Decoupling cost from growth 
through the successful implementation of 
HL’s transformation programme enabling 
greater process simplification, automation 
and standardisation, alongside agile ways 
of working to enhance efficiency and 
increase delivery pace. Through HL’s ‘Save 
to Invest’ philosophy, cost benefits realised 
are intended to moderate future cost growth 
and fund the capability for continuous and 
ongoing investment in the client proposition. 
(4)Responsible and resilient business: 
Continuing to invest to provide the robust, 
resilient and available services expected 
from the UK’s largest retail investment 
platform enabled by the migration of HL’s 
data centre to the cloud and the transition 
off core legacy systems to modern 
architecture. HL intends to ensure its 
operating model is resilient and compliant 
by design, with risk and compliance 
requirements assessed during development 
and embedded into systems and processes. 
(5) Great people, great culture: Attracting top 
talent to drive focus, pace and performance, 
building on a strong set of values centred 
around putting clients first. HL is focused on 
enhancing its performance culture to align 
the organisation to the refreshed strategy 
and its successful implementation. 
Outlook and Guidance 
We operate in a large and growing market 
within a context of continued macro-economic 
uncertainty and market volatility. Therefore, our 
purpose, “to make it easy to save and invest for 
a better future” has never been more relevant. 
So we welcome the new government’s early 
focus on growth and encouraging more people 
to engage with their finances. 
We have work to do in order to deliver on our 
refreshed strategy and reinvigorate growth in 
the business but we have laid the foundations, 
identified our key priorities and aligned our 
operating model and people to ensure we 
can deliver. 
As we look forward, we will continue to focus 
on our key priorities, to serve our clients and 
our communities and to start to deliver against 
our strategic goals. 
Our priorities build on the work we have 
already done, positively impacting all aspects 
of our client value proposition, through both 
our strategic transformation programme 
and continued investment in our client value 
proposition to give our existing clients the 
experience, service and value that HL is 
uniquely placed to deliver. We will also strive 
to welcome even more new clients to the 
platform by improving marketing, enhancing 
our proposition for low confidence investors 
as we help them start their investing 
journey, and improving our onboarding 
and consolidation journeys. 
We will continue to focus on driving 
efficiency and further reducing risk through 
standardisation, automation and simplification. 
We will innovate with the latest generation 
of technologies which, coupled with our rich 
data, will enable us to create new levels of 
automation whilst retaining and increasing 
client personalisation. We will be relentless 
in our focus to capture the tangible benefits 
of the work through our Save to Invest 
programme, and as we do, we will invest 
back into our business to further improve 
the experience and value for our clients. 
While our clients are at the centre of all we do, 
at our heart we are a people business built on 
amazing colleagues. Focus and performance 
are the key people priorities for the year ahead 
as we better align the organisation to the 
things that really matter to our clients. 
To unlock the opportunity for our clients we 
need to undertake a significant transformation 
of this business which will not be linear in its 
delivery and will take some time. The cost 
of delivering that programme is what we 
have announced before (£175m +£50m dual 
running) although certain business automation 
and efficiency programmes will now complete 
in FY27 not in FY26 as had been anticipated. 
What we are keen to ensure is that we 
strengthen our market leadership position and 
in doing so we will beyond FY27, through our 
Save To Invest programme, generate capacity 
to continue to invest in the proposition. 
 
Dan Olley 
Chief Executive Officer 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
17 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Strategic report 
STRATEGY AND KPIS 
2024 PRIORITIES 
DELIVERING ON 
OUR STRATEGY 
In 2024 we evolved our strategy 
based on clear client needs 
and to ensure we have the right 
foundations to deliver our next 
phase of growth. 
We set out four priorities for the 
business in 2024 and are pleased 
to share our progress this year. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
18 
Delight clients, 
drive growth 
Making it easy to save and invest means having a 
proposition to support all clients, across different life stages 
and experience levels. It also means providing clients with 
an exceptional experience however they choose to engage 
with us, whether digitally through our app or website or by 
speaking to our Helpdesk and Financial Advisers. 
Increase 
execution pace 
Improved delivery is a function of how well we work together as a  
business and the technology we are working with – we’re evolving 
both. In 2024, we set out to ramp up delivery, improving alignment 
and accountability across the business and building the discipline to 
start less and finish more. We also continue to invest in the evolution 
and modernisation of our technology estate. 
Save to invest 
Looking across the business and identifying how we can be a more 
efficient and scalable platform. From scrutinising where we spend 
our money and identifying long-term saving opportunities to the 
continued automation of manual processes. We are continuously 
looking to create capacity to invest in our clients. 
Right people, 
right roles 
We are a digital platform, but we are not a digital only 
proposition. Delighting clients comes from combining the 
best of our colleague and digital capabilities. This year we 
focused on building the right leadership team to guide the 
business through a period of change and next phase of 
growth, while ensuring the colleague proposition is fit for 
a high performing culture. 

19
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173
STRATEGY AND KPIS
2024 RESULTS 
Delight clients, 
drive growth 
Continue to evolve our value proposition to delight our clients and drive our growth. 
• Record platform AUA of £155.3 billion 
(2023: £134.0bn). Net flows driven by 
the platform were £1.5 billion (2023: 
£1.6bn) with Active Savings contributing 
£2.7 billion (2023: £3.2bn). We also saw 
positive market movement of £17.1 billion. 
Results reflect a drop in asset retention 
to 88.5% (2023: 90.4%). 
• Added 77,406 net new clients (2023: 
67,336), reflecting the popularity of our 
existing and newer propositions including 
our multi-bank cash ISA. However, 
client retention dropped year-on-year 
reflecting issues with service and digital 
experience, both are being addressed. 
• Active Savings reached a record 
£10.6 billion in AUA and over 300,000 
total clients (2023: £7.8bn and 
175,000) underpinned by new product 
developments and attractive rates from 
24 partner banks. 
• HL’s own funds range reached over 
£10 billion in the year. We expanded 
our Ready-Made solutions range, giving 
clients access to a range of simple, 
active and passive funds to match their 
risk profile. Ready-Made AUM reached 
over £1.3 billion. 
• Extended our retirement proposition by 
launching a new lifestyling arrangement 
for SIPP clients (the Ready-Made Pension 
Plan) which reached £180 million in AUA 
since launch in November 2023 and has 
accounted for nearly one third of all new 
SIPP accounts. 
• Opened up UK Gilt primary markets for 
UK retail investors, enabling clients to 
purchase Gilts directly and on the same 
terms as institutions for the first time. 
KPIs 
Net New Business (NNB) 
The net value of new assets 
brought onto the platform 
less assets leaving the 
platform.  
 
 
Result: 
£4.2bn 
(2023: £4.8bn) 
Total Clients 
Represents the total number 
of active clients that use our 
service. A client is someone 
that holds at least one 
account with a value over 
£100 at the year end. 
Result: 
1.88m 
(2023: 1.80m) 
Client Retention 
Based on the monthly 
retained number of clients, 
as a percentage of the 
opening month’s clients and 
averaging for the year. A lost 
client is deemed as one who 
falls below a holding of £100. 
Result: 
91.4% 
(2023: 92.2%) 
Increase 
execution pace 
Delivering for our clients every day, improving our proposition on an ongoing basis. 
• Client ‘front door’ moved to the cloud 
underpinning delivery of key client 
journey improvements including the 
revised website navigation which 
resulted in a 20% uplift in transfers-in 
worth over £600 million. 
• Launching a new Investment Search 
function in our app to help clients choose 
an investment aligned to their goals, 
saw more clients opt for HL investment 
solutions. Flows into HLFM solutions 
increased from less than 5% to around 
15%. Updates to key client journeys led to 
our highest level of gross new business 
across tax year end on mobile. 
• Rationalised technology and delivery 
roadmap, completing five key initiatives 
as set out at the start of 2024. These 
include ongoing Service and Workplace 
transformation, plus key regulatory 
initiatives. A further ten programmes 
have been identified for 2025. 
• Key regulatory initiatives including 
abolition of Lifetime Allowance in 
pensions and T+1 Settlement for equities 
delivered successfully and on time, with 
a seamless client experience. 
• Embedded a new Group risk maturity 
model. This resulted in improved 
oversight and reporting capabilities for 
risks across the business and led to us 
achieving our target risk maturity score. 
KPIs 
Risk Maturity 
Our Risk Maturity KPI is a qualitative 
assessment of the maturity of the business 
approach to risk management. 
Result: 
On target 
(2023: On target)

20
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173
STRATEGY AND KPIS
2024 RESULTS CONTINUED
Save to 
invest 
Striving to be a fitter and leaner business, so we can reinvest savings back into the business. 
• Delivered statutory profit before tax 
of £396.3 million (2023: £402.7m), 
reflecting our ongoing strategic 
investment spend and resilient revenue 
growth across the year. On an underlying 
basis, profit before tax was up 4% to 
£456.0 million. 
• Underlying costs grew 8% year-on-
year reflecting wage and cost inflation, 
increased technology spend and higher 
dealing costs in line with higher client 
trading activity. Our increased focus on 
cost discipline meant we slowed cost 
growth especially in the second half 
of the year. 
• Decoupling growth from cost to serve 
by simplifying and automating our 
business processes. Automated six 
manual processes leveraging robotic 
process automation and delivering 
£0.6 million in savings this year. Seven 
further processes are estimated to go 
live in 2025. 
• Rollout of new third-party technology 
enabling colleagues to deliver a great 
client experience, efficiently at scale. 
Our service transformation programme 
delivered £0.6 million savings this 
year and is on track to deliver another 
£1.1 million in the coming year. 
• Extended Easy Bank Transfer payment 
capabilities across a number of new 
products, making it easier for clients 
to add money to the platform. In 2024, 
this method processed over £2.4 billion 
payments, saving £1.9 million. 
• Introduced disciplined management 
of third party spend across all areas of 
the business. A key focus in 2024 was 
reducing our spend on contractors and 
consultancies and we saved a further 
£1.7 million as part of our ongoing digital 
delivery review. 
KPIs 
Underlying Costs 
Operating costs less strategic investment 
costs, intangible impairment and 
restructuring costs.  
Result: 
£338.5m 
(2023: £314.6m) 
Statutory Profit Before Tax 
Profit generated by the business over the 
period, with statutory PBT measuring the 
overall business performance including 
strategic spending. 
Result: 
£396.3m 
(2023: £402.7m) 
Right people, 
right roles 
Make HL a great place to work. The right culture, with the right people in the right roles, 
focused on the right priorities to deliver the strategy. 
• New executive team already delivering 
on the strategy. Key hires include Richard 
Hebdon (new Chief Digital & Technology 
Officer), Lucy Thomas (Corporate Affairs 
Director), Afonso Nascimento (Chief 
Strategy Officer) and Gary Logan as 
(Chief Operating Officer). 
• Reset client service levels by investing 
in our Helpdesks and ensuring the right 
tools are in place to deliver a great client 
experience at scale. This resulted in a 
recovery in service levels across the year, 
with client NPS rising from 41% H124 to 
44% H224. Our full year result was weighed 
down by service issues seen in H223. 
• Colleague engagement dipped, reflecting 
key sources of frustration in the lack 
of pace of change, siloed working and 
manual processes. 
• Renewed HL’s People strategy by 
reviewing HL’s purpose and values 
as well as redeveloping the colleague 
proposition to ensure the right 
foundations are in place to support 
a performance culture. 
• New digital and technology leadership 
established and directly aligned with 
the business structure. We also formed 
a new function to manage our cross 
functional transformation programmes 
with dedicated resource. 
• Refreshing the ESG strategy, ensuring 
regulatory compliance by publishing 
HLAM and HLFM TCFD reports, including 
investment net zero transition plan for 
HL’s funds and creating a stronger ESG 
risk framework. 
KPIs 
Client Service NPS 
Based on the average result 
of client feedback in the 
quarterly client satisfaction 
surveys in 2024. 
 
 
Result: 
42.4% 
(2023: 44.8%) 
Colleague engagement 
62% 
(2023: 68%) 
Gender Diversity Senior 
Leadership (SL): 
34.0% 
(2023: 35.4%) 
Ethnic Minority SL: 
7.9% 
(2023: 6.7%) 
Environmental Social 
Governance (ESG) 
Performance assessed 
against key activities in 
2024: TCFD compliance for 
HLFM and HLAM.  
 
Result: 
On target 
(2023: Above target)

Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Strategic report 
STRATEGY AND KPIS 
2025 PRIORITIES
GROWTH 
ACCELERATION 
Looking ahead to 2025, we’ll be 
focusing on five key priorities to 
drive the business forward. While 
our headline strategic priorities 
remain the same, we’re evolving 
our focus in 2025. 
Increase 
retention 
Happy clients tend to stick around. Improving the client 
experience remains at the core of our strategy and we’ll 
continue to focus on improving both the digital and 
colleague client experience. This year we’ll be looking 
at how we can provide clients with a more personal 
experience, evolving our proposition, service and digital 
features to address each client segment more specifically. 
Drive new 
client growth
We have a large and growing addressable market, meaning 
there’s lots for us to go after. This year we’re getting more 
specific on who we can help, ensuring they know about us 
and how we can help. We’ll also make it easier to become a 
client by streamlining our digital onboarding and ensure it's 
attractive to consolidate wealth with HL. 
Drive execution, 
reduce toil 
Execution will remain a focus in 2025, building on the 
improvements seen in 2024. Ringfencing our key strategic 
initiatives was a success, we’ll accelerate this process and 
apply it too a bigger pool of projects in 2025. We’ll continue 
to modernise our technology estate, through ongoing cloud 
migration and continuing to retire legacy systems. 
Save to invest
Saving to invest is a muscle we will continue to build. 
Identifying ways to be a more efficient business, from 
how we set ourselves up to where we spend our money. 
We’ll embed what we learned in 2024 when it comes to 
new ways of working across the business and continue 
to rationalise our spending. 
Performance 
culture 
HL has great people and a strong client focused culture. 
With our renewed executive and technology leadership in 
place and already having an impact, this is set to ramp up 
in 2025. We will further strengthen our talent by increasing 
our focus on performance, empowering colleagues with the 
coaching, leadership and technology they need to drive 
the next phase of HL’s growth. 
 
 
21
Hargreaves Lansdown
Report and Financial Statements 2024

22
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Strategic report 
STAKEHOLDER ENGAGEMENT
A REFRESHED STRATEGY 
TO DELIVER VALUE 
FOR ALL OUR 
STAKEHOLDERS
The evolution of our strategy continues 
to be informed by our stakeholders. 
Regular engagement supports us in understanding 
their evolving needs, which we then reflect in our 
decision-making process, and the ongoing delivery 
of our strategic goals. 
 
 
CLIENTS
As a client’s lifelong financial partner, delivering 
great client outcomes is in our DNA.
How did we 
engage with 
them?
• With an average 3.6 million 
weekly logins across web 
and app we monitor our client 
behaviours and journeys across 
our digital platforms.
• Feedback received from the 1.3 
million calls and 0.4 million emails 
received by our Helpdesks. Plus, 
analysis of complaints data.
• Regular client pulse checks, 
targeted client surveys and 
user testing embedded into the 
product lifecycle from discovery 
to review. 
What were the 
key topics raised?
• Client experience both in terms 
of our service levels and app and 
web digital experience. 
• Simple investment solutions 
available at the time of opening 
a SIPP and ISA account. 
• Alternative and tax-efficient 
investment options to benefit 
from higher interest rate 
environment.
• A Cash ISA offering with greater 
flexibility with access to multiple 
banks and products across 
maturities. 
• Guidance to help clients make 
the right decision for them to 
ultimately improve outcomes. 
How did we 
respond?
• Invested in our Helpdesks both 
in terms of tech and headcount, 
resetting our service levels. This 
led to a record tax year end for 
total contact and client NPS 
recovering to 48 (FY23: 33). 
• Refreshed and simplified our 
website navigation, delivering 
an improvement in client 
journeys, for example 20% uplift 
in conversion of ‘transfers in’ 
journeys. 
• Created the Ready-Made 
Pension Plan and Ready-Made 
ISA range making it easier to start 
investing and have investments 
managed by HL’s experts. 
• Launched the UK’s first ever 
multi-bank Cash ISA – offering 
clients access to multiple savings 
products under one roof. 
• Built people’s confidence and 
access to the UK Gilt market 
through targeted content 
and offering clients primary 
market access.

23
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
 
 
STAKEHOLDER ENGAGEMENT 
CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
COLLEAGUES
SHAREHOLDERS
SOCIETY
As a responsible employer, our strategy is to make HL the 
best place to work for our colleagues, ensuring we build 
an inclusive and diverse culture for all. 
As owners of our company, engaged and proactive 
shareholders are instrumental to our development 
as a business.
As a responsible business, platform and fund manager, 
we drive positive change at a local and national level.
How did we 
engage with 
them?
• Supported colleagues across 
a year of transition, increasing 
feedback opportunities and 
support channels available. 
• Launched regular CEO listening 
sessions – ensuring colleagues 
across the business are heard. 
• Colleagues led the reframing 
of HL’s purpose and values, 
ensuring they are relevant 
and actionable.
• Continued to invest and engage 
in HL’s Colleague Forum – elected 
colleagues from each department 
to provide strategic feedback. 
• Made greater use of data in 
shaping and executing our revised 
people strategy, incorporating 
feedback from our annual 
colleague engagement survey. 
• Our senior management team 
met with shareholders and 
potential investors across the 
year via a programme of results 
presentations, individual and 
group meetings and attendance 
at in-person and virtual 
conferences both in the UK 
and abroad.
• Our AGM, which provides an 
opportunity for shareholders 
to ask questions and vote 
on resolutions.
• Our corporate brokers and sell-
side analysts provide valuable 
feedback and market insight.
• Continued to engage with 
policymakers and the FCA to 
ensure the position of retail 
investors in the UK is understood.
• HL’s Savings & Resilience 
Sounding Board explores 
financial resilience research 
with input from HM Treasury, 
the Department for Work and 
Pensions, the FCA, Money and 
Pensions Service, businesses 
and charities.
• Explored citizenship and 
sustainability agendas with 
community partners, charities 
and the Bristol One City Plan.
What were the 
key topics raised?
• Understand the evolution of HL’s 
strategy under new leadership.
• Greater opportunity for 
colleagues to feedback and 
contribute to the business’ 
development. 
• HL’s digital transformation means 
colleagues needed broader 
knowledge and skills to drive 
innovation at speed and scale. 
• Improved and more transparent 
development opportunities 
across all role levels and areas of 
the business. 
• More work to make HL an 
inclusive business. 
• Evolution of HL’s strategy and 
how management will deliver it.
• HL’s approach to net interest 
margin considering the FCA’s 
Dear CEO letters.
• The increasing threat of 
competition and pricing pressure 
and HL’s response.
• Capabilities of the new leadership 
team to deliver strategy.
• Sustainable operating margin and 
how management is tackling the 
cost base.
• Review of the Advice/Guidance 
boundary and how clients benefit 
from greater support through 
personalised nudges.
• Range of Government and FCA 
consultations including the UK 
ISA, retail access to IPOs and 
corporate bond markets. 
• Understanding the intricacies and 
support clients need to manage 
their retirements.
• Improved ESG labelling and 
research. 
How did we 
respond?
• Established multiple 
communication channels to 
improve the flow of information 
including regular all-colleague 
updates from Dan and the 
leadership team. 
• Evolved our People strategy 
to focus on performance and 
ensuring HL has the right 
foundations in place to achieve 
this – implemented new 
management training, increased 
participation in HL mentor 
scheme and launched a new 
learning platform. 
• Launched a range of new 
learning pathways, co-created 
with colleagues to address 
emerging skill needs. 
• Launched new programmes 
targeting improved diversity at 
leadership and Board level. 
• Key investor questions 
were incorporated into 
results announcements and 
presentations – particularly to 
do with evolution and delivery 
of HL’s strategy under new 
leadership and our approach to 
net interest margin. 
• Regular reports and feedback 
to the executive team and the 
Board on key market issues and 
concerns.
• Set out a clear capital 
management framework at our 
Interim Results in February 2024. 
• Shared findings from Dan’s 
comprehensive business wide 
review, as set out on page 16. 
• Engaged with Government 
and the FCA’s review of Advice/
Guidance boundary. 
• Partnered with Nottingham 
University, researching how 
consumers react to nudges. 
• Published 4th and 5th Savings & 
Resilience Barometer with Oxford 
University focusing on the self-
employed and efficient money 
use for households. 
• Engaged policymakers on small 
pension pots issue and Lifetime 
Pension model. 
• HL Foundation supports local 
communities and charities – Fear 
Free (domestic abuse victims) 
plus Just Finance Foundation 
(financial literacy).
• Created Bristol Financial 
Resilience Action Group (BFRAG), 
working with 19 companies to 
improve employee financial 
resilience. 
• Financially Fearless, HL’s 
female investment community, 
reached over 19,000 winning a 
number of awards including the 
Diversity and Innovation award 
at MoneyAge awards. 

24
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Strategic report 
OPERATING AND FINANCIAL REVIEW 
INVESTING TO DECOUPLE 
COST FROM GROWTH
 
 
 
 
 
Strategic investment programme will deliver scale 
efficiencies and lower cost growth
Assets Under Administration (AUA) 
and Net New Business (NNB)
Year ended 
30 June 2024 
£bn
Year ended 
30 June 2023 
£bn
Opening AUA*
134.0
123.8
Platform growth*
1.5
1.6
Active Savings growth*
2.7
3.2
Total Net New Business 
4.2
4.8
Market growth and other*
17.1
5.4
Closing AUA**
155.3
134.0
* 
Platform growth, Assets under Administration, Net New Business and Active Savings 
Growth are alternative performance measures. See the Glossary of Alternative 
Performance Measures on page 176 for the full definition.
2024 has been a year of significant change for HL; we 
welcomed Dan Olley as our new CEO and Alison Platt as our 
new Chair; both of whom have brought rigorous challenge 
and scrutiny to where we are as a business, with Dan leading 
a business wide review during the course of the year, the 
conclusions and findings of which are set out in his CEO 
review on page 16. 
Many of the programmes and changes identified are already 
well underway and have impacted our financial results this year, 
both in terms of increased strategic investment spend incurred 
and in the shape of our Underlying Operating costs, where 
we are starting to see the benefit in a different shape to our 
headcount growth particularly in the second half of the year 
as explained on page 28. 
Overall we have delivered a good performance in the year, with 
strength in UK and US markets combined with modest levels of 
Net New Business and a step up in trading volumes together 
driving increased revenue and the highest level of AUA seen on 
the platform. Whilst Underlying operating costs have increased 
again during the year, this is as expected and we are pleased 
to report a much lower level of cost growth in the second half 
of the year. 
As we look forward, we expect the actions already being taken 
as a result of the review to improve the competitiveness of our 
service proposition, enabling improvements to client and asset 
retention and to decouple cost from growth, through delivering 
scale efficiencies which will lead to sustained lower cost growth 
in the medium term. 
The year has continued the trend seen in the prior year of 
a challenging economic backdrop and geo-political issues 
impacting investor confidence. Despite this, we have seen an 
encouraging trend in the year, with the second half of the year 
seeing clients and asset growth on the platform particularly 
buoyed around tax year-end and that trend continuing through 
to the end of the financial year.
Total AUA increased by 16% to £155.3 billion at the year end 
(2023 £134.0bn). Total net new business for the year was 
£4.2 billion (2023: £4.8bn).
…strength in UK and US 
markets combined with 
modest Net New Business 
(NNB) growth and a step up 
in trading volumes together 
driving increased revenue 
and the highest level of AUA 
seen on the platform.
Amy Stirling 
Chief Financial Officer

25
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
 
 
OPERATING AND FINANCIAL REVIEW CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Platform growth was £1.5 billion (2023: £1.6bn) with £0.7 billion 
(2023: £0.7bn) of net movement into Active Savings, where we 
also saw a £2.7 billion (2023: £3.2bn) of new money in the year, 
bringing net new business to £4.2 billion total growth.
Net new business has been seen mainly in the second half 
of the year, as clients took advantage of tax year end to top 
up their ISAs and SIPPs, as inflation declined and interest rates 
stabilised. We have seen more contributions into our SIPP 
products in the year than ever before with record pension 
savings. The launch of our new multi-bank Cash ISA product 
within Active Savings in the second half of the year has had a 
positive impact on the Savings product and there is now over 
£10 billion of client cash in the service. 
In addition to the net new business we have also seen market 
movements of £17.1 billion (2023: £5.4bn), which was seen 
predominantly in the second half of the year as markets 
increased significantly compared to the previous year. 
As previously emphasised, engaging with clients and helping 
them to navigate the challenges of the economic backdrop 
remains a priority. We also remain committed to assisting 
clients in improving their financial engagement and resilience. 
In the year we introduced 78,000 net new clients to our 
services (2023: 67,000), growing our active client base by 
4% to 1,882,000. 
During the year we reached a milestone with 300,000 clients 
now having an Active Savings accounts (2023: 175,000) 
representing a significant increase over the prior year, buoyed 
by the rates available and the new multi-bank Cash ISA.
Client retention been impacted through the year as we have 
not consistently delivered the high standards of client service 
and digital experience that our clients have come to expect. 
Whilst still high at 91.4% (2023 92.2%) we believe we should 
do better and addressing this is one of the key priorities for 
the year ahead.
Asset retention reduced to 88.5% (2023: 90.4%) for the year, as 
we again saw high cash withdrawals, consistent with the stable 
rate environment and the preference of many clients for cash 
ISAs, while funds allocated for investment have in many cases 
been utilised to cover increased living costs. Active Savings has 
a lower asset retention rate than the core platform as clients 
often use it in the short term to manage their specific cash 
needs, saving for a certain event and then withdrawing the 
cash (e.g. the payment of a tax bill in January). Asset retention 
excluding Active Savings would be 1.7% higher at 90.2% 
(FY23: 91.5%).
An active client is defined as one who holds an account 
containing £100 or more with us. 
Income Statement
 
 
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Revenue
764.9
735.1
Operating costs
(398.2)
(350.7)
Finance and other income
30.2
19.0
Finance costs
(0.6)
(0.7)
Profit before tax
396.3
402.7
Tax
(103.1)
(79.0)
Profit after tax
293.2
323.7
Profit before tax
396.3
402.7
Adjusted for:
– Strategic investment costs
39.9
36.1
– Intangible impairment
14.4
–
– Restructuring costs
5.4
–
Underlying profit before tax*
456.0
438.8
Tax on underlying profit*
(118.5)
(86.1)
Underlying profit after tax*
337.5
352.7
* 
Underlying profit before tax, tax on underlying profit, and underlying profit after tax for 
the period exclude £39.9 million of strategic investment costs, intangible impairment 
of £14.4 million and restructuring costs of £5.4 million. See the Glossary of Alternative 
Performance Measures on page 176 for the full definition.
Revenue
Total revenue for the period increased 4% to £764.9 million 
(2023: £735.1m), with all key revenue lines increasing compared 
to the prior year and the first half of the year in the second 
half of 2024, the exceptions being cash and HLFM funds. 
This has been driven by a return to growth in all asset classes, 
excluding cash, as asset levels benefitted from positive market 
movements and net new business. In the case of cash we have 
seen a decline in the value of cash held on the platform and an 
increase in the pass through to clients, which has been offset by 
an increased margin throughout the full period, as interest rates 
stabilised following high growth in the prior year.

26
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
 
 
OPERATING AND FINANCIAL REVIEW CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
The table below breaks down revenue, average AUA and margins earned during the period:
 
 
 
 
 
 
 
Year ended 30 June 2024
Year ended 30 June 2023
Revenue 
£m
Average 
AUA 
£bn
Revenue 
margin* 
bps
Revenue 
£m
Average 
AUA 
£bn
Revenue 
margin 
bps
Funds1
249.3
65.48
38
236.4
60.78
39
Shares2
165.7
55.4
30
147.7
48.8
30
Cash3
260.7
12.4
210
268.7
14.0
192
HL Funds4
53.2
9.38
57
54.3
8.48
65
Active Savings5
19.9
9.36
21
8.7
6.46
14
Other7
16.1
–
–
19.3
–
 –
Double-count8
–
(9.2)8
–
–
(8.3)8
–
Total
764.9
142.68
–
735.1
130.08
–
* 
Revenue margin is an alternative performance measure, see the Alternative Performance Measures glossary on page 176 for the full definition.
1 
Platform fees.
2 
Stockbroking commission and equity holding charges.
3 
Net interest earned on cash held in investment accounts.
4 
Annual management charge on HL Funds, i.e. excluding the platform fee, which is included in revenue on Funds.
5 
Revenue from Active Savings earned as fees from partner banks.
6 
Average cash held via Active Savings.
7 
Advisory fees and ancillary services (e.g. annuity broking and HL Workplace Solutions).
8 
HL Funds AUM included in Funds AUA for platform fee and in HL Funds for annual management charge. Total average AUA excludes HL Fund AUM to avoid double-counting.
Funds
Funds continue to be the largest asset class on the platform 
at 46% of average AUA for the year and 46% of closing AUA 
(2023: 47%) reflecting the significant range of investment 
solutions available to meet a broad range of client needs.
Revenue on Funds increased by 6% to £249.3 million (2023: 
£236.4m) reflecting the increase in average AUA, with this 
revenue line returning to growth in the second half of the year. 
Revenue margin on Funds was largely flat at 38bps. This was 
in line with our guidance from the prior year.
The slight decline in the margin in the year reflects the full 
year impact of the reduction in platform fees of the Lifetime ISA 
(LISA) in the prior year, as well as the impact of the removal of 
fees for the Junior ISA; both changes were made in the second 
half of the previous financial year. 
In addition, our Workplace Solutions business, where most 
of the assets are held in funds, continues to grow, albeit 
at a slightly lower margin.
Shares
Revenue on Shares increased by 12% to £165.7 million (2023: 
£147.7m) and the revenue margin of 30bps (2023: 30bps) was 
in the middle of our expected range. This was as a result of 
a return to higher deal volumes in the second half of the year, 
particularly in respect of overseas trades, where we also earn 
a margin on foreign exchange fees, as investor confidence 
increased, inflation declined and markets improved, with 
a peak in March and April around tax year end. 
During May and June, we ran a promotional campaign to drive 
awareness of the breadth of the trading proposition offered 
on our platform, to both new and existing clients. This includes 
extensive research, as well as a wide range of investment 
choices from UK and international shares, funds, ETFs and 
investment trusts; with clients benefitting from a £100 rebate 
against any cost of trading during that period. We were pleased 
to see over 128,000 clients benefit from the offer. 
Average deals per trading day in the first half of the year were 
31,000 and rose in the second half of the year to 38,000 per 
day. Total deal volumes, including automated deals such 
as dividend reinvestment, increased by 6% to 8.8 million 
(2023: 8.3m) and were in line with our expectation of deals 
per trading day. Dealing peaked in April and June at 41,000 
deals per trading day, in each of those months propelled by 
news of growth in UK, US and European markets, tax year end 
and the news of the UK election. This compared with a low in 
September of 27,000. Overseas dealing volumes increased and 
represented 25% of our total client driven deals (2023: 21%).
We continue to improve our client experience in relation to 
share trading. As investor confidence improves we believe 
we are still well placed to see a return to higher trading volumes 
as demonstrated in the second half of the year. Shares AUA, 
at the end of the year, was £61.4 billion (2023: £50.8bn).

27
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Cash
Revenue on cash (NIM) reduced in the period to £260.7 million 
(2023: £268.7m) reflecting the expected ongoing reduction in 
client cash held on the platform, offset by an increased margin 
resulting from a higher, more stable base rate throughout the 
year. Cash held in Investment accounts was £12.4 billion as at 
the year end (9% closing AUA), a reduction of £1.6 billion in the 
year as clients either invested, chose to save via our Active 
Savings offering or withdrew cash from the platform. 
The year saw an increase in base rate from 5.00% to 5.25%, 
compared to the changes in the previous year, which saw seven 
increases from 125bps to 500bps as at 30 June 2023.
As of 30 June 2024, we pass through the following interest 
rates to our clients depending on the level of cash held in each 
investment account: 
 
 
OPERATING AND FINANCIAL REVIEW CONTINUED
Fund & Share Account
2.25% – 2.90%
Stocks & Shares ISA, JISA and LISA
3.00% – 3.70%
SIPP
3.45% – 4.20%
SIPP Drawdown
3.65% – 4.55%
HL Funds
During the year we have launched a further five funds including 
our Global Corporate Bond fund and the four funds in our multi-
index range (the range that provides a passive and lower cost 
alternative to our flagship active range). These represent the 
continued evolution of our fund range that is underpinned by 
our risk managed multi-asset (‘ready-made’) funds, supported 
by our series of more specialist fund solutions. The fund range 
now includes solutions using active and passive funds, as well 
as our income focused strategies. 
Net flows into the new funds, launched over the past 2 years, 
helped drive inflows of c. £0.5 billion, with market moves 
supporting AUM growth, which totaled £10.3 billion at the 
end of 2024. The average AUM over the year in our own funds 
was £9.3 billion (2023: £8.4bn) and revenues, as expected, 
were down 2% from £54.3m to £53.2m. This has predominantly 
been driven by the growth of new fund ranges that have 
lower charges and therefore reduced margin. This transition 
is expected and the margin on HL Funds has reduced to 
57bps (2023: 65bps) accordingly.
HL funds are a key part of our strategy, and we continue to 
evolve the range and competitiveness of our own investment 
funds, serving client needs and generating increased asset flow.
Active Savings
Revenue from Active Savings has grown significantly in the year 
to £19.9 million (2023: £8.7m) driven by strong net flows across 
the period of £2.7 billion (2023: £3.2bn) and strengthening 
margin. Margin on Active Savings is generated through a 
combination of product margin, payable by the partner banks 
whose products we offer on the platform and a share of interest 
earned on cash held in the client hub account. The average 
margin throughout the year was 21bps (2023: 14bps).
As at 30 June 2024 the AUA was £10.6 billion (2023: £7.8bn) 
and over 300,000 clients now have an Active Savings account.
In the second half of the year we launched our new multi-bank 
cash ISA, which provides clients with the full suite of Cash ISA 
products (fixed-term, easy access and limited access) from 
multiple banks, additional functionality and incremental partner 
bank relationships.
Other
Other revenues comprise advisory fees and ancillary services, 
such as annuity broking and HL’s Workplace Solutions for 
Corporate employers. The amount has declined year-on-year, 
with the largest movements seen in distribution income in 
respect of third party services.
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Ongoing revenue
622.5
612.6
Transactional revenue
142.4
122.5
Total revenue
764.9
735.1
The Group’s revenues are largely ongoing in nature, as shown in 
the table above. The proportion of ongoing revenues remained 
fairly static at 81% in the period (2023: 83%) as the transactional 
stockbroking commission increased versus last year and the 
net interest income decline have offset one another. Ongoing 
revenue is primarily comprised of platform fees on funds and 
equities, fund management fees, net interest income and 
ongoing advisory fees. This increased by 2% to £622.5 million 
(2023: £612.6m) driven by higher AUA.
Transactional revenue primarily comprises stockbroking 
commission and advisory event-driven fees. This increased by 
16% to £142.4 million (2023: £122.5m) reflecting the increase 
in client-driven equity dealing volumes.
 
 

28
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
Underlying operating costs*
 
 
OPERATING AND FINANCIAL REVIEW CONTINUED
 
 
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Underlying 
cost
Underlying 
cost
People costs*
179.9
167.9
Activity costs*
53.6
45.5
Technology costs*
48.2
38.8
Support costs*
51.8
56.3
Underlying costs** (pre-FSCS)
333.5
308.5
Total FSCS levy
5.0
6.1
Underlying operating costs**
338.5
314.6
* 
Definitions are shown in the Glossary of Alternative Financial Performance Measures 
on page 176.
** Underlying operating costs for the period exclude £39.9 million of strategic investment 
costs, intangible impairment of £14.4 million and restructuring costs of £5.4 million. See 
the Glossary of Alternative Performance Measures on page 176 for the full definition.
Underlying operating costs
Underlying operating costs increased by 8% to £338.5 
million (2023: £314.6m) reflecting wage and cost inflation, 
annualisation of headcount growth, increased technology spend 
and higher volume driven activity costs, offset by a reduction 
in support costs and a lower Financial Services Compensation 
Scheme (FSCS) levy.
People costs
People costs increased 7% to £179.9 million (2023: £167.9m) as 
we invested to support our colleagues through the course of the 
year. Our pay award for the year was an average of 5% across 
all of our junior role levels. We have also seen the annualisation 
of headcount growth from the prior year. 
Our headcount increased during the first half of the year, with 
2,480 FTE in place at 31 December and then peaking in January 
in the run-up to tax year end. Staff numbers have declined in 
relation to permanent staff and we have significantly reduced 
the number and subsequently the cost of contractors in the 
second half of the year, closing out the year at 2,409 FTE. 
Staff costs in the second half of the year were lower than in the 
first half of the year as a result.
Activity
Activity costs comprise marketing costs, dealing-related costs, 
and payment costs for client cash transferred onto the platform. 
Overall activity costs have increased by £8.1 million during the 
period reflecting higher dealing volumes, offset by reduced 
debit card charges for clients moving money onto the platform.
The primary driver has been dealing costs, which have 
increased by 29% and specifically in relation to overseas dealing 
we have incurred an additional £4.5 million. This is driven by the 
increased stockbroking deals, as noted previously. 
Offsetting these increased costs are reduced costs in relation 
to payment costs, after the introduction of pay by bank in the 
prior year. This has lead to a cost saving of £1.9 million over prior 
year. Marketing costs have remained consistent year on year, 
but our mix of spend has changed, with increased spend on 
direct client acquisition offsetting reduced brand spend.
Technology
Technology costs increased to £48.2 million (2022: £38.8m), 
again driven by software support fees and service subscriptions 
as we build out our digital capability and transfer our systems 
to the cloud. We continue to improve the security of our IT 
environment. As previously communicated, this requires the use 
of more third-party software, leading to an increase in licence 
and subscription costs throughout the year as we invest in our 
overall capability.
Support
Support costs, which include legal and professional fees, 
office running costs, depreciation and amortisation decreased 
to £51.8 million (2023: £56.3m). This largely relates to the 
one off increase in the dilapidations provision and increases 
in relation to office running costs in the prior year, which have 
not been repeated. Insurance costs and professional fees have 
decreased in the year, but this has been offset by an increase 
in costs relating to client compensation.
The Financial Services Compensation Scheme (FSCS) levy run 
by the FCA decreased to £5.0 million (2023: £6.1m). The FSCS 
is the compensation scheme of last resort for customers of 
authorised financial services firms. 
Adjustments to underlying profit
Total strategic spend, including impairment of intangible assets 
and restructuring costs in the year were £64.0 million, of which 
£59.7 million has been expensed, as shown in the income 
statement on page 25 and £4.3 million has been capitalised in 
line with our accounting policy. As planned, our level of strategic 
spend increased in the year as we are now running multiple 
scale programmes concurrently as part of the transformation. 
Spend primarily comprises staff (including contractor) costs 
and associated professional fees, associated compliance, 
infrastructure and support costs. These costs incurred in the 
period are in addition to the business as usual, or underlying, 
costs of the business. 
As set out in our interim results, we have recognised an 
impairment charge of £14.4 million against intangible assets 
previously capitalised in the first half of the year. Full details 
of the impairment are included in note 2.2 to the financial 
statements on page 147.
£5.4 million has been incurred in the period in relation 
to the reset of the Executive Leadership and the Digital 
Leadership teams.
Profit and earnings
During the year, £30.2 million of finance income resulted from 
a higher level of corporate cash combined with more stable 
interest rates throughout the full year. Finance costs comprise 
the undrawn cost of the Group’s Revolving Credit Facility and 
the interest incurred on the Group’s leases.
On an underlying basis, profit before tax increased by 4% to 
£456.0 million (2023: £438.8m). On a statutory basis, profit 
before tax decreased by 2% to £396.3 million (2023: £402.7m).

29
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
 
 
Tax
The effective tax rate for the period was 26.0% (2023: 19.7%). 
This is due to the increase in the corporation tax rate in April 
2023, which has now been in place for a full year.
The Group’s tax strategy is published on our website at 
http://www.hl.co.uk
Earnings per share
 
 
 
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Operating profit
366.7
384.4
Finance and other income
30.2
19.0
Finance costs
(0.6)
(0.7)
Profit before tax
396.3
402.7
Tax
(103.1)
(79.0)
Profit after tax
293.2
323.7
Underlying profit before tax*
456.0
438.8
Tax on underlying profit*
(118.5)
(86.1)
Underlying profit after tax*
337.5
352.7
Weighted average number 
of shares for the calculation 
of diluted EPS
475.2
474.6
Diluted EPS (pence per share) 
61.7
68.2
Underlying diluted EPS 
(pence per share)*
71.0
74.3
* 
Underlying profit before tax, tax on underlying profit before tax, underlying profit 
after tax and underlying diluted EPS for the period exclude £39.9 million of strategic 
investment costs, intangible impairment of £14.4 million and restructuring costs of 
£5.4 million. See the Glossary of Alternative Performance Measures on page 176 for 
the full definition. 
Diluted EPS decreased by 10% from 68.2 pence to 61.7 pence, 
this highlights the impact of the increase in the tax rate that 
has been in effect for the full year. The Group’s basic EPS was 
61.9 pence, compared with 68.3 pence in 2023.
Underlying diluted EPS decreased by 4% from 74.3 pence to 
71.0 pence (see Glossary of Alternative Performance Measures 
on page 176 for the full definition). The Group’s underlying basic 
EPS was 71.2 pence, compared with 74.4 pence in 2023.
Capital and liquidity management
Hargreaves Lansdown looks to create long-term value for 
shareholders by balancing delivery of profit growth, capital 
appreciation and an attractive dividend stream to shareholders 
with the need to invest in the business to maintain a broad 
savings and investment offering and high service standards 
for our clients.
The Group seeks to maintain a strong net cash position and 
a robust balance sheet with sufficient capital and liquidity to 
fund ongoing trading and future growth. The Group’s net cash 
position at 30 June 2024 was £636.6 million (2023: £503.3m). 
Cash generated from operations more than offset the payments 
of the 2023 final ordinary dividend and the 2024 interim 
dividend. This includes cash on longer-term deposit and is 
before funding the 2024 final dividend of £142.2 million.
The Group has a Revolving Credit Facility agreement with 
Barclays Bank to provide access to a further £75 million of 
liquidity. This is undrawn and was put in place to further 
strengthen the Group’s liquidity position and increase our cash 
management flexibility. The Group also funds a share purchase 
programme to manage the impact of dilution from operating 
our share-based compensation schemes.
The healthy net cash position provides both a source of 
competitive advantage and support to our client offering. It 
provides security to our clients and allows us to provide them 
with an excellent service, for example through using available 
liquidity to allow same day switching between products that 
have mismatched settlement dates.
Capital
As set out in our interim results for the six months ended 
31 December 2023, the Board has reviewed and agreed the 
capital management framework for HL. This framework takes 
into account, in priority order, appropriate levels of capital 
above the Regulatory Requirement, the level of organic 
investment required to support the business plans for growth 
and efficiency, and the importance of delivering sustainable 
and attractive shareholder returns. 
The framework comprises four elements in priority order:
1. Maintaining a Robust Balance Sheet 
Our priority continues to be maintaining robust financial health; 
holding a management buffer above the regulatory minimum 
to support the businesses’ regulatory capital and liquidity 
requirements. The FCA’s Investment Firm Prudential Regime 
(IFPR) applies to the Group and HL completes this assessment 
through the Group Internal Capital Adequacy and Risk 
Assessment (ICARA) processes. The Regulatory Requirement is 
driven by factors set out in the ICARA framework with the main 
drivers of material movement being the level of AUA managed 
by HL and our internal assessment of the level of risk presented 
within the business.
2. Investing for Growth and Efficiency 
We will deploy capital for investment in the business to maintain 
and enhance our platform capabilities through investment in 
people capability, technology and innovation. Where appropriate, 
the Board may choose to selectively deploy capital for inorganic 
growth to accelerate delivery of the strategy.
3. Ordinary Dividend Policy 
Recognising the importance of shareholder returns, cash 
distributions to shareholders will be primarily driven through our 
progressive ordinary dividend. We will continue to give specific 
dividend guidance on an annual basis whilst we are investing in 
the business through the Strategic Spend programme through 
to FY27. 
OPERATING AND FINANCIAL REVIEW CONTINUED

30
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
 
 
4. Other Capital Returns 
Where the Board assesses there to be surplus capital available 
for distribution after the above considerations have been taken 
into account, this will be returned to shareholders as part of our 
full year annual cycle over time. The specific mechanism for a 
return of surplus capital will be determined should an additional 
return be deemed appropriate.
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Shareholder funds
815.1
709.7
Less: goodwill, intangibles and 
other deductions
(42.0)
(54.7)
Tangible capital
773.1
655.0
Less: provision for dividend
(142.2)
(136.6)
Qualifying regulatory capital
630.9
518.4
Less: estimated regulatory 
capital requirement
(282.2)
(248.3)
Capital held above regulatory 
minimum before management 
buffer
348.7
270.1
Total attributable shareholders’ equity, as at 30 June 2024, 
made up of share capital, share premium, retained earnings 
and other reserves, increased to £815.1 million (2023: £709.7m) 
due to profit in the year exceeding the dividends paid. 
HL plc has four subsidiary companies authorised and regulated 
by the FCA. The FCA’s Investment Firm Prudential Regime (IFPR) 
applies to the Group and HL completes this assessment through 
the Group Internal Capital Adequacy and Risk Assessment 
(ICARA) processes. Our assessment of HL’s capital requirements 
takes account of the regulatory requirements.
Consistent with the IFPR requirements, HLAM is specifically 
required to disclose regulatory capital information; this is 
available on the Group’s website at https://www.hl.co.uk/
investor-relations.
 
 
Capital Management Framework and Dividend
Dividend (pence per share)
2024
2023
Interim dividend paid
13.2p
12.70p
Final dividend proposed
30.0p
28.80p
Total dividend
43.2p
41.50p
In line with guidance, the Board has proposed an increased 
dividend of 30.0 pence per share (2023: 28.8 pence per share). 
This takes the total ordinary dividend per share for the year to 
43.2 pence (2023: 41.5p)
Amy Stirling 
Chief Financial Officer 
14 August 2024
OPERATING AND FINANCIAL REVIEW CONTINUED

31
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Strategic report 
CORPORATE RESPONSIBILITY INTRODUCTION
CORPORATE RESPONSIBILITY
Corporate Responsibility is 
at the core of our purpose, 
which is to make it easy for 
people to save and invest 
for a better future.
It’s not only what we do, but the way in which 
we do it that also has a significant impact on 
our clients, our colleagues, the environment 
and our community.
Therefore, we are embedding Environmental, 
Social and Governance factors in our 
operations and investments to ensure a 
more sustainable management of our business 
model. This is key for building trust in our 
brand, products and services, and helping 
our clients reach great outcomes. 
Our Corporate Responsibility approach 
has been informed by the UN Sustainable 
Development Goals (UNSDGs), as set out 
in the Responsible Business section of the 
HL website.
We are committed to aligning our impact 
from our operations and investments to the 
Paris Agreement.
Aims of our Corporate Responsibility approach
1 
Embed climate 
considerations 
into our investment 
management and 
stewardship activities.
2 
Embed ESG 
considerations 
throughout our 
engagement among 
our colleagues, clients 
and wider stakeholders.
3 
Make HL a great 
place to work, where 
colleagues have equal 
opportunities and can 
be their true selves.
4 
Support our local 
community and help 
build financial resilience 
across the UK.
5 
Meet the goals of the 
Paris Agreement to 
limit global warming 
to 1.5ᵒC and achieve 
net zero emissions no 
later than 2050.
FY24 Highlights
• Published our first entity-level and 
product-level TCFD reports, increasing 
the transparency of climate-related 
risks and opportunities of our assets 
under management.
• Launched our new Stewardship and 
Engagement report covering our HL 
funds and investment solutions, as well 
as our Company-wide initiatives.
• The Bristol Financial Resilience Action 
Group has given 25,000 households 
across Bristol access to free financial 
education tools and support with 1,300 
employees having their employer pension 
contributions increased.
• The HL Foundation passed the milestone 
of distribution of over £1,000,000 since 
its establishment in 2016.

32
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
CORPORATE RESPONSIBILITY
INTRODUCTION CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Our approach
We’re proud of the progress we’ve made, but 
are aware that there’s always more we can do. 
Our Corporate Responsibility approach breaks 
down our areas of focus into four categories:
• Responsible Platform
• Responsible Fund Manager
• Responsible Business
• Responsible Employer
All companies should positively contribute to 
society as a Responsible Business and foster 
an inclusive culture and support colleagues 
as a Responsible Employer.
Above and beyond this, as the UK’s largest 
D2C investment platform looking after £155.3 
billion on behalf of 1.8 million clients, we have 
a responsibility to support our growing client 
base as a Responsible Platform, helping 
clients achieve good outcomes, encouraging 
more people to start saving and investing 
and providing them with the information 
they need to invest in line with their values.
We also manage over £10 billion on behalf 
of investors as a Responsible Fund Manager. 
We continue to develop our approach and, 
this year, have developed an ESG data 
tool. This new tool provides more insight to 
fund managers and analysts and has helped 
to bolster our approach to ESG risk monitoring 
and engagement.
Our Corporate 
Responsibility 
Approach
Responsible Platform
Our efforts to ensure that we enable clients to get 
the right outcomes, providing the insight they 
need to save and invest in line with their values 
Page 33 
Responsible 
Fund Manager
Our focus on ensuring that 
we manage money in a 
responsible way to ensure 
sustainable long-term 
returns for clients and society 
Page 35
Responsible Employer
Our strategy to make HL the best place to 
work for our colleagues, ensuring we build 
an inclusive and diverse culture for all 
Page 38
Responsible 
Business
Our actions to support 
the local community and 
build financial resilience 
across different 
stakeholder groups 
Page 36

33
Hargreaves Lansdown
Report and Financial Statements 2024
 
 
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Strategic report 
CORPORATE RESPONSIBILITY
RESPONSIBLE PLATFORM
Our broad proposition and 
expert insight and guidance 
supports our clients in 
reaching good outcomes 
and helps them to save and 
invest in line with their values.
Our ESG Investment Policy is 
available on our Responsible 
Investment Hub www.hl.co.uk/
funds/responsible-investment
Our client proposition
We have a broad proposition which supports 
clients – whatever their knowledge, experience 
and needs – in better managing their financial 
health and wealth across their lifetime and 
helps them develop their understanding of 
savings and investments through our expert 
content and research.
Last year, we published over 1,000 pieces of 
content, analysis and research online, helping 
to build our clients’ knowledge and confidence 
when it comes to saving and investing. We 
covered topics from the general election to the 
AI boom, including providing updates through 
our new live news service, HL Live, which has 
had over 34,000 visits since it was launched 
in February.
We have also continued to work with 
academics from Nottingham and Warwick 
Universities to innovate on the delivery of 
information to clients to further improve the 
outcomes they achieve. We have been testing 
different approaches, such as the framing of 
advice and guidance to ensure clients get the 
service that’s right for them and using ‘people 
like you’ messaging, and early results have 
been positive. 
You can find out more about how we’ve 
developed our proposition on pages 6 to 21.
Our focus on great client outcomes 
Client outcomes have always been at the heart 
of what we do. We’re confident that we are 
delivering good client outcomes, and that our 
future business strategy is aligned with the 
expectations of the FCA’s Principle 12. We’re 
satisfied that appropriate action is being taken 
where we’ve identified opportunities to further 
improve outcomes and enhance alignment with 
the detailed requirements of the Duty.
Our managed portfolios and ESG tools
With a focus on helping people build a 
financially secure future, we understand the 
importance of providing our clients with the 
tools they need to make investment decisions 
right for them, including ESG considerations, 
insights and guidance. 
Over the past year, we have: 
• Increased transparency of the climate 
impact and governance of our managed 
portfolios by publishing our HLAM TCFD 
entity level and product level reports. 
• Provided responsible investment insights 
and guidance, through our Responsible 
Investment Hub which has been updated 
to align with Sustainability Disclosure 
Requirement (SDR) regulations. 
• Ensured compliance with our ESG Investment 
Policy across all our investment solutions.
• Reported the results of our stewardship 
activities in our Stewardship and 
Engagement Report.
Last year, we published over 
1,000 pieces of content, 
analysis and research online, 
helping to build our clients’ 
knowledge and confidence 
when it comes to saving 
and investing.
Our Stewardship and Engagement 
Report is available at www.hl.co.uk/
funds/hl-funds/hl-building-blocks/
other-documents

34
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
CORPORATE RESPONSIBILITY
RESPONSIBLE PLATFORM CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Empowering women through 
our Financially Fearless initiative
Our Financially Fearless initiative is 
designed to empower women at every 
stage of their financial journey, build financial 
resilience and provide practical paths to 
financial independence. 
Over the past year, we have: 
• Established ourselves as a thought leader 
in the field, partnering with key networks 
of women across different industries 
and cohorts.
• Launched a first-of-its-kind report, delving 
into the minds of confident female investors 
and encouraging other women to follow suit. 
• Held our first in-person event, as well as 
being invited to attend other events as 
key speakers.
• Delivered regular educational content to 
our community through social channels 
and emails.
• More than doubled the number of 
subscribers to our weekly newsletter.
Developing our accessible platform 
HL’s goal is to help everyone save and 
invest for a better future, regardless of any 
vulnerabilities or accessibility needs. 
Over the past year, we’ve: 
• Provided training to colleagues in roles 
that help to capture the feedback and 
experience of clients with accessibility 
needs, and to those who lead our Product 
teams so as to ensure accessibility 
is prioritised.
• Built new parts of our website with 
accessible design principles at the fore and 
have had this work audited by a specialist 
third party.
• Partnered with third parties, like GamCare 
and Surviving Economic Abuse, to 
learn about best practice in their areas 
of expertise and how we can better 
support our clients.
Cyber security
As an online platform, we hold significant 
amounts of data relating to our clients, 
products and services. We recognise that 
protecting this information and safeguarding 
our clients is critical and, therefore, have 
built out significant cyber security capability, 
processes and controls to ensure resilience 
as we continue to scale.
Our security processes are aligned with 
industry best practice and with NIST CSF. 
We conduct regular internal security audits, 
controls tests, risk assessments, vulnerability 
assessments and security testing. We are 
continually evolving and enhancing our 
approach to cyber security as the external 
threat-landscape evolves and deliver regular 
cyber security training and awareness-raising 
initiatives to colleagues, who are a key line 
of our defence.

35
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Strategic report 
CORPORATE RESPONSIBILITY
RESPONSIBLE 
FUND MANAGER
As a Responsible Fund 
Manager, ESG factors have 
been integrated into our 
investment processes for 
several years now. However, 
best practice is continually 
evolving, and we’ve 
developed our approach too. 
ESG data tool
We developed an ESG data tool which 
aggregates ESG data from several sources. 
This provides a new level of insight for our 
fund analysts and managers, enhancing the 
challenge they can provide to the third-party 
fund managers we invest with. 
Engagement 
We’ve bolstered and formalised our 
engagement efforts, defining three 
engagement streams:
• ESG risk monitoring – engagement with 
third-party managers relating to ESG Policy 
adherence.
• HL’s core engagement themes – set out 
by our experts: climate change, community 
relations and remuneration.
• Client-led engagement theme – highlighted 
in our ESG investor survey, deforestation 
was the primary theme HL clients asked 
us to engage on.
To boost our engagement efforts, we joined 
several collective engagement schemes, 
including the Climate Action 100+ initiative and 
the Investor Policy Dialogue on Deforestation 
(IPDD). Our work on improving our engagement 
approach culminated in the release of our 
2023 Stewardship and Engagement Report, 
which provides more detail on our engagement 
approach, as well as engagement and voting 
case studies. 
Transition plan
We’ve made significant progress in 
understanding our Scope 3 Financed Emissions 
(Category 15) associated with our portfolio of 
HL Funds. We’ve used this insight to establish 
a Net Zero Transition Plan, which includes 
a medium-term carbon intensity reduction 
target covering our equity and corporate 
bond investments. 
Our funds
In our HL Funds, we manage more than £10 
billion of assets of behalf of our clients and 
our actions as a Responsible Fund Manager 
become increasingly important as this 
number grows.
Our HLFM entity and product-level TCFD 
reports explain how we take climate 
considerations into account across our 
Portfolio Funds, Portfolio Building Blocks and 
HL Select Equity Funds. An overview of our 
emissions can be found in our climate-related 
financial disclosures on page 47–48. 
Our actions as a Responsible 
Fund Manager become 
increasingly important 
as our HL Funds grow.

36
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Strategic report 
CORPORATE RESPONSIBILITY
RESPONSIBLE 
BUSINESS
We focus our Responsible 
Business work on driving up 
the financial resilience of our 
colleagues, our community 
and our clients.
Purpose-led businesses work with others to 
solve wider societal issues and we demonstrate 
our Responsible Business credentials through 
building financial resilience. We care for each 
other, our clients and our community.
Financial resilience and education
HL’s Savings and Resilience Barometer, created 
in collaboration with Oxford Economics, pools 
data from several big official sets, including 
from the ONS and the FCA, and uses economic 
modelling to analyse the financial resilience 
of households across the nation against our 
5 To Thrive pillars.
These pillars are:
• Control your debt
• Protect you and your family
• Save a penny for a rainy day
• Plan for later life
• Invest to make more of your money
In addition to the six-monthly Barometer 
reports, we have also published ‘deep dive’ 
analysis on focused areas – our most recent 
report focused on the ‘Effective use of money’ 
and, in September 2023, we explored the 
position of the self-employed in more detail. 
More information can be found at 
www.hl.co.uk/features/5-to-thrive 
and our Saving and Resilience 
Comparison Tool can be found here: 
www.hl.co.uk/features/5-to-thrive/
savings-and-resilience-comparison-
tool
The outputs of this work allow HL to shine a 
light on the need for policymakers to think 
holistically about financial resilience and help 
us to better design products for clients.
Bristol Financial Resilience Action Group 
A key focus of our Responsible Business work 
is driving up financial resilience in Bristol. 
This includes building on our existing 5 to 
Thrive information and tools through the 
Bristol Financial Resilience Action Group, 
a free initiative currently providing 19 Bristol 
employers with a programme to drive financial 
resilience in their 25,000 employees. 
Tangible progress is being made, and so far 
through the work of the organisations part of 
the Bristol Financial Resilience Action Group, 
an additional 1,300 households in Bristol have 
access to increased pension contributions. 
More information can be found in the End 
of Pilot Report.
More information can be found at 
www.hl.co.uk/bristol-financial-
resilience
The End of Pilot Report can be found 
at www.hl.co.uk/__data/assets/pdf_
file/0008/19989287/BFRAG_End-of-
Pilot-Report_May_2004.pdf
Community impact, volunteering 
and partnerships
The HL Volunteering Scheme gives colleagues 
two paid working days per calendar year to 
offer their time, skills and experience to good 
causes – in 2024, colleagues volunteered over 
2,500 hours.
We run volunteering schemes focused on 
building social mobility, improving resilience 
and supporting local organisations, such 
as Fareshare South West and the Bristol 
Sport Foundation, and volunteer in local 
primary schools, supporting development 
of literacy skills.
In addition to volunteering, we arrange food 
donations such as our Christmas Appeal, 
which collected 150kg of food to donate to 
13 charities in the South West. We also work 
with sustainability-focused organisations, such 
as YourPark, where we have supported the 
rewilding of areas in Bristol city centre. 

37
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
 
 
 
 
 
CORPORATE RESPONSIBILITY
RESPONSIBLE BUSINESS CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
HL Foundation
The HL Foundation is HL’s charitable arm 
which acts as a focal point for our colleagues’ 
charitable engagement.
It organises fundraising events, which have 
raised money for our Charity of the Year, in 
addition to supporting humanitarian crises 
in alignment to the Disasters Emergency 
Committee appeals. Alongside colleague 
fundraising, the HL Foundation receives 
donations through both HL plc and 
payroll giving. 
Over the past year, we have focused on 
strengthening our governance and leadership, 
welcoming four individuals as trustees, 
which included two independent trustees. 
Their fresh perspectives and insights enhance 
our governance, ensure effective decision-
making and strengthen our strategic direction.
The collective efforts of our colleagues, 
combined with donations from HL plc, resulted 
in £200,000 being raised for worthy causes last 
year. We also celebrated a significant milestone 
– the distribution of over £1,000,000 since the 
Foundation’s establishment in 2016.
Charity of the Year: FearFree
Our most recent Charity of the Year to 
be chosen by colleagues is FearFree. 
FearFree supports individuals dealing with 
domestic abuse, sexual violence, and 
stalking. Through our partnership, we’ve 
amplified their vital work, providing hope 
and resources to those in need.
Supporting financial education: 
Just Finance Foundation
Recently established, the Just Finance 
Foundation focuses on providing financial 
education and training materials to schools 
across the UK. By supporting this initiative, 
we empower future generations with 
essential financial literacy skills.
Tax strategy
Integrity and good conduct are central to our 
culture, and this means we aim to comply with 
both the spirit and the letter of the law and 
are committed to conducting our tax affairs 
in a clear, fair and transparent way.
Taxes provide public revenues for government 
to meet economic and social objectives. Paying 
and collecting taxes is an important part of our 
role as a business operating responsibly within, 
and contributing to, society. We aim to comply 
with all our tax filing, tax reporting and tax 
payment obligations.
We seek to maintain an open, honest 
and positive working relationship with 
tax authorities, and we do not undertake 
aggressive tax planning. Our corporation tax 
and employer’s National Insurance paid in 
respect of the year ended 30 June 2024 was 
£115.2 million (FY23: £94.6 million). In addition, 
we pay other taxes such as VAT, stamp duty 
and business rates.
Our full tax strategy is available at: 
www.hl.co.uk/about-us/tax-strategy
Human rights and modern slavery
We are committed to being a responsible 
business and upholding human rights. 
Our Human Rights Policy supports the 
key principles established in The Universal 
Declaration of Human Rights, The International 
Covenant on Civil and Political Rights, The 
International Covenant on Economic, Social 
and Cultural Rights and The International 
Labour Organization’s Declaration on 
Fundamental Principles and Rights at Work.
We continue to embed respect for human 
rights in all our operations and aim to ensure 
our business operations are free from modern 
slavery, exploitation and discrimination.
There have been no recorded incidences of 
modern slavery in our supply chain, but we are 
not complacent. We have created a Supplier 
Code of Conduct that has been shared with 
all existing suppliers, and all new suppliers 
when onboarding services to Hargreaves 
Lansdown. The Code covers many areas and 
includes a section on Human Rights where 
we ask that the supplier should comply with 
all internationally recognised human rights 
understood, at a minimum, as those expressed 
in the International Bill of Human Rights and the 
principles concerning fundamental rights set 
out in the International Labour Organization’s 
Declaration on Fundamental Principles and 
Rights at Work. 
Within our award-winning platform, fund 
groups are subject to our Platform Terms of 
Business which includes a requirement to 
comply with the Modern Slavery Act 2015. 
Furthermore, we are aware of modern slavery 
considerations as part of our anti-money 
laundering activities, as a financial institution 
found to be holding the proceeds of modern 
slavery and human trafficking will be liable for 
money laundering offences. We continue to 
be a signatory of the United Nations Principles 
of Responsible Investment and consider 
environmental, social and governance factors, 
including slavery and child labour, when making 
our investment decisions. We have an Anti-
Slavery and Human Trafficking Policy which 
applies to everyone working for us, or on our 
behalf in any capacity.
All colleagues are reminded of this policy and 
its importance annually. It is available on our 
internal intranet and referred to in posters 
around the office. Whilst the Board of Directors 
has overall responsibility for this policy, it 
applies to every HL colleague. Our Modern 
Slavery Act Statement and Human Rights 
Policy are available on our website.
Anti-bribery and corruption
HL maintains a full suite of policies and 
procedures to guard against bribery and 
corruption. This includes an Anti-Bribery Policy, 
outlining the offences, responsibilities of all 
colleagues and clear reporting procedures; 
a Whistleblowing Policy and process; Anti-
Money Laundering and Market Abuse policies; 
and procedures for dealing with, making and 
accepting gifts and hospitality.
All colleagues undertake bespoke training 
programmes, at least annually, for all these 
areas, in addition to having access to online 
guidance and procedures aiding awareness. 
Colleagues can access policy and guidance 
statements via the Company intranet and 
these procedures are reviewed and updated 
on a periodic basis by the Senior Managers 
responsible for them.

38
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Strategic report 
CORPORATE RESPONSIBILITY
RESPONSIBLE 
EMPLOYER
Our colleagues are motivated 
by delivering for our clients 
and the brilliant people they 
work with. 
This has been a year of transition as we 
go through our transformation under new 
leadership. Throughout this, we’ve supported 
our colleagues through change by listening 
to their views and seeking feedback, keeping 
them updated on our strategy development 
and providing regular touchpoints with our 
leaders, enabling opportunities and access 
to development, and fostering the important 
sense of community and client-centricity at 
HL that makes us unique. 
An important aspect of this was involving 
colleagues in the development of our new 
purpose and values – this was a comprehensive 
exercise where colleagues were invited to 
contribute to a survey, followed by in-depth 
focus groups and interviews ensuring that they 
resonate and are authentic for HL, while driving 
the right behaviours that enable us to deliver 
value for our clients. 
We’ve also begun our focus on strengthening 
our foundations and making things easy for 
colleagues – a key example was the rollout 
of our Workday Help tool as a one-stop shop 
for people-related information. 
These changes will help us drive a performance 
culture as we continue to make HL a great place 
to work, develop and fulfil career potential. 
Our commitment to Inclusion 
and Diversity
Our commitment to Inclusion and Diversity 
(I&D) is driven by our desire to attract and 
retain the best talent to meet our needs and 
our view that a more representative workforce 
will help us deliver the best outcomes for 
our clients. We believe that a workforce with 
more diversity of thought and experience can 
generate more innovative ideas, make better 
decisions and transform more effectively.
Aligned to our Strategy and underpinned 
by our Purpose and Values, we have three 
I&D priorities:
1. Deliver on our agreed I&D representation 
targets;
2. Broaden our workforce data and insight 
to enable a data driven approach; and
3. Intensify our focus on inclusion as a core 
expectation of life at HL.
This year, to deliver these priorities, our focus 
is on the following areas which we believe will 
help us to unlock the most progress. 
• Recruitment: we are piloting changes to 
our recruitment process to better embed 
diversity in our candidate shortlists through 
a check and challenge approach.
• Progression: this year we have launched 
new programmes focused on developing 
future leaders from under-represented 
groups. Our new Ascent Programme, 
launched in partnership with diversity 
specialists Talking Talent, will support 
a cohort of mid-level talent to build 
their confidence and skills to progress 
their careers. We are also pleased to be 
participating in the EPOC Board Fellowship 
Programme which aims to increase ethnic 
minority representation on Boards.
• Functional approach: we are modelling 
clearer functional goals for business areas 
within HL and working with leaders to 
get clear plans in their areas to support 
organisational Objectives and Key 
Results (OKRs).
We believe in managing our commitment 
to I&D in the same way as we approach any 
other business objective: by aligning it with 
and embedding it in our strategy, by defining 
accountability and by measuring progress. 
We set targets for female, ethnic minority 
and Black representation in 2021, for both our 
senior and mid-level populations. These were 
initially targets to be achieved by December 
2025, but we have extended the target date 
to June 2026 to align with the end of our 
financial year. 
The targets for increasing the representation 
of women and ethnic minority groups at 
senior levels are built into the OKRs for the 
organisation to ensure we drive progress 
against them. 
Performance against all of our I&D targets 
is tracked via a quarterly dashboard which 
is shared with the Executive Leadership 
Team, as we know that executive buy-in 
and accountability is crucial to achieving 
sustainable change.
More information about our Inclusion 
and Diversity approach and initiatives 
can be found at: 
www.hl.co.uk/corporate-social-
responsibility/our-people

39
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
CORPORATE RESPONSIBILITY
RESPONSIBLE EMPLOYER CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
Female representation
We remain committed to increasing the 
proportion of women at HL and aspire to 
hire more, promote more and retain talented 
women within HL. 
Internal commitments
Our 2026 targets for senior and mid-level 
female representation are 36–40% for both 
groups. As at 30 June 2024, we are at 34.0% 
for senior female representation and 35.7% for 
mid-level female representation, both of which 
are on track to meet our 2026 target range.
External commitments
We are proud signatories of the Women in 
Finance Charter where we report annually, 
in August, on progress against our target for 
senior female representation of 36–40% by 
2026. In the HM Treasury Women in Finance 
Charter Annual Review 2023, we reported 
34.5% of senior management roles were held 
by women, up from 31.6% the year prior. 
We have exceeded the FTSE Women Leaders 
target of 40% women on Boards and are proud 
to have a female Chair, Chief Financial Officer, 
Senior Independent Director and a majority of 
female Board Committee Chairs. In our 2023 
submission, reflecting data as at 31 October 
2023, we reported that women made up 38.3% 
of the Executive Leadership Team and its direct 
reports, up from 30.2% in our 2022 submission. 
Our 2023 Gender Pay Gap (GPG) report, 
which shows data as at 5 April 2023, showed 
that our mean and median Gender Pay Gap 
had widened since the previous year, with 
the mean moving from 7.8% in 2022 to 9.3% 
in 2023 and the median moving from 13.7% 
to 19.1%. Our mean and median Bonus Gap 
narrowed year-on-year.
Although we had seen an increase in the 
proportion of women in senior roles, the 
widening Gender Pay Gap was driven primarily 
by high levels of recruitment, predominantly of 
men, into roles commanding a market premium 
and a greater proportion of senior men in larger 
roles with higher salaries. 
To address this, we continue to be focused 
on ensuring our recruiters and recruitment 
partners are committed to finding gender-
diverse talent in the market and will reject 
candidate long-lists that lack sufficient 
diversity. And, as outlined above, our current 
priorities for the year include actions to help 
grow our own mid-level diverse talent into more 
senior roles.
We recognise that some areas of the business 
face a greater challenge in attracting female 
talent and play a disproportionate role 
on our Gender Pay Gap, for example, our 
Digital function. This is why another of our 
current priorities includes getting clear on 
our aspirations for diverse representation 
by function, which will be supported by 
targeted plans.
Our results underline that progress in I&D is 
rarely linear and that, whilst we are moving in 
the right direction in many areas, there is still 
more to do. We continue to closely monitor 
and improve our I&D-related data to ensure 
we are taking the actions that will drive the 
most progress.
Ethnic minority representation
Increasing the ethnic diversity of our workforce 
has been a priority at HL since 2020. We are 
committed to attracting and retaining the 
best talent and recognise that ethnic minority 
groups (colleagues from Black, Asian and 
minority ethnicities), are under-represented.
Internal commitments
We have agreed 2026 targets for senior and 
mid-level colleagues from ethnic minority 
groups and also a specific target for Black 
representation.
We are able to set targets and measure 
progress against them as most colleagues 
voluntarily share their ethnicity with us – 87.4% 
of our colleagues have shared their ethnicity 
or have selected ‘Prefer not to say’ in our 
HR system.
As we have progressed on our commitment 
to I&D, we have refined the way we calculate 
ethnic minority representation. In previous 
years, we have calculated progress against 
our target based on those that have 
disclosed. However, in line with guidance 
from the government around Ethnicity Pay 
Gap reporting, we are now calculating as 
a percentage of colleagues as a whole. 
• Our target for senior ethnic minority 
representation is 6–10%. As at 30 June 
2024, we are on track at 7.9%.
• Our target for mid-level ethnic minority 
representation is 8–12%. As at 30 June 2024 
we are on track at 9.8%.
• Our target for Black representation is 
2–4% across both senior and mid-level 
colleagues. As at 30 June 2024, we are 
on track for both, we are at 1.4% for senior 
Black representation and 1.5% for mid-level 
Black representation.
Full details of our Gender Pay Gap 
report can be found at 
www.hl.co.uk/corporate-social-
responsibility/our-pay-gaps

40
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
 
 
CORPORATE RESPONSIBILITY
RESPONSIBLE EMPLOYER CONTINUED
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal 
Risks and Uncertainties 
51
Governance 
59
Financial statements 
128
Other information 
173
We have voluntarily published 
our Ethnicity Pay Gap for the 
second year, and are pleased 
to have enhanced our analysis 
and made progress.
Claire Chapman 
Chief People Officer
External commitments
The Board continues to meet the Parker 
Review recommendation to have at least one 
Director from an ethnic minority background. 
In 2023, the Parker Review announced 
an extension of their targets and asked 
organisations to set ethnicity targets for their 
senior management teams to be achieved by 
2027. The Parker Review’s definition of senior 
management teams is Executive Committees 
and their direct reports. At HL, we already 
have senior ethnic minority targets in place 
which apply to a broader leadership population, 
including ‘Heads of’ and up to and including the 
Board. Given these are designed to increase 
representation of Black, Asian and minority 
ethnic groups and are well embedded in our 
business priorities, we do not plan to set 
additional targets at this time. We continue to 
review our target approach to ensure it delivers 
the outcomes we want to achieve.
This is the second year we have produced an 
Ethnicity Pay Gap (EPG) report and the first 
in which we have chosen to disaggregate 
the data in order to get richer insight into the 
barriers faced by different ethnic groups. Our 
overall EPG measures the difference between 
ethnic minority (Black, Asian and minority 
ethnicities) and non-ethnic minority (White) 
colleagues’ earnings. 
Our 2023 Ethnicity Pay Gap Report, which 
shares data from 5 April 2023, showed that 
our mean and median Ethnicity Pay Gap 
had narrowed since the previous year, with 
the mean moving from 19.6% to 12.2% and 
the median from 21.2% to 20.3%. Our mean 
and median Bonus Gaps also narrowed 
year-on-year. 
Disaggregating our data allowed us to 
understand in more detail where we have 
differences in average pay between different 
ethnic groups and what is driving this 
difference. This insight has helped inform 
our I&D priorities and ensure we are taking 
the right action to narrow the gaps. As 
a result of this analysis, we are currently 
designing a programme designed to support 
the progression of Black colleagues at 
more junior roles. 
Creating connection and community 
One of our strategic priorities is to intensify 
our focus on inclusion as a core expectation 
of life at HL. This means equipping managers 
and colleagues with an understanding of why 
inclusion matters and how to create a more 
inclusive environment. 
Our Colleague Networks play an important 
role in fostering inclusion and belonging – 
their purpose is to encourage inclusivity, 
empower colleagues to use their voice, support 
network members with signposting, and raise 
awareness and consult with HL to effect 
change in our policies and practices. Each 
network is supported by an Executive sponsor, 
to ensure their activities get the visibility and 
support they need to have the greatest impact.
We currently have over 950 members across 
our six Colleague Networks:
• Chronic Conditions and Disabilities
• Cultural Diversity Group
• Gender Diversity Group
• Kaleidoscope (LGBTQ+)
• Sustainability
• Wellbeing
We also have various community groups 
covering interests such as sports, board 
gaming, working parents, carers, religion 
and politics. 
To provide colleague-to-colleague support we 
have Mental Health First Aiders, Menopause 
Champions and Endometriosis Champions.
Creating an inclusive working environment 
has continued to be a focus for this year, with 
specific managerial and leadership training 
taking place in recognition of their importance 
in making HL an inclusive place to work.
Our policies and processes continue to be 
reviewed to ensure they support equity and 
inclusion and help us attract the broadest 
pool of talent.
This year, we’ve focused on making it 
easy for our colleagues to find information 
around policies and processes by launching 
Workday Help. This is a centralised platform 
for colleagues and managers to access HR 
support, manage their people processes and 
find information all in one place. This work is 
part of our continuous improvement of the 
colleague experience at HL, aimed at being 
more responsive to our colleagues as well as 
supporting self-sufficiency and knowledge in 
people-related matters amongst our managers 
and colleagues.
Getting insight directly from colleagues is an 
important pillar of inclusion. We run regular 
‘Listening Sessions’, which facilitate different 
colleague groups sharing their experiences 
directly with Executive Committee members. 
Our Colleague Survey gives a snapshot 
of colleague sentiment around Inclusion 
and Diversity, with results of the 2024 
survey showing that 83% of colleagues 
feel positive that HL values and promotes 
employee diversity.

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
RESPONSIBLE EMPLOYER CONTINUED
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Our workforce 
Total workforce 2024: 2,484 
Total workforce 2023: 2,277 
41% 
Female 
41% 
Female 
59% 
Male 
59% 
Male 
As at 30 June 2024 
As at 30 June 2023 
Board of 
Directors 
Other senior 
management Note 1 
Total 
employees 
(FTE) 
Board of 
Directors 
Other senior 
management Note 1 
Total 
employees 
(FTE) 
Female 
5 (50%) 
23 (41%) 1,027 (41%) 
5 (45%) 
16 (28%) 
927 (41%) 
Male 
5 (50%) 33 (59%) 1,457 (59%) 
6 (55%) 
41 (72%) 1,350 (59%) 
Note 1 
Other senior management is defined as an employee who has responsibility for planning, direction or controlling the activities 
of the Group, or a strategically significant part of the Group, other than the plc Board of Directors and the Non-Executive 
Director of HLFM, who is not considered a member of the workforce’. 
Reward 
Our approach to reward is key in how we 
unleash the potential of our people and drive 
a high performance and inclusive culture. 
Our refreshed People Strategy will enable 
us to reset our foundations and then drive 
performance. The way our Performance and 
Reward Philosophy and strategy supports this 
will be a key focus over 2025, starting with 
the alignment of colleague Objectives and Key 
Results (OKRs) to our five strategic priorities. 
Over 2024, we have continued to focus on 
clear, fair and transparent pay and reward. 
We use independently benchmarked pay and 
benefits data to ensure we pay our colleagues 
fairly for the work they do and we are proud 
to be accredited with the Living Wage 
Foundation applying the Real Living Wage to all 
colleagues – this includes those on internships, 
placements or apprenticeships. 
We believe that our colleagues should be 
able to share in the success of our business 
and all colleagues are eligible to sign up to 
our Save as You Earn (SAYE) scheme. As at 
30 June 2024, 38% of eligible colleagues are 
currently participating in one of our existing 
Sharesave Schemes. 
To complement our direct financial rewards, 
we provide company matched pension 
contributions, which includes a double 
matching scheme, to further encourage 
our colleagues to save for their retirement, 
and extended life insurance protection. HL 
Rewards, our flexible benefits scheme, offers 
a comprehensive range of protection, health, 
financial and lifestyle benefits to ensure 
we provide a benefits package that our 
colleagues value. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
41 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
RESPONSIBLE EMPLOYER CONTINUED 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal  
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173 
Building capability 
Our colleagues told us that the disruption 
and opportunities driven by our digital 
transformation meant they needed the right 
knowledge and skills to drive innovation and 
growth, at the speed and scale of need. 
Our colleagues also told us that skilled and 
supportive leaders and managers remained 
vitally important for HL, to maximise the 
potential of that technology and deliver 
sustainable growth through both people 
and digital skills. 
In response, this year we have continued to 
grow our learning infrastructure, making it easy 
for colleagues to access the development they 
need, at the time they need it and in a way 
that works best for them: 
• Our learning platform providing 24/7 access 
to thousands of development courses to 
all colleagues has seen activation rates 
increase month-on-month, with targeted 
initiatives driving a 36% increase of users 
viewing content and a 26% increase of 
average hours per viewer 
• HL’s Mentoring Scheme continues to grow, 
with senior leaders now representing over a  
third of our mentoring population and ready 
to share skills, knowledge and expertise 
with our junior colleagues 
• A further 46 people managers enrolled 
on HL’s six-month management 
development programme, strengthening 
essential skills in managing and leading 
high-performing teams 
• This year saw the launch of our digital 
learning channel ‘Better Learning’, facilitating 
peer-to-peer learning and making it easy 
to share knowledge across the business 
in real time 
• In response to emerging skills needs, we also 
launched 19 brand new Learning Pathways, 
co-created with our Colleague Forum 
We are also making key changes to our suite 
of eLearning modules, improving the user 
experience for our colleagues, whilst also 
 
driving better outcomes for our clients and 
our business. 
Early careers and apprenticeships 
We recognise the importance of building 
the next generation of skilled and motivated 
talent for future leadership and expert roles 
and have evolved our programmes to support 
our strategy. 
We have grown our apprenticeship offering 
significantly in recent years and are proud 
to have three ‘live’ apprenticeship schemes, 
with a new Cyber Security scheme starting in 
September. In total, we’ve hired 28 apprentices 
into the business in this financial year, creating 
roles for local school-leavers and growing our 
own pipeline of diverse talent. 
We continue to create other opportunities for 
the development of young people in Bristol and 
the surrounding area through: 
• Our Strive internship scheme and our 
commitment to the nationwide 10,000 Black 
Interns programme; 
• Our Industrial Placements scheme; and 
• Our partnership with Bristol Future Talent 
Partnership to offer work experience for 
local schools. 
Colleague engagement and listening 
In our most recent colleague survey, 82% of 
colleagues gave us their view, the highest 
response rate we’ve achieved (May 2023: 80%). 
Our engagement metric is 62. Since the 
beginning of the pandemic in 2020, this score 
has remained relatively flat. However, this is 
not unexpected given the uncertainty of that 
time and the significant period of organisational 
change and new leadership we have been 
going through since. We expect to see this 
score improve again as the new leadership 
is embedded in the business. 
A positive from our survey was how strongly 
our colleagues rate their relationships with 
their managers which has continued to 
improve – questions around coaching, giving 
feedback and recognition all improved on the 
previous year. 
With a period of significant change, regular 
communication and engagement with our 
colleagues has been essential. We introduced 
our new CEO through a comprehensive 
communications campaign, including running 
listening sessions for colleagues to sign up 
and share their feedback directly. We have 
continued to run these sessions bi-monthly, 
so that different groups of colleagues have the 
opportunity to share their feedback in person. 
We’ve introduced and focused on building 
a new senior leadership team (SLT) of just 
over 50 colleagues who are responsible and 
accountable for our strategy and leading our 
colleagues. This group is essential to evolving 
our approach, cascading information and 
motivating our wider colleague population. 
Additionally, we’ve introduced six-weekly 
Colleague Updates where our CEO and other 
members of our SLT update colleagues on 
our strategy and take the time to answer their 
questions. These events have been highly 
rated with over 74% of colleagues regularly 
saying they have improved their understanding 
of our strategy. 
We’ve continued to make improvements to our 
other communication channels including: 
• Relaunching our intranet as HL Home – a 
place for colleagues to find or be signposted 
to the information and tools to do their jobs 
• Running numerous engagement events in 
our office and online for topics such as our 
annual benefits window, learning at work 
week, and showcasing different teams to 
promote understanding of the different 
careers available in HL 
• Producing engaging visual and video 
content on posters and digital screens 
around the office 
We have continued to engage and invest in our 
Colleague Forum. Elected colleagues represent 
their different business areas and the Forum 
is chaired by Colleague Representatives. In 
addition to providing an opportunity to consult 
with colleagues on our executive and wider 
workforce pay approach, it provides a two-way 
feedback channel on our strategic priorities 
and a route for colleagues to raise their own 
topics for debate. During the year, the Forum 
members have had external training on how to 
be effective representatives and have provided 
feedback to help us improve the Forum’s ways 
of working. They have provided insight and 
feedback on topics ranging from our purpose 
and values, through to increasing usage 
of our learning platform, and encouraging 
engagement with the HL Foundation. 
The Forum allows us to co-create People 
change, keeping colleagues and clients at the 
heart of what we do.  
Hargreaves Lansdown 
Report and Financial Statements 2024 
42 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Strategic report 
CORPORATE RESPONSIBILITY 
CLIMATE-RELATED 
FINANCIAL DISCLOSURES 
TCFD consistency statement 
As required by paragraph 8(a) of Listing Rule 9.8.6R, we set out in the table below our statement of consistency 
with the TCFD Recommendations and Recommended Disclosures. The preparation of our disclosures have been 
informed by section specific guidance and other TCFD guidance materials, including the TCFD Annex. 
Key: Level of disclosures 
Full 
Partial 
TCFD recommendation 
Status 
Governance 
Disclose the 
organisation’s 
governance around 
climate-related risks 
and opportunities. 
Describe the Board’s oversight of climate-related risks and opportunities. 
We have reported how the Board, and its committees oversee our climate-related risks 
and opportunities on page 44. Our ESG Taskforce feeds into our Executive Committee 
as shown on our overarching diagram on page 71. 
Describe management’s role in assessing and managing climate-related risks 
and opportunities. 
We have reported management’s roles and responsibilities in assessing and managing 
climate-related risks on page 44. 
Strategy 
Disclose the actual 
and potential impacts 
of climate-related 
risks and opportunities 
on the organisation’s 
businesses, strategy and 
financial planning where 
this such information 
is material. 
Describe the climate-related risks and opportunities the organisation has 
identified over the short, medium and long term. 
We have disclosed the climate-related risks identified over the short, medium, and long 
term on pages 45 to 46. 
Describe the impact of climate-related risks and opportunities on the 
organisation’s business, strategy and financial planning. 
 
We have detailed the financial impact and our strategic response for each risk identified 
on pages 45 to 46. 
Describe the resilience of the organisation’s strategy taking into consideration 
different climate scenarios, including +2 degrees or lower. 
We have performed scenario analysis over our identified risks in our ERM system, 
details of which have been disclosed on pages 45 to 46. This year the focus has 
been on exploring the financial impact of climate scenarios, noting a lack of industry 
standardisations to quantitative analysis, and we aim to include this in future reports. 
Risk 
management 
Disclose how the 
organisation identifies, 
assesses, and manages 
climate-related risks. 
Describe the organisation’s processes for identifying and assessing climate-
related risks. 
Our approach to the identification, assessment and management of climate-related 
risks is integrated into our Group Enterprise Risk Management Framework on pages 51 
to 58. The Group adopts a robust risk management structure based on the ‘Three Lines 
of Defence’ model to ensure clear accountability for all risk management activities across 
the organisation. 
In FY24, we have recognised climate change as a principal risk. 
Describe the organisation’s processes for managing climate-related risks. 
Describe how processes for identifying, assessing, and managing climate-related 
risks are integrated into the organisation’s overall risk management. 
Metrics and 
targets 
Disclose the metrics 
and targets used to 
assess and manage 
climate-related risks 
and opportunities 
where material. 
Disclose the metrics used by the organisation to assess climate-related risks 
and opportunities in line with its strategy and risk management process. 
We split our metrics by the impact of our operations and the impact of our investments. 
We have reported the metrics on pages 47 and 48. 
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas 
emissions, and the related risks. 
We disclosure our Scope 1, 2 and 3 categories of Scope 3. We aim to report our full 
emissions profile in FY25 after completing our review of calculation methods. 
Describe the targets used by the organisation to manage climate-related risks 
and opportunities and performance against targets. 
We have disclosed our targets on page 49. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
43 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal  
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173 
Governance 
Our approach to governance around our 
climate-related risks and opportunities feeds 
into our governance structure on page 71 
through our ESG Taskforce. 
Board oversight of climate-related 
risks and opportunities 
The plc Board is responsible for our  
overarching Group-wide strategy, including 
ESG, climate change and sustainability. 
Management’s role in assessing 
and managing climate-related risks 
and opportunities 
Our Corporate Affairs Director has delegated 
authority from the plc Board to manage and 
assess our ESG strategy, including climate-
related risks and opportunities. Our strategy 
is supported by our ESG Taskforce, a cross-
functional working group looking after the 
day-to-day activities, including bi-annual Board 
updates with progress of targets, risk and 
opportunities and new regulations. 
Strategy 
Our business-wide strategy is underpinned by 
reducing our impact on the environment and 
becoming lean and efficient with a focus on 
providing great outcomes for our clients. You 
can read more about our strategy on page 18. 
Climate-related risks and opportunities 
We have performed an assessment of 
climate-related risks included in our Enterprise 
Risk Management (ERM) system including 
transition1 and physical2 risks over short, 
medium and long-term time horizons under 
three contrasting climate scenarios. These 
scenarios are hypothetical scenarios to 
assist our understanding of how climate 
change impacts our business. Performing 
this assessment tests that our strategy 
can respond to climate-related risks and 
that we can take advantage of climate-
related opportunities. 
Board committee 
Responsibility 
FY24 key actions 
plc Board 
The Board is responsible for the development of our strategy 
promoting the long-term sustainable success of the business. 
Reviewed and approved our Net Zero target for our  
financed emissions. 
Risk Committee 
Reviews and advises the Board on changes to the Group’s 
risk appetite, risk profile and future risk strategy. 
Reviewed and approved our risk appetite statement for ESG  
risk and Key Risk Indicators and approved identification of 
climate change as a key risk. 
Audit Committee 
Monitors the integrity of the Group’s financial reporting. 
Reviewed and approved the Group’s TCFD disclosures 
and entity and product level disclosures following an Internal 
Audit assessment of entity and product level disclosures. 
Climate scenarios 
To assess our exposure to these risks and opportunities we have selected three scenarios based on the framework of Network for Greening 
the Financial System (NGFS). We have selected these scenarios as they are used by central banks, including the Bank of England. 
 
Strategic response 
Despite the potential impacts from climate change, we remain resilient to climate-related risks and opportunities. 
Our opportunities are short to medium term that we aim to take advantage of and we look to continually improve our approach, aligning 
to industry standards. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
Scenario 
Risk factors 
Policy 
ambition 
Policy 
reaction 
Technology 
change 
Carbon 
dioxide 
removal 
Regional 
policy 
variation 
 
Orderly (Net Zero) 
– 1.5 Degrees Celsius 
This scenario is ambitious in nature. 
Limiting global warming to 1.5 degrees by 
2050 and reaching net zero emissions. 
This scenario enforces rigorous climate policies which are 
introduced immediately and there is a medium to high use of 
carbon dioxide removal to accelerate the removal of carbon 
emissions (decarbonisation) from human activities. Physical 
risks are relatively low, but transition risks are high. 
1.4–1.5°C 
Immediate 
and smooth 
Fast 
change 
Medium-
high use 
Medium 
variation 
Disorderly (Delayed transition) 
– 1.6 Degrees Celsius 
This scenario assumes global annual 
emissions do not decrease until 2030. 
Stringent policies are then required to 
limit global warming to below 2 degrees. 
Emissions would be expected to exceed the carbon budget and 
then rapidly decrease. Carbon removal is assumed low increasing 
carbon prices. Both transition and physical risks are higher than 
a Net Zero scenario after 2030. 
1.6°C 
Delayed 
Slow/Fast 
change 
Low-
medium 
use 
High 
variation 
Hot house world (Current 
policies) – 3+ Degrees Celsius 
This scenario assumes current 
policies are maintained leading to 
high physical risks. 
Emissions continue to grow beyond 2050 leading to 3 degree 
warming and increased physical risks. There is minimal policy 
implementation and a slow change in technology to support 
carbon removal. 
3°C+ 
None – 
current 
policies 
Slow 
change 
Low use 
Low 
variation 
1 Transition risks are the risks associated with moving to a 
low-carbon economy or policies to address climate change. 
Categories for transition risks include reputation, market, 
legal & policy and technology. 
2 Physical risks are acute or chronic risks. Acute risks refer to short-
term scenarios that have an immediate impact like flood, droughts 
and wildfire and chronic risks refer to longer-term scenarios 
including changes to weather pattern e.g. rising temperatures. 
44 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Scenario analysis 
Key 
Highly likely 
Possible 
Unlikely 
Risk 
Description of risk 
Potential impact 
Scenario 
Timeframe 
Strategic response 
0–5 years 
5–10 years 10+ years 
Reputation 
The risk that our 
stakeholders perceive 
us as being unresponsive 
to climate-related risks 
and are unhappy with our 
progress of aligning our 
investments and products 
with the transition to a 
low-carbon economy. 
Loss of client trust 
and reduced demand 
for products and 
services leading to 
clients directing capital 
to other platforms 
and poor investor 
outcomes. 
Orderly 
Delight clients, drive growth – We offer a broad range of products 
and investment solutions and guidance for our clients on responsible 
investing. Content for our third-party funds and investment solutions is 
required to include and assess ESG factors and we operate a Conduct 
Framework, in which ESG aspects form part of, owned and managed 
through the Client Outcomes Function aligning with the expectations 
of the Consumer Duty. 
Opportunity – Increasing our focus on communications on educating 
clients on how to mitigate climate risk. Our clients have identified climate 
change as a key issue they would like us to engage on. This has fed into 
our engagement themes as outlined in our Stewardship and Engagement 
Policy as well as encouraged our membership with Climate Action 100+. 
Disorderly 
Hot house world 
Market 
The risk that climate 
change or the transition 
to a lower-carbon 
economy negatively 
impacts the global 
economy and therefore 
the value of assets on our 
platform and in our range 
of managed investments. 
Assets with exposure 
to climate-related 
risks may be subject 
to a decrease in value, 
impacting returns 
and related revenue 
streams. 
Orderly 
Delight clients, drive growth – Our broad range of investments allows our 
clients to hold diversified portfolios and react to changing market trends. 
For our managed portfolios and funds, we have an ESG investment 
process focusing on ESG risk mitigation. Our TCFD entity and product 
reports provide further transparency behind our managed portfolio 
and asset
 
s. 
Opportunity – Increase of sustainable investment solutions and product 
information on emissions using data. Incorporating Sustainability 
Disclosure Requirements (SDR) into our website and search function 
to help accelerate flows into the low carbon economy. 
 
Disorderly 
Hot house world 
Policy and 
legal 
The risk that to achieve 
a lower-carbon economy 
policies and regulations 
need to be introduced and 
complied with, increasing 
our disclosure obligations. 
 
 
Increase in the cost 
of compliance to 
meet the regulations 
and the potential 
impact on product 
restrictions. 
Orderly 
Increase pace and resilience – We have seen growing demand on 
regulatory policies for companies worldwide. Increasing our resilience 
supports fast paced regulatory changes. Through our regulatory 
compliance teams, we horizon scan for policy and legal risks associated 
with climate change. Our governance framework allows for upcoming  
changes to policy to be tracked through our ESG Taskforce updating 
the Board on new requirements. 
Opportunity – Engaging early with upcoming policies would enable us 
to be a first mover. 
Disorderly 
Hot house world 
Hargreaves Lansdown 
Report and Financial Statements 2024 
45 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Scenario analysis 
Key 
Highly likely 
Possible 
Unlikely 
Risk 
Description of risk 
Potential impact 
Scenario 
Timeframe 
Strategic response 
0–5 years 
5–10 years 10+ years 
Technology 
The risk of failing to adapt 
to emerging technology 
related to the transition to 
a lower-carbon economy, 
such as renewable energy, 
increased energy efficient 
technology and carbon 
capture and storage. 
Increased operating 
costs through 
maintaining IT 
infrastructure. 
Increased energy 
costs with increased 
energy demand. 
Orderly 
Increase pace and resilience – Our approach, increasing cloud-based 
solutions, supports us in becoming more efficient, reducing the need to 
renew outdated IT infrastructure. Removing on premises data centres 
will improve our efficiency, reduce office running costs and increase 
our capability. 
Our core office locations run off renewable energy and we continually 
review our property infrastructure to ensure efficiency savings are 
being achieved. 
Opportunity – Continuing to increase our capability and platform 
performance by leveraging economies of scale through efficient 
and lean technologies, reducing our energy demand. 
 
Disorderly 
Hot house world 
Acute 
The potential financial 
losses that may arise 
from the direct impacts 
of climate-related 
events, such as natural 
disasters or extreme 
weather events, on 
HL’s investments 
and operations. 
Longer-term changes 
in climate patterns 
such as flooding, 
extreme weather and 
higher temperatures 
impacting our 
operations. 
 
 
 
Orderly 
Increase pace and resilience & focusing on our people – As part of our 
business continuity plans, we consider the effects of adverse weather 
and the impact on our operations, supply chain and workforce through 
annual due diligence reviews. 
We operate a hybrid working model providing operational resilience to 
potential impacts. 
Disorderly 
Hot house world 
Chronic 
The potential financial 
losses that may arise from 
the gradual and persistent 
impacts of climate change, 
such as sea level rise or 
changes in temperature 
and precipitation patterns, 
on HL’ s investments 
and operations. 
Increased cost to the 
business due to risk of 
flooding at our offices 
or reduced employee 
productivity. 
Orderly 
Disorderly 
Hot house world 
Metrics and targets 
In FY24 we have extended our reporting to cover further Scope 
3 emissions homeworking and are reporting our emissions as 
Operational emissions, which shows the impact of our day-to-
day activities and investment emissions, which is the emissions 
related to our HL managed Funds. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
Our focus this year has been on our emission reduction 
and efficiency and to review and improve our approach to 
emission calculations. We conducted a review of our data and 
recalculated our emissions back to our baseline year (2018).  
 
As our Investment emissions are estimated to make up 99% of 
our total emissions, our remaining Scope 3 categories, that have 
not yet been reported, have been assessed as immaterial. 
46 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
Our operational emissions 
Tonnes CO subscript 2 e
FY24 
FY23 
Baseline 2018 
UK 
Overseas 
Total 
UK 
Overseas 
Total 
Scope 1 and 2 
Scope 1 – Gas and refrigerant gases 
553 
– 
553 
213 
– 
213 
266 
Scope 2 – Purchased electricity  
(location-based) 
628 
26 
654 
696 
27 
723 
1,255 
Scope 2 – Purchased electricity  
(market-based) 
12 
26 
38 
149 
27 
176 
1,255 
Total Scope 1 and 2 emissions 
(market based) 
565 
26 
591 
363 
27 
390 
1,521 
Scope 3 
Business travel 
100.35 
148.9 
Employee commuting & working from home 
664.67 
512.8 
– 
Total reported operational Scope 3 
765.02 
661.7 
Total outside of Scope emissions* 
0.25 
– 
0.25 
0.27 
– 
0.27 
– 
Energy usage (kWh) 
Gas 
1,345,864 
0 
1,345,864 
1,595,066 
0 
1,595,066 
1,443,628 
 
Electricity
3,032,091 
123,772 
3,160,569 
3,362,077 
128,478 
3,490,555 
4,433,597 
Total 
4,377,955 
123,772 4,506,433 
4,957,143 
128,478 
5,085,621 
5,877,225 
Intensity per FTE (1 and 2) 
0.24 
0.21 
Usage per FTE (1 and 2) 
1,762 
2,739 
Intensity per FTE (3) 
0.31 
0.36 
* Following our data review we have restated our Scope 1 and 2 figures for FY23. Under SECR, the amount reported in FY23 which is now restated respectively for Scope 1 was 876.8 tCO subscript 2 e, Scope 2 (location 
based) 490.4 tCO subscript 2 e.and scope 2 (market based) 24.9. 
* Outside of scope emissions relates to the short term emissions caused through the procurement of biogas. 
Methodology and boundary – We calculated our emissions based on the financial consolidation approach. The Group’s carbon footprint was calculated using an operational control approach. Under this 
approach, all entities, and associated assets over which the Group has 100% operational control are included under the organisation’s Scope 1 and 2 emission categories. 
Calculation – We have calculated our Scope 1 and 2 emissions using primary energy data, where available, and converted this using the official UK Government conversion factors. Where data is incomplete, we 
will use primary energy data to estimate our remaining emissions. For business travel emissions we use expense claim data, multiplied by emission factor data. For employee commuting and working from home, 
we collected data from staff on their home working and travel arrangements and have combined this with publicly available data to estimate the emissions. 
Overview 
Progress – Our scope 1 emissions have 
increased compared with prior year due to a 
one-off refrigerant gas leak which resulted in 
514 tCO subscript 2 e. Outside of this, we have reduced 
our gas and electricity emissions against 
prior year. The impact of our investment in 
renewable energy can be seen in our Scope 
2 – Purchased Electricity (market-based) and 
outside of scope emission categories. 
In FY24, we began to switch off older IT 
infrastructure assets, reducing our energy 
demand in one of our office spaces, and 
we have initiated a review on other energy 
saving option
 
s. 
For our employee commuting emissions, 
we have increased our reporting to include 
homeworking. Our employee commuting will 
increase in line with our workforce. We ask our 
colleagues to complete the Travel West survey, 
a survey that runs across the West of England, 
to assist our local community in planning more 
sustainable travel to work. We continue to 
support our colleagues through the cycle to 
work scheme whilst we explore different ways 
to capture this data more effectively, engaging 
with colleagues throughout the year. 
Efficiency metrics – We have chosen to report 
our operational Scope 1 and 2 emissions 
per FTE as our Scope 1 and 2 emissions are 
driven by our employees working in our office 
locations. We are also reporting our usage per 
FTE to reflect our reduction efforts. 
Looking forward – In FY25, we aim to report 
our full emissions profile to conclude our Scope 
3 reporting including our purchased goods and 
services and capital goods emissions. We are 
also considering ways to further support our 
employees by further encouraging sustainable 
commuting and working practices through our 
colleague-led Sustainability Network. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
47 

Strategic report 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal 
Risks and Uncertainties 
51 
Governance 
59 
Financial statements 
128 
Other information 
173 
CORPORATE RESPONSIBILITY 
 
CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED 
Our investment emissions 
The emissions associated with our investments comes from the management of HL’s Funds. 
Product 
Description 
Tonnes CO subscript 2 e
FY24 
FY23 
Baseline  
2019 
HL Funds 
Total carbon emissions 
560,893 
436,543 
– 
 
HL Funds 
Carbon footprint 
Tonnes CO subscript 2 e per $ m invested 
43.24 
39.69 
– 
HL Funds 
Weighted average carbon intensity 
Tonnes CO subscript 2 e per $ m revenue 
96.31 
106.41 
135.84 
 
 
 
HL Funds 
% reported 
88.96 
88.95 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Methodology and boundary – We calculated our financed emissions in line with TCFD guidance using PCAF principals and EVIC. Our operational boundary for our Financed emissions cover our HL managed 
funds and our managed portfolios. As our managed portfolios are largely made up of HL funds we are not reporting these separately to avoid double counting. The scope of financed emissions is continually 
evolving and we will review our approach annually. 
Calculation – In FY23, our calculation focused on equities. In FY24, we are including corporate bonds. As calculations and methodology improves, we will continue to update and improve our approach. Our 
calculation covers Scope 1 and 2 emissions. Scope 3 emissions are not included in our calculations as we are not confident in the data coverage. Scope 3 emissions data is improving and we will continue to 
review our approach and we will look to include this data in future reporting years. 
Total carbon emissions – The absolute greenhouse gas (GHG) emissions associated with the portfolio. Scope 1 and Scope 2 GHG emissions are allocated to investors based on an enterprise value approach. 
This is the total emissions associated with the fund. The enterprise value calculation values a company based on both the equity and debt value of a company including any cash. 
Total carbon footprint – The total carbon emissions for the portfolio normalised by the market value of the portfolio This is the emissions associated with $1 million of investment. 
Weighted average carbon intensity – The portfolio’s exposure to carbon intensive companies, relative to revenue. Scope 1 and Scope 2 GHG emissions are allocated based on portfolio weights (the current value 
of the investment relative to the current portfolio value). This is the economic carbon efficiency of the fund. 
You can view the full calculation and methodology in our HLFM TCFD report. This report goes into further detail on our financed emissions. 
Data – Access to reliable climate-related data covering all holdings is an industry-wide challenge, as such we have stated how much of the data is “reported” by the underlying companies. To calculate our 
financed emissions we use Morningstar Sustainalytics as a data provider and we have placed reliance on the accuracy of this data used in our calculations. For our reporting, 83% is based on reported emissions 
and 5.87% is based on estimates. Due to data limitations, where we have gaps, we reweight our portfolio to 100%. 
Overview 
Our focus this year has been to increase 
transparency of our investment emissions 
and set a target for our financed emissions. 
Progress – We have made progress by 
publishing our TCFD entity-level and product-
level reports alongside our investment 
emissions climate transition plan. 
The core of the transition plan is our 
engagement-led approach, and we’ve joined 
collective engagement schemes such as 
Climate Action 100. 
Our financed emissions are where we see us  
being able to reduce our impact the most; as 
such, we have set a target for our HL Funds to 
reduce our weighted average carbon intensity 
(WACI) of our listed equity and corporate 
bond investments by 50% by 2030, relative 
to a 2019 baseline. 
We are pleased to report a reduction in our 
WACI of our HL Funds of 10.1 tonnes CO subscript 2 e per $ m 
revenue since prior year and a reduction of 
39.53 tonnes CO subscript 2 e per $ m revenue against our 
baseline year WACI. 
Looking forward – We aim to continue to 
reduce our WACI whilst improving our data 
quality on our investment emissions through 
engagement and work with our third-party 
data provider. We have included a ‘% reported’ 
indicator which represents data that is either 
reported by the underlying company or where 
Sustainalytics has estimated data. 
We continue to review our approach towards our 
investment emissions to ensure the boundary 
set for these emissions is appropriate. 
View our HLFM TCFD report here 
www.hl.co.uk/investorrelations/esg 
View our investment emissions 
transition plan here 
www.hl.co.uk/investorrelations/esg 
Hargreaves Lansdown 
Report and Financial Statements 2024 
48 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
CORPORATE RESPONSIBILITY 
CLIMATE-RELATED FINANCIAL DISCLOSURES CONTINUED 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal  
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173 
 
 
 
 
Targets 
We review our targets annually to check that 
they align with our strategy and continue to 
be clear and relevant. 
Our targets focus on continued reduction 
and efficiency improvements, making us 
resilient towards our climate-related risks 
and opportunities. 
This year we have highlighted that our 
offsetting target will be reviewed in FY25 as  
part of our transition planning and wider ESG 
strategy. This target is being reviewed to see 
whether the use of carbon offsets will form 
part of our wider transition plan. 
Our commitment to ESG extends to how 
we incentivise our leadership. A portion of 
Executive Directors’ Performance Share Plan 
awards are tied to achieving our climate-
related targets. 
Target 
What this means to us 
FY24 progress against targets 
Investment emissions 
Reduce the carbon intensity 
of our investments by 50% 
by 2030 in our HL Funds. 
Measure: WACI 
As a financial services company we see our investment 
emissions as the area where we hold the largest impact. 
Our transition plan is engagement led and our current 
interim target covers our listed equity and corporate 
bond investments, approximately 90% of our total AUM. 
We are targeting a reduction in the weighted average 
carbon intensity of our investments relative to a 2019 
baseline. We aspire to expand this coverage as data 
quality and industry standards improve. 
• Reported a 39.53 tonnes CO subscript 2 e per $ m revenue (29%) 
reduction against our baseline figure. 
• Published our TCFD entity and product level reports. 
• Published our Climate Transition plan for our  
investment emissions. 
• Published our Stewardship and Engagement Report 
which details progress on our climate-related 
engagement efforts. 
Operational emissions 
Net Zero in Scope 1 and 2 in 
our core offices by 2030. 
Measure: Usage per FTE, 
Intensity per FTE (Scope 1 
and 2). 
As a starting point we aim to increase our core office 
locations’ efficiency, reducing our demand on the grid. 
This target is an interim target for our commitment to 
be Net Zero by 2050. 
We have started to review our approach and hope to 
finalise a full review accompanied by a transition plan to 
support this. As part of this review, and as highlighted 
below, we will assess whether the use of carbon 
offsetting will form part of our transition plan. 
• Reduced our usage per FTE by 977 kWh (36%) 
which can be attributed to energy saving methods 
such as switching off older IT infrastructure, 
reducing our energy demand. 
• The increase of 20% in our intensity per FTE 
(1 and 2) is due to a one-off gas leak to one of our 
air conditioning systems. The systems are regularly 
maintained and other options are not feasible for 
the size of our office location. We will continue 
to monitor this. 
• Reviewed our technology infrastructure and 
started to switch off older technology to reduce 
our energy demand. 
• Increased internal reporting to track the benefits 
of energy saving activities. 
Operational emissions 
Identify and report all scope 3 
emissions by FY25. 
Measure: Reporting all 
relevant Scope 3 categories. 
Report our full emissions profile of our operational 
impact (including our purchased goods and services 
and capital goods emissions) and our investment 
impact (financed emissions). 
• Reported our investment emissions from 
FY24 onwards. 
• Started an initial review of data providers to support 
calculations for other Scope 3 categories. 
Target under review: 
Carbon offset more than we 
emit in Scope 1, market-based 
Scope 2 in our core offices1 
and Scope 3 business travel 
and employee commuting 
by 2025. 
Whilst aiming to become more energy efficient we 
understand the impact happening today because of 
CO2 being released into the atmosphere. This target 
shows our commitment to invest in carbon offsets 
to carbon capture more than we release through our 
operational activities while educating our colleagues on 
sustainable travel. 
• Reviewed our approach to data and calculations, 
improving on our data quality. 
• Continued investment in renewable energy including 
biogas for our core office’s gas. 
1 Core office spaces are the office spaces where we hold the ability to select the energy provider and make changes to the building. For HL plc this includes two of our office spaces in Bristol. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
49 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
At a Glance 
1 
Market Opportunity 
2 
Business Model 
4 
Strategic Summary 
6 
Chair’s Introduction 
12 
CEO Review 
14 
Strategy & KPIs 
18 
Stakeholder Engagement 
22 
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31 
Responsible Platform 
33 
Responsible Fund Manager 
35 
Responsible Business 
36 
Responsible Employer 
38 
Climate-related Financial Disclosures 
43 
Non-Financial & Sustainability 
Information Statement 
50 
Risk Management and the Principal  
Risks and Uncertainties 
51 
Governance  
59 
Financial statements 
128 
Other information 
173 
Strategic report 
CORPORATE RESPONSIBILITY 
NON-FINANCIAL & SUSTAINABILITY INFORMATION STATEMENT 
CORPORATE RESPONSIBILITY 
The information presented here, including the sections referred to, represents our non-financial and sustainability information statement as required 
by sections 414CA and 414CB of the Companies Act 2006. 
Reporting requirement 
Our approach 
Where you can find out more 
Climate and environment 
As a platform offering our clients investment solutions we understand that 
our largest impact comes from assets under management that we have 
stewardship over. In FY24 we have published our entity and product level 
TCFD reports, alongside our investment emissions transition plan. 
To deliver our climate targets we focus on engagement and 
decarbonisation of both our operational and investment emissions. 
Our Climate-related Financial 
Disclosures align with the four TCFD 
pillars covering our governance, 
strategy, risk and opportunities 
and metrics and targets. 
Read more in our Climate-related 
Financial Disclosures on pages 43 
to 49 
 
Employees 
Our focus is on making HL the best place to work for our colleagues,  
ensuring we build an inclusive and diverse culture for all. 
The Responsible Employer section of our report provides details on 
how we reward our colleagues and support them with career development 
and wellbeing. 
Further information on our policies to promote diversity and inclusion can 
be found in the Nomination Committee Report. 
Read more in our Responsible 
Employer section on page 38 
Read more in our Nomination 
& Governance Committee Report 
on page 112 
Social matters 
We aim to build stronger, more financially resilient communities. 
Our work on the Savings and Resilience Barometer and supporting our 
local communities is included in the Responsible Business section of our 
report alongside the policies, schemes and initiatives that support it. 
Read more in our Responsible 
Business section on page 36. 
Human rights 
We are committed to supporting the rights of individuals and our 
people policies promote and support the protection of the rights 
of our colleagues. 
We have a zero-tolerance approach to slavery and human trafficking 
of any kind within our business operations and supply chain. 
Anti-corruption and 
anti-bribery 
We have policies and procedures in place to guard against financial crime, 
including bribery and corruption, money laundering and terrorist financing, 
market abuse and fraud. 
You can read more about our approach and the policies in place to support 
it in the Responsible Business section of this report. 
We have an important responsibility to 
contribute to the communities around us and 
the wider economy. 
We focus on driving high levels of Corporate 
Responsibility and look to engage with a 
wide range of stakeholders to help create 
a better future. 
The Strategic Report was approved by the 
Board of Directors and signed on its behalf by: 
Dan Olley 
Chief Executive Officer 
Hargreaves Lansdown 
Report and Financial Statements 2024 
50 

51
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND 
MANAGING RISKS
1. Risk management
Effective risk management is essential for 
our ongoing success. It enables us to identify 
and assess potential threats, allowing us to 
mitigate or manage their impact.
All colleagues at HL have responsibility for risk 
management in their day-to-day work. This 
approach ensures that risks are identified and 
managed at all levels of the organisation.
The Board has ultimate accountability 
for ensuring HL effectively identifies and 
manages risk across the organisation. It 
reviews and approves the firm’s risk appetite, 
regularly monitoring ongoing risk performance 
against this. 
To assist the Board in discharging its 
responsibilities, we have implemented an 
Enterprise Risk Management Framework 
(ERMF), which sets out the way HL identifies, 
assesses, manages and monitors risk 
exposures. The framework (see figure 1) is 
aligned to industry standards and has been in 
place on the date of this Report’s approval and 
throughout the reporting period. It applies to 
both the HL Group and its subsidiaries.
We regularly review the ERMF and other risk 
management tools to ensure they remain 
effective. Key enhancements made during 
the period include ongoing embedding of the 
Group’s Risk Appetite framework and further 
development of the centralised Governance, 
Risk & Compliance recording & reporting system.
It is important that we continually improve 
our risk management practices to keep 
pace with emerging threats, the evolving 
regulatory landscape and a competitive 
market. This helps to protect client assets, 
maintain operational resilience and regulatory 
compliance as well as mitigate potential losses. 
To support this, we have further embedded our 
Risk Maturity Model across the organisation 
this year, which provides us with a framework 
to assess our risk approach and prioritise any 
areas for improvement. 
Risk Culture 
Risk management is a core responsibility 
of all colleagues at HL, with ownership 
allocated across business areas in line with 
the three lines of defence model. This fosters 
a strong risk culture, with colleagues who 
fully understand their risk management 
responsibilities and are accountable for their 
actions. This supports more informed decision 
making, reducing the likelihood of taking 
excessive or poorly understood risks.
Tools and Governance
HL has embedded a number of frameworks 
and tools that support the management and 
control of risk. 
Three Lines of Defence Model
The first line of defence (1LoD) is accountable 
for identifying the relevant risks in their area of 
responsibility, assessing the exposure to these 
risks and ensuring appropriate risk mitigation 
strategies are in place. 1LoD recognises when 
something has gone wrong or is going wrong, 
evaluates the possible impact and manages 
this through the Risk Event Process. 1LoD 
comprises the operational functions and 
business units that own and manage risks; this 
includes everyone in the organisation except 
for those in the second or third lines.
There are a number of specialist dedicated 
first line control functions, including teams 
responsible for product governance; CASS 
oversight; client outcomes; conduct risk; 
Figure 1: Enterprise Risk Management Framework model
Risk Culture
Tools and Governance
Strategy
Risk  
Appetite
Information & 
Reporting
Risk  
Management
Risk 
Documentation
Making it easy 
for people to save 
and invest for a 
better future

52
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
financial control; IT security; data management; 
and people, ethics & governance, as well as 
specialist control teams in the Chief Digital & 
Information Office, Client & Commercial Office 
and Chief Operating Office.
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
The second line of defence (2LoD) is the Risk 
and Compliance function. As well as setting 
Company policy on Risk and Compliance 
matters, 2LoD provides oversight and 
challenge to 1LoD.
The third line of defence (3LoD) comprises our 
internal auditors, who are employed by HL but 
report directly to the Board, allowing them to 
provide independent and objective assurance 
on HL’s risk framework and its application.
Risk Taxonomy
Risks to which the Group is exposed are set 
out in our Risk taxonomy. These are organised 
across four categories; Strategic, Financial, 
Operational and Investment risks. This 
approach ensures that there is consistency and 
completeness in the capture and management 
of risks, and facilitates effective aggregation 
of risk across the Group. The taxonomy is 
reviewed at least annually so that it remains 
relevant and reflective of our risk exposure, 
with the last update taking place in June 2024.
Internal Capital Adequacy and Risk 
Assessment (ICARA)
The ICARA is a firm-wide risk management 
tool that HL uses to assess the risks faced 
by the firm. It provides a clear, accurate and 
transparent link between the risk profile of the 
business and the capital and liquidity held by 
the firm to support our Own Funds Threshold 
requirement. It incorporates the results of 
Board approved stress tests, which consider 
our expected performance under alternative 
conditions and the impact this has on our 
financial resources.
The HL plc Board and Board Risk Committee 
provided approval of the annual ICARA in 
November 2023.
Risk Management Tools
Risk and Control Self-Assessments (RCSAs) 
are crucial in ensuring that risk exposures 
are understood and effectively managed. 
This includes an assessment of our control 
framework, ensuring risks are aggregated 
across all levels and are appropriately reviewed 
and prioritised by management. 
This process supports our aim to maintain 
the confidence of our clients and other 
stakeholders, and aligns with our aim to ensure 
that our clients’ savings and investments are 
managed with diligence and prudence, thereby 
advancing our mission of helping people 
secure better futures. 
Together, the RCSA, Regulatory Horizon 
Scanning and Emerging Risk processes allow 
the Group to maintain a comprehensive 
and forward-looking view of the overall risk 
profile of the business. All functions are 
responsible for ensuring that risks within their 
area have been identified, assessed and are 
appropriately managed.
Our Governance, Risk & Compliance recording 
and reporting system ensures timely, 
accurate and complete capture of the risks 
and associated control environment across 
the organisation. The aggregated risk profile 
by business area and taxonomy enables us 
to make more informed decisions, allocate 
resources effectively, and enhance the overall 
stability and sustainability of our services.
Risk Event management is a key part of the 
ERMF. It facilitates issue resolution when 
things go wrong and helps HL learn lessons 
from errors to support reduction of future 
reoccurrence. The information captured 
relating to Risk Events helps inform the 
assessments of other core risk framework 
components including RCSAs, control design 
and effectiveness, and operational risk 
scenario analysis which are important inputs 
into supporting risk-based decisions and 
determining the capital HL holds as part of the 
ICARA process.
Governance
Governance committees play a central role in 
maintaining and overseeing the firm’s approach 
to risk. They ensure HL’s risk framework 
is appropriate and proportionate to the 
complexity of the firm, ensuring that suitable 
measures are in place to manage strategic, 
operational, financial and investment risks.
The HL plc Board is responsible for overseeing 
the management and control of risk across 
the Group. It is supported by the Board Risk 
Committee and Boards for each of HL plc’s 
four principal operating legal entities.
Figure 2: Level 1 risks in the HL risk taxonomy
Level 1
Strategic
Financial
Operational
Investment
Level 2
• Business 
environment
• Stakeholder value
• Strategic 
execution
• Capital adequacy
• Corporate liquidity
• Administration
• Change delivery
• Conduct
• Data management
• Employee relations
• Environmental, 
Social & 
Governance (ESG)
• Facilities 
management
• Financial crime
• Information security
• Legal
• Model and End 
User Developed 
Application (EUDA) 
management
• Operational 
resilience 
• Procurement, 
supplier & third 
party management
• Product & 
proposition 
• Regulatory 
compliance
• Technology
• Fund investment  
risk & performance
• Fund oversight risk

Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
53
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
Level 1 
Risk 
Appetite 
Statements
Covering 4 Level 1 risks:
 
բ Strategic
 
բ Operational
 
բ Financial
 
բ Investment
24 Level 2 risks covering 
all activity at HL
Risk metrics
Level 2 
Risk Appetite Statements, 
Metrics & Limits
Key Risk Indicators (KRIs)
Figure 3: Risk appetite approach
Established under the authority of the 
Chief Executive Officer, the Executive Risk 
Committee is responsible for ensuring 
appropriate systems of internal control 
and risk management are in place, operating 
within risk appetite and supporting good client 
outcomes. The Executive Risk Committee 
and Executive Committee are supported by 
the Operating Committee, Product & Client 
Outcomes Committee, Group Treasury 
Committee, Operational Risk Committee, 
Model Governance Committee, CASS 
Committee and the Stress Testing Forum.
The Group CRO has unfettered access to the 
Board Risk Committee and Chair of the Board. 
Internal Audit report directly to the Board, 
allowing them to be independent. 
More details on the Group’s governance 
arrangements can be found on pages 70 to 71.
Risk Strategy
Risk is an integral part of the planning 
processes used to set the Group’s strategy 
and business plans. A balanced approach is 
used to determine where to seek risk, so that 
we can deliver good outcomes for our clients, 
shareholders and colleagues.
Our business strategy was most recently 
reviewed and approved by the Board in June 
2024, following independent assessment from 
the Risk & Compliance teams.
Risk Appetite
Our risk appetite is an articulation of the nature 
and level of risk the Group is willing to accept 
to achieve its business objectives.
Risk appetite is expressed as qualitative 
statements and quantitative metrics that 
measure operational, strategic financial and 
investment risk performance against agreed 
limits. It is reviewed and approved by the 
Board on at least an annual basis.
Risk Documentation
The ERMF operates in conjunction with HL’s 
values to ensure that the processes to identify, 
assess, manage, monitor, and report risk are 
embedded in day-to-day business operations 
and activities. This provides a consistent and 
repeatable approach to managing risk.
This is achieved through a series of documents 
supporting the ERMF:
• Frameworks: four Level 1 risk frameworks 
describing the approach for Strategic, 
Financial, Operational and Investment risks. 
The Operational Risk Framework is further 
supported by sub-frameworks for some of 
the more complex Level 2 risks that require 
specific processes and tools to manage.
• Policies: our policies detail the 
expectations for managing material risks 
within agreed risk appetite. The policies are 
approved by the appropriate governance 
committees and undergo an annual review 
cycle to ensure they remain relevant 
and appropriate for our business and 
in line with relevant regulations.
• Standards: standards supporting individual 
ERMF components provide the mandatory 
rules and actions for the business areas 
to follow to ensure compliance with the 
overarching principles contained within 
our policies.
• Procedures: our policies and frameworks 
are supported by a comprehensive suite of 
procedures and guides to ensure consistency 
of understanding and application of these 
policies and frameworks.

54
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
Risk Management
The ERMF sets out the key principles 
underpinning effective risk management at 
HL, describing the following stages of the 
risk lifecycle:
• Identification: recognising and documenting 
potential risks that could impact HL and 
give rise to harm to our clients, the firm 
or the market.
• Assessment: the evaluation of risks to 
understand their potential impact and 
likelihood against Board-approved risk 
appetite. HL use tools to assess a variety of 
impacts on a consistent, quantitative basis. 
• Management: the deployment of strategies 
to mitigate, transfer, avoid or accept risks. 
• Monitoring: tracking identified risks against 
agreed tolerances to potentially refine risk 
management strategies. 
The principles support a consistent, 
structured and repeatable approach to risk 
management, allowing emerging risks to be 
identified by all areas of the business and 
appropriately managed.
Information and Reporting 
Management provides risk and control 
reporting to plc committees, Legal Entity 
Boards and Executive committees, that 
covers trends, risk profile, performance 
against risk appetite levels, material risk 
events and emerging risks.
Figure 4: Three lines of defence model
HL plc Board
HL plc Board Risk Committee
Executive Committee
Supporting committees, including 
Operating Committee, Product & Client 
Outcomes Committee and Group 
Treasury Committee
1st Line 
of Defence
Business Units
Responsible for day-to-day 
management of risks
Executive Risk Committee
Supporting risk committees, including 
Operational Risk Committee, Model 
Governance Committee, CASS 
Committee and Stress Testing Forum
2nd Line 
of Defence
Risk & Compliance
Independent oversight 
and challenge
HL plc Board Audit Committee
3rd Line 
of Defence
Internal Audit
Independent assurance

Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
55
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
Viability statement
The Board has considered the principal 
risks, in arriving at the viability statement. 
The principal risks and uncertainties faced 
by the Group are detailed on pages 56 to 
58. The principal risks are those that could 
result in events or circumstances that might 
threaten the Company’s business model, future 
performance, solvency, liquidity or reputation.
Management and the Board regularly discuss 
emerging risks – unrealised threats that could 
have a material impact on our business or 
operating model should they materialise. 
Topics discussed during the period included 
evolution of AI as a threat, geopolitical tensions 
and conflicts, cybercrime, and the impacts of 
a prolonged economic downturn.
Assessment process for the 
viability statement
In accordance with provision 31 of the UK 
Corporate Governance Code, the Directors 
are required to assess the viability of the Group 
and in doing so make a statement confirming 
the results of the assessment. In addition the 
Directors’ are required to draw attention to 
any qualifications or modifications to the audit 
report. Please refer to the change of control 
statement on this page. 
The Directors’ assessment has been made 
with reference to the Group’s current position 
and strategy, the Board’s risk appetite, the 
Group’s financial forecasts and the Group’s 
principal risks and uncertainties. In making their 
assessment the Directors have considered 
the appropriate timeframe over which the 
assessment should be made.
The Directors confirm that they have assessed 
the viability of the Group over a three year 
time period to June 2027 and based on the 
results of this analysis and the assumptions 
used in the Group’s planning process, they 
have a reasonable expectation that the Group 
will continue to operate and meet its liabilities 
over this time and up to this date. Three 
years has been chosen as it is in line with the 
medium term strategic planning of the Group 
and is the basis for developing forecasts 
regarding profitability, cash flows, dividend 
policy, regulatory capital requirements and 
the relevant capital resources. The Board 
approves the strategic forecast annually 
and it is reviewed and updated regularly as 
is appropriate. Three years is additionally 
considered an adequate timeframe over 
which to consider the regulatory and market 
environment and is the same period over which 
its ICARA assessment is completed.
In assessing viability the Directors have 
considered the principal risks impacting the 
Group as outlined below as well as many 
macroeconomic factors, including Government 
policy change, that are considered relevant 
to the viability of the Group. This assessment 
is made after consideration of the ongoing 
impact of the Russian invasion of Ukraine, 
economic uncertainty created by interest rate 
and inflationary pressures, and the impact of 
these factors on the UK and global economy. 
The table below shows how various types of 
business impacts have been included in the 
ICARA stress tests.
Stress testing and scenario modelling assess 
the impact of adverse events to determine the 
robustness of the Group and in all scenarios, 
including the most extreme, the Directors’ 
expectation, based on the assumptions used in 
the Group’s planning process, is that the Group 
remains viable for the next three years.
The most severe stress test was a cyber 
attack during an economic collapse. The 
stress was a severe, remote but plausible 
macroeconomic shock that reduced the Bank 
of England base rate down to 0.10% leading 
to lower interest rate retained on client cash 
margin. This was combined with a market 
decline of 30% and client attrition of 30% due 
to reputational damage from the cyber attack. 
Whilst the results of the stress were severe and 
required significant management actions, the 
Group maintained a capital surplus above the 
capital requirement and risk appetite. In the 
normal course of business the Board also has 
the ability to react to emerging and present risks 
by making adjustments to its plan as needed.
ICARA stress tests
Client/asset 
growth and 
retention
Interest rate 
changes
Market 
impacts
Prolonged 
business 
disruption
Increase 
in ongoing 
costs
Operational 
risk events
Partner bank failure
Economic collapse and 
cyber attack
Failure to deliver strategy
Significant misconduct
Significant platform failure
Viability Statement – change of control
The independent Board has engaged with a 
Consortium regarding a possible offer for the 
company. As further announced on 9 August 
2024, the Consortium has announced its 
intention to make a firm offer for the acquisition 
of the Group (Firm Offer) subject to shareholder 
and other approvals including regulatory 
approval. As a result the Directors do not have 
certainty on the future plans for the business, 
including whether the offer will be approved 
by shareholders and gain regulatory approval, 
the potential timing for transfer to the potential 
new owners or their future plans; including any 
financing arrangements.
The Group has a strong cash position, a robust 
balance sheet with no debt and is self-sufficient 
from a liquidity and capital perspective. The 
only financing commitment being a Revolving 
Credit Facility agreement with Barclays Bank 
to provide access to a further £75 million of 
liquidity. This is undrawn and was put in place to 
further strengthen the Group’s liquidity position 
and increase cash management flexibility. The 
facility agreement falls away under a change of 
control provision which would be triggered by 
any acquisition of the Company. 
The conditions described above indicate the 
existence of a material uncertainty which 
may cast significant doubt on the Group and 
Company’s ability to continue as a going 
concern. Further information is provided in note 
5.1 to the financial statements on page 157.
Notwithstanding this uncertainty, based on the 
results of their assessment, the Directors have 
a reasonable expectation that the Group and 
Company have adequate resources to continue 
in operational existence and meet their liabilities 
as they fall due over the three year period to 
30 June 2027.

56
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24
Corporate Responsibility Introduction  
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
2. Principal risks 
and uncertainties
The Board has carried out an assessment of 
the principal risks and uncertainties facing the 
Group, including those that would threaten its 
business model, future performance, solvency, 
or liquidity. These have also been considered in 
arriving at the viability statement.
This year, we have revised our approach 
to reporting principal risks to align with the 
relevant, plausible yet severe events to which 
the organisation has the largest exposure, 
as identified through the ICARA process. 
Management and the Board regularly discuss 
emerging risks, and the most prominent – 
including geopolitical tensions, macroeconomic 
deterioration and climate change – have been 
included as uncertainties in this report.
This approach has led to 10 principal risks and 
uncertainties, covering 15 of the level 2 risks in 
our taxonomy (we reported against 12 level 2 
risks in 2023).
In assessing all risks, we consider the 
potential reputational, client and financial 
impacts materialising, as well as the impact 
of HL achieving its business and strategic 
objectives. To mitigate these risks we ensure 
risk exposures and potential impacts are 
appropriately and proactively escalated 
through key risk governance. Reputational 
risk management is further supported by an 
internal Public Relations function and Corporate 
Affairs Group as well as the use of external 
advisers supporting both the Board and the 
Executive Leadership Team. The principal 
risks and uncertainties faced by the Group 
are detailed in this section.
Geopolitical instability 
Focus level: increasing
Geopolitical conflicts can threaten the stability 
of the world economy and particularly financial 
markets. This risk has increased materially over 
the past three years, with ongoing conflicts 
in Ukraine and the Middle East. In addition, 
trade tensions can lead to market volatility 
and uncertainty that can affect supply chains, 
economic growth and investor confidence. 
Geopolitical developments can also have a 
material impact on inflationary pressures and 
the cyber threat environment. 
Key mitigating actions
HL are well positioned to perform detailed 
monitoring of global economic conditions and 
assess the potential impacts as situations 
unfold, allowing us to provide appropriate 
market information to our clients.
The diversification of our product set and 
revenue streams can help mitigate the impacts 
of economic shocks. For example, over FY24 
we grew our Active Savings business to £10.6 
billion AUA.
In addition, over the past year we have 
enhanced our stress testing capabilities, which 
improves our understanding of how the HL 
balance sheet performs in adverse conditions.
Processes are also in place to identify and 
assess potential business vulnerabilities, 
including a regular emerging risk exercise that 
supports management in identifying future 
risks and taking appropriate proactive action. 
This risk will continue to be subject to close 
monitoring in 2025.
Business risks: Business environment
Macroeconomic deterioration 
Focus level: stable
Cost of living pressures and significant 
deterioration in the wider economy – 
particularly in unemployment, asset prices and 
economic growth – pose risks to HL through 
reduced inflows and increased withdrawals. 
Economic stress can also lead to negative 
investor sentiment and asset valuations, 
impacting income and profitability.
These risks can also heighten existing 
competitive pressures as clients become even 
more selective with their investments in the 
search for returns in difficult market conditions. 
Key mitigating actions
There is overlap with the mitigating actions 
under geopolitical instability, including 
economic monitoring, stress testing 
enhancements, product diversification 
and our emerging risk processes.
We also have appropriate levels of capital and 
liquidity so that we can withstand significant 
macroeconomic shocks.
Our Strategy team regularly analyse industry 
trends through peer benchmarking, market 
sizing and growth forecasting, and assess 
competitor actions to allow us to respond to 
market and competitive changes.
We also place continued focus on providing 
the highest level of client experience to 
differentiate ourselves from our competitors. 
This risk will continue to be subject to close 
monitoring in 2025.
Business risks: Business environment; 
Strategic execution; Capital adequacy
Capital and liquidity strength
Focus level: stable
Capital and liquidity strength is key for 
ongoing financial resilience. Capital allows 
us to absorb large, unexpected losses, and 
liquidity buffers ensure we can meet short 
term obligations. Appropriate levels of capital 
and liquidity over our regulatory minima are 
important for financial stability, regulatory 
compliance, market confidence and the 
delivery of our strategy.
Key mitigating actions
We hold an appropriate amount of capital 
over our regulatory minimum so that we could 
absorb extreme levels of unexpected losses, 
and we ensure our liquid resources can meet 
short term obligations even in a stressed 
environment. We confirm these amounts 
remain sufficient through our regular ICARA 
and emerging risk processes, when we scan 
for new threats, and re-assess their likelihood 
and possible impact.
We implemented further improvements to our 
ICARA and stress testing processes this year, 
including modelling enhancements and a new 
Stress Testing Forum supporting the Executive 
Risk Committee (ERC).
Both capital and liquidity strength are also 
a primary focus of our monitoring during 
business planning and regular financial 
performance reviews.
Given appropriate capital and liquidity buffers, 
2025 will continue the existing focus on 
enhancing ongoing stress testing capabilities.
Business risks: Capital adequacy; Corporate 
liquidity; Regulatory compliance

57
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24 
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
Cyber security
Focus level: increasing
The cyber threat landscape is ever-evolving, 
with heightened risk of state-backed actions 
resulting from geopolitical tensions. Maintaining 
robust defences against cyber attack is critical 
to not only protect our clients, our colleagues 
and their information, but also to protect all 
supporting physical, virtual and cloud-based 
systems and applications. 
Key mitigating actions
Our security response is aligned to the 
cyber security framework established by 
the National Institute of Standards and 
Technology (NIST). We have embarked on a 
cloud-first transformation to further enhance 
our resilience utilising an industry leading 
automated and managed DDOS Protection 
and Mitigation service.
Throughout 2025 focus will continue on 
building upon our existing cyber security 
capabilities, processes and controls. Ongoing 
activities include mandatory all-colleague 
training, conducting regular security audits and 
vulnerability assessments, and security testing 
to continually test and validate our resilience 
as we scale.
Business risks: Information security; 
Technology; Operational resilience; Data 
management; Regulatory compliance
Technology failure
Focus level: stable
The availability and resilience of our online 
platform is critical to the provision of available 
and timely services to our clients. Failure to 
deliver a resilient and available service can 
result in poor client outcomes.
Key mitigating actions
Despite a reliable and resilient service over 
the past year, HL has initiated a strategic 
transformation programme to identify and 
implement improvements that will support 
increased resiliency and ensure that HL’s 
objectives meet client experience needs 
for the future.
In addition, HL has built out significant 
capabilities, processes and controls to 
ensure appropriate resilience and performance 
capacity is built into ongoing service 
developments. This includes ensuring 
that effective performance and capacity 
monitoring is in place to support proactive 
issue identification and resolution, minimising 
any potential impacts to clients.
The focus in 2025 will include continued 
enhancements in resiliency and client 
journey improvements underpinned by the 
transformation programme.
Business risk: Information security; 
Technology; Operational resilience
Change delivery
Focus level: increasing
HL is working through a period of significant 
change to deliver on its strategic objectives. 
We recognise the increase in transformation 
activity combined with potential changing 
market dynamics could increase delivery 
risk. The risk of failing to deliver our strategic 
commitments or the potential of poorly 
executed change could impact clients, 
regulators, colleagues and investors.
Key mitigating actions
Our progress towards strategic objectives is 
reviewed quarterly by the Executive Leadership 
Team, taking into account as necessary 
external influences, regulatory commitments 
and client needs. Investment and change 
resource processes have been enhanced to 
facilitate this, including specific investment in 
our change model to support delivery of larger 
scale and technology-based change.
Strengthening and embedding our change 
management controls, delivery assurance 
framework and change oversight function are 
key elements of this work and will continue to 
be a focus in 2025. This will provide us with 
the opportunity to respond and flex to internal 
and external factors with increased agility, 
safeguarding the critical change required to 
deliver on our strategic objectives for the 
benefit of our clients and investors.
Business risk: Strategic execution; 
Change delivery; Regulatory compliance; 
Administration; Conduct
Data management
Focus level: stable
In delivering services to our clients, we hold 
significant amounts of client, product and 
service data. We recognise our responsibility 
to protect critical data and ensure its accuracy, 
integrity, quality and availability to support 
our clients in accessing and managing their 
portfolios, as well as protect clients from poor 
outcomes such as exposure to fraud. 
Key mitigating actions
HL is committed to ensuring that data is 
secure, accurate and available, and continues 
to invest in significant data management 
capabilities, processes and controls that 
cover data protection compliance, information 
security and operational resilience. We are 
committed to the implementation of a robust 
data management control environment, and 
continue to develop it to ensure it remains 
aligned to HL’s operating model and the 
changing technological and cyber threat 
landscapes that inform the evolving regulatory 
environment. The focus for 2025 will include 
improving data architecture, resiliency and 
monitoring capabilities.
Business risk: Data management; Information 
security; Regulatory compliance

58
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report
Strategic report 
At a Glance 
1
Market Opportunity 
2
Business Model 
4
Strategic Summary 
6
Chair’s Introduction 
12
CEO Review 
14
Strategy & KPIs 
18
Stakeholder Engagement 
22
Operating and Financial Review 
24
Corporate Responsibility Introduction 
31
Responsible Platform 
33
Responsible Fund Manager 
35
Responsible Business 
36
Responsible Employer 
38
Climate-related Financial Disclosures 
43
Non-Financial & Sustainability 
Information Statement 
50
Risk Management and the Principal  
Risks and Uncertainties 
51
Governance  
59
Financial statements 
128
Other information 
173
RISK MANAGEMENT AND PRINCIPAL RISKS AND UNCERTAINTIES
EVALUATING AND MANAGING RISKS CONTINUED
Climate change
Focus level: increasing
Climate change is a significant global challenge 
and understanding the risks and opportunities 
it has on our business is vital for long-term 
sustainable growth. 
We aim to minimise our exposure to the risks 
facing the transition to a low-carbon economy 
and the physical risks of climate change.
Key mitigating actions
We utilise scenario analysis, which is a method 
of using hypothetical climate scenarios that 
allows us to assess the impact on our business 
and resilience of our strategy. You can view 
our scenario analysis in the climate-related 
financial disclosures section of this report 
on pages 45 and 46. 
We monitor our exposure through climate-
related metrics including our emissions and 
energy usage, and have decarbonisation 
targets for these metrics. 
We embed climate-change into our 
governance structure through our designated 
ESG Taskforce. We engage with clients through 
our stewardship and engagement report to 
ensure our approach is consistent with their 
needs whilst utilising ESG data tools in our 
investment processes.
Our focus for 2025 will centre on building our 
climate reporting to cover our full emissions 
profile. This will allow us to shape our transition 
plan as we move to further decarbonise our 
operational emissions.
Business risks: Environmental, Social and 
Governance (ESG) 
Administration processes 
Focus level: stable
The risk posed by weak administration 
processes, including dependencies on people 
and third parties, can lead to operational 
inefficiencies, service delivery errors, 
inconsistent quality standards and ultimately 
poor client outcomes. This can result in 
client dissatisfaction, financial losses and 
regulatory scrutiny.
Key mitigating actions
Over the year HL has invested further in 
service enhancements including process 
improvements, staff training and investment 
in technology solutions to both automate 
and improve process monitoring. This has 
increased our efficiency and accuracy and we 
have seen client NPS also increase over the 
period as a result.
Our operations teams perform demand 
analysis and capacity planning to balance 
client need with operational efficiency. Our 
2025 enhancement plans will include focus 
on further automation and tools to improve 
client journeys.
Regular assessments and audits review 
control effectiveness and ensure issues are 
promptly addressed.
Partnerships with third party providers are 
regularly re-evaluated to ensure alignment with 
the Company’s quality standards, and training 
programmes have been intensified to equip 
staff with the necessary skills to manage these 
processes effectively.
Business risk: Administration; Outsourcing, 
procurement & supplier management; 
Employee relations
Regulatory and political uncertainty
Focus level: stable
There has been a significant amount of 
regulatory change over the past few years 
including Brexit and Consumer Duty, and this 
trend is expected to continue. Following the 
change of Government in July further changes 
can be expected. The risk to HL and its clients 
is considered stable but is being closely 
monitored by management. 
The risk of failing to comply with regulatory 
expectations and/or future requirements 
could result in poor client outcomes, 
regulatory scrutiny, reputational damage 
and financial loss.
Key mitigating actions 
Through a clearly defined three lines of 
defence model, HL has systems, processes 
and controls in place to manage and 
oversee current and future regulatory 
change impacting our business and ensure 
it is adequately planned for. HL has robust 
product and proposition design and oversight 
processes and in 2024 HL implemented 
enhanced Executive oversight to support 
good client outcomes.
HL has taken and will continue to take a 
proactive stance with the Government and 
regulatory bodies on matters that impact our 
clients. A current focus includes input on the 
review of the advice/guidance boundary as 
HL believes it is critical to further improve 
information available to clients to support them 
make the right financial decisions for them.
Business risks: Regulatory compliance

59
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
GOVERNANCE
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127

60
“
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Governance 
CHAIR’S INTRODUCTION TO CORPORATE GOVERNANCE
GOOD GOVERNANCE 
ENABLING GROWTH
providing a high level of 
service and value to our clients 
and shareholders
Alison Platt
Chair
On behalf of the Board, I am pleased to introduce our Corporate 
Governance Report for the year ended 30 June 2024. This is 
my first report since joining the Group in February 2024. This 
sets out how the Group’s governance framework supports and 
promotes its long-term success, and also provides an overview 
of the activities of the Board and its Committees. 
Since joining HL my focus has been understanding the needs 
and viewpoints of its: clients; colleagues; shareholders; and 
wider stakeholders. I have very much valued my time in 
Bristol getting to know the business through call listening with 
colleagues, induction meetings with management and their 
teams and learning from my fellow Board members – all of whom 
demonstrate passion for HL’s clients and its business. 
Regulation and Board changes
The trust of our clients, colleagues and stakeholders is key 
to HL and during the year the Board and its Committees 
have worked hard with the Group to deliver against the FCA’s 
Consumer Duty requirements. The Board’s continued focus 
was led through Penny James, our SID, who additionally is our 
Consumer Duty Board champion. Building on the work to ensure 
we have the right skills and experience in place to support HL, 
its operations and its growth agenda is vital and so we were 
delighted that during the reporting year the Board welcomed 
Michael Morley. Michael joined as an independent Non-
Executive Director with effect from 1 August 2023. In addition, 
during the year and following on from Chris Hill’s decision to 
retire as CEO, the Company was pleased to announce the 
appointment of existing Non-Executive Director Dan Olley to 
the role of CEO. Chris stepped down as CEO on 7 August 2023 
with Dan transitioning to the role that same day. Dan has a clear 
focus on executing the strategy and blending the best of human 
and digital elements to provide the level of service clients 
rightly expect from HL. These appointments were made by the 
Board, supported by the Nomination & Governance Committee. 
Detail was provided about their respective appointments in last 
year’s report but you can find information about the skills and 
experience these individuals, and other Board members, bring 
to HL in the biographies of our Directors on page 62.
During the year, in addition to Chris stepping down as CEO 
Roger Perkin and Deanna Oppenheimer both stepped down at 
the 2023 AGM. I would like to take this opportunity to thank all 
three individuals for their dedication and focus on putting the 
client first and growing HL during their tenure. 
We have paused the external board effectiveness review 
(last undertaken in 2021 and reported in 2022). Our aim is 
to complete the work within the calendar year. However, as 
the incoming Chair, I have taken the opportunity to informally 
seek views on the Board’s effectiveness from my fellow Board 
members and to take views from shareholders, and as a result, 
we are seeking to further align the Board’s responsibilities with 
its knowledge of the business, the sector and to spend time 
with our colleagues.
Purpose, culture and diversity
Our purpose is clearly defined and is underpinned by our 
culture, including in our approach to governance and risk 
management. The Board promotes a culture that encourages 
good governance, effective decision making, appropriate risk 
management, accountability and clarity on responsibilities. This 
ensures we can focus on making the right decisions, at the right 
level, with the right information. Ultimately this supports the 
successful delivery our strategy whilst providing a high level of 
service and value to our clients and shareholders.
We recognise that greater diversity within a business drives 
better decision-making and we strongly believe that building 
a diverse and inclusive workforce will lead to better outcomes 
for clients, colleagues and our business. You can find out more 
information about our purpose, culture and diversity in the 
Strategic Report. As at 30 June 2024 (and at the date of this 
report), 50% of our Board is made up of women; three of our 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
CHAIR’S INTRODUCTION TO CORPORATE GOVERNANCE 
CONTINUED 
four senior Board positions are held by women and we have at 
least one Director from an ethnic minority background. We know 
that representation matters. 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Relationships with shareholders and stakeholders 
A key focus in my first months has been to spend time meeting 
with HL’s shareholders. This has been vital in terms of better 
understanding the interests and needs of our shareholders and 
how we, as a Board, can deliver value for them. I have also been 
keen to follow up on the votes against a number of resolutions 
recorded at last year’s AGM and since joining the Company in 
February I have met with over 62% of the shareholder base. The 
outcome of this is due to be reported via HL’s website in August 
2024. In reporting back on this work I appreciate we were not 
within the indicative time limit set out in Provision 4 of the UK 
Corporate Governance Code. However, given the importance 
of this exercise and my own arrival in February of this year 
I was keen to give it the attention it deserved and not rush 
the process. 
You can read more about how the Directors have had regard 
to the interests of our key stakeholders within the context of 
promoting the success of the Company in our Section 172 
Statement on pages 124 to 126. 
Compliance with the UK Corporate Governance Code 
We apply and report under the 2018 UK Corporate Governance 
Code (the Code). Our Compliance Statement confirms our 
compliance with the Code during the period under review. 
You can read more about how we have applied its principles 
throughout our Corporate Governance Report. Key disclosures 
are signposted opposite. 
Should you have any questions in relation to this report, please 
feel free to contact myself or the Company Secretary. 
Alison Platt 
Chair 
14 August 2024 
Governance at HL – Compliance Statement 
HL is committed to the highest standards of corporate governance as set out in the UK Corporate Governance Code (the Code). 
The Code sets out the standards of good practice in relation to how the Company should be governed and can be found on the 
FRC’s website at www.frc.org.uk. This has been applied by the Company during the period under review. The Board is satisfied 
that the Company has complied with the provisions of the Code throughout the period under review with only two minor instances 
to the contrary – both of which are referenced in the Chair’s opening statement and more fully in the Nomination & Governance 
Committee Report at page 112. You can read more about HL’s compliance with the Code as set out below: 
Section 
Code Principles 
Where to read about how HL has complied 
1. Board leadership and 
company purpose 
A. An effective board promoting long term success 
for the company and contributing to society 
more widely
Pages 1 to 58, 60 and 69 
B. Purpose, values, strategy and culture 
Pages 1 to 58, 60 and 69 
C. Performance measures, risk and controls framework Pages 18 to 21, 51 to 58 and 117 to 119 
D. Stakeholder engagement 
Pages 22 to 23, 69 to 70 and 124 to 126 
E. Wider workforce 
Pages 38 to 42 and 70 
2. Division of 
responsibilities 
F. Leadership of the board 
Pages 60 and 69 to 72 
G. Board composition, roles and effectiveness 
Pages 65 to 69 and 112 to 116 
H. Directors’ responsibilities and time commitment 
Pages 66 to 69 
I. Support information and advice available to 
the Board 
Pages 67 and 68 to 69 
3. Composition, 
succession and 
evaluation 
J. Board appointments, succession planning and 
diversity consideration including senior management 
Pages 68 and 112 to 116 
K. Board skills, knowledge and experience 
Pages 62 to 64 and 112 to 116 
L. Board effectiveness review (annual) 
Pages 115 
4. Audit, risk and 
internal control 
M. Independence and effectiveness of Internal and 
External Audit functions 
Pages 72 to 80 
N. Fair, balanced and understandable assessment of 
company’s position and prospects 
Pages 72, 76 and 78 
O. Risk Management and Internal Control Framework Pages 51 to 58, 72 to 80 and 117 to 119 
5. Remuneration 
P. Remuneration alignment to strategy, company 
purpose and values 
Pages 81 to 111 
Q. Executive and senior management remuneration 
Pages 81 to 111 
R. Authorisation of remuneration outcomes 
Pages 81 to 111 
61 
Hargreaves Lansdown 
Report and Financial Statements 2024 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
BOARD OF DIRECTORS 
Chair 
Alison Platt 
Chair and Independent 
Non-Executive Director 
Appointed to the Board: 
February 2024 
Skills, competence and experience: 
Alison has extensive leadership experience 
across both private and listed companies in 
the healthcare, financial services, retail and 
property, and regulated sectors. Alison was 
CEO of Countrywide from 2014–2018 and 
prior to that she held several senior roles at 
Bupa, including as Managing Director of its 
International Development Markets business. 
She was previously a Non-Executive Director 
of the Foreign and Commonwealth Office, 
Chair of Dechra Pharmaceuticals plc, a member 
of Hampton-Alexander review steering group 
advising on diversity and inclusion and Chair 
of Opportunity Now.
Committee membership: 
Nomination & Governance Committee (Chair) 
Other current appointments: 
Non-Executive Director and Chair of 
Remuneration Committee at Tesco plc 
Non-Executive Director of Inchcape plc 
Non-Executive Director of Spectrum Wellness 
Holdings Limited 
Chair of Ageas (UK) Ltd 
Executive Directors 
Dan Olley 
Chief Executive Officer 
Appointed to the Board: 
June 2019 
Chief Executive Officer since August 2023 
(Independent Non-Executive Director June 
2019 – August 2023)
Skills, competence and experience: 
Prior to his appointment as Chief Executive 
Officer, Dan was CEO of dunnhumby Ltd from 
January 2022. Dan joined HL as a seasoned 
and experienced senior technology leader 
and has a track record of driving digital 
transformations in established businesses, 
including financial services, insurance, business 
information solutions, research, and healthcare. 
Dan brings a problem solving and analytical 
skill set, along with experience of successfully 
implementing advanced technologies to drive 
both revenue growth and operational process 
efficiency and optimisation. During his tenure 
as an Independent Non-Executive Director 
of HL, Dan was a member of the Risk and 
Remuneration Committees. 
Committee membership 
None 
Other current appointments 
None 
Amy Stirling 
Chief Financial Officer 
Appointed to the Board: 
February 2022 
Skills, competence and experience: 
Amy has significant financial and strategic 
leadership experience in client facing 
businesses across the telecommunications 
and financial services sectors. She has 
considerable transformation and M&A 
experience at both executive and non-
executive level and is a qualified chartered 
accountant. Amy was previously Chief Financial 
Officer of the Virgin Group and other previous 
appointments include Non-Executive Director 
and Chair of the Audit Committee at RIT Capital 
Partners plc, Non-Executive Director at Virgin 
Money UK plc, Chief Financial Officer of The 
Prince’s Trust and Chief Financial Officer at 
TalkTalk Telecom Group Plc. 
Committee membership: 
None 
Other current appointments: 
Trustee of HL Foundation 
Non-Executive Director of Next plc 
Hargreaves Lansdown 
Report and Financial Statements 2024 
62 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
BOARD OF DIRECTORS 
CONTINUED 
Non-Executive Directors 
John Troiano 
Independent Non-Executive Director 
Appointed to the Board: 
January 2020 
Skills, competence and experience: 
John has significant investment and asset 
management experience. John has spent 38 
years at Schroders in a wide range of roles 
including investment research and analysis, 
fund management, and has worked across 
both retail and institutional channels. Most 
recently, as Head of Distribution, John was 
responsible for the design and implementation 
of business strategy globally and the oversight 
of sales and client service activities.
Committee membership: 
Audit Committee 
Nomination & Governance Committee 
Remuneration Committee 
Risk Committee 
Other current appointments: 
Independent Non-Executive Director of 
Hargreaves Lansdown Fund Managers Ltd 
Non-Executive Director of British Fencing 
Andrea Blance 
Independent Non-Executive Director 
Appointed to the Board: 
September 2020 
Skills, competence and experience: 
Andrea is a qualified accountant and brings 
extensive Board and financial services 
experience having spent her executive career 
at Legal & General Group plc where she was 
a member of the Group Executive Committee 
and held a diverse range of senior leadership 
roles including finance, risk and regulation, 
marketing and strategy. Andrea’s past non-
executive roles include Senior Independent 
Director and Remuneration Committee Chair 
at Vanquis Banking Group plc, Risk Committee 
Chair at Scottish Widows plc and Lloyds 
Banking Group Insurance Division, Senior 
Independent Director and Audit Committee 
Chair at ReAssure Group plc, and a member of 
William & Glyn’s pre-IPO board.
Committee membership: 
Risk Committee (Chair) 
Audit Committee 
Nomination & Governance Committee 
Other current appointments: 
Non-Executive Director and Chair of the Board 
Risk Committee of Aviva plc 
Moni Mannings OBE 
Independent Non-Executive Director 
Appointed to the Board: 
September 2020 
Skills, competence and experience: 
Moni is a qualified solicitor with a strong 
background in international banking and 
finance and was a Senior Partner and Board 
member of law firm Olswang LLP. She has held 
a number of non-executive positions including 
as a Board member of Dairy Crest Group plc, 
Polypipe Group plc, the Solicitors Regulation 
Authority (chairing its Equality, Diversity, and 
Inclusion Committee), Cranfield University, 
Deputy Chair of Barnardo’s and Senior 
Independent Director of Investec Bank plc. 
Moni is also founder of EPOC a not-for-profit 
network that seeks to increase the number of 
people of colour on boards. 
Committee membership: 
Remuneration Committee (Chair) 
Nomination & Governance Committee 
Risk Committee 
Other current appointments: 
Non-Executive Director of easyJet plc 
Senior Independent Director designate of Land 
Securities Group plc 
Senior Independent Director of Co-operative 
Group Limited 
Adrian Collins 
Non-Independent Non-Executive Director 
Appointed to the Board: 
November 2020 
Skills, competence and experience: 
Adrian has worked in the fund management 
business for over 50 years, most recently 
at Liontrust Asset Management where he 
served as Executive Chairman from 2009 to 
2019. During this period, Adrian oversaw a 
transformation in the business, broadening its 
investment and distribution capabilities and 
undertaking numerous acquisitions. Adrian has 
extensive experience across fund management 
and adjacent sectors having held senior 
roles at Gartmore, where he was Managing 
Director, Trustnet (which he co-founded), 
Jupiter, Bestinvest and Lazard Investors. He 
is an experienced Non-Executive Director. 
Adrian has been appointed to the Board as a 
shareholder representative and as such is not 
deemed to be independent. 
Committee membership: 
None 
Other current appointments: 
Non-Executive Chairman of Logistics 
Development Group plc (formerly Eddie 
Stobart Logistics plc) 
Non-Executive Chair of LSL Property Services 
Hargreaves Lansdown 
Report and Financial Statements 2024 
63 

Governance 
BOARD OF DIRECTORS 
CONTINUED 
Non-Executive Directors 
continued 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Penny James 
Independent Non-Executive Director 
and Senior Independent Director 
Appointed to the Board: 
September 2021 
Skills, competence and experience: 
Penny brings extensive financial services 
experience with strong leadership skills, 
financial and risk expertise, strategic thinking 
and cultural alignment. Penny was previously 
Chief Financial Officer then Chief Executive 
Officer of Direct Line Insurance Group plc. Prior 
to this she held a number of roles including 
Group Chief Risk Officer and Director of Group 
Finance at Prudential plc; Group CFO at Omega 
Insurance Holdings Limited; and CFO UK 
General Insurance, at Zurich Financial Services. 
Penny was previously a Non-Executive Director 
of Admiral Group plc from 2015 to 2017. 
Committee membership: 
Nomination & Governance Committee 
Risk Committee 
Other current appointments: 
Co-Chair of the FTSE Women Leaders Review 
Non-Executive Director of QBE Insurance 
Group Limited 
Non-Executive Director of Mitie Group plc 
Non-Executive Director of Vitality Life Ltd 
Non-Executive Director of Vitality Health Ltd 
Darren Pope 
Independent Non-Executive Director 
Appointed to the Board: 
September 2022 
Skills, competence and experience: 
Darren has considerable and extensive 
experience within the retail banking and 
financial services sectors where he held senior 
and Board level positions. At present, Darren is 
Non-Executive Director at Virgin Money plc and 
SID and Chair of Audit Committee at Network 
International Holdings plc. Previously he has 
served as SID and Chair of Audit Committee 
with Equiniti plc and the Non-Executive 
Chairman of HSBC Innovation Banking. 
Throughout his career, Darren held several 
executive banking and finance roles at Lloyds 
Banking Group and was the CFO of TSB Bank 
plc. 
Committee membership: 
Audit Committee (Chair) 
Nomination & Governance Committee 
Risk Committee 
Other current appointments: 
Non-Executive Director of Virgin Money plc 
Senior Independent Director and Chair of Audit 
Committee of Network International plc 
Michael Morley 
Independent Non-Executive Director 
Appointed to the Board: 
August 2023 
Skills, competence and experience: 
Michael has over 30 years of executive and 
board experience in international financial 
services with in-depth knowledge of private 
banking and wealth management markets 
around the world. He was previously CEO 
of Coutts and of Deutsche Bank’s UK 
wealth management arm and Chair of RBS 
International. 
Committee membership: 
Nomination & Governance Committee 
Remuneration Committee 
Risk Committee 
Other current appointments: 
Non-Executive Director of Deutsche Bank 
SAEU (Spain) 
Non-Executive Director of Deutsche Bank SA 
(Switzerland) 
Senior Independent Director of Personal 
Investment Management and Financial Advice 
Association (PIMFA) 
Deputy Chair of Centre for Mental Health 
General Counsel and 
Group Company Secretary 
Claire Chapman 
General Counsel, Company Secretary 
and Chief People Officer 
Appointed: 
October 2021 
Skills, competence and experience: 
Claire heads up the Legal, Company 
Secretariat, Corporate Governance and People 
functions. Claire has held General Counsel and 
also Company Secretary roles at a range of 
companies including most recently at Capita 
plc and prior to that at Daily Mail & General 
Trust plc, Inchcape plc and Thomson Reuters. 
She qualified as a lawyer at Freshfields 
Bruckhaus Deringer. 
Claire has a Masters in International Law and 
is a qualified Solicitor, England and Wales and 
additionally Attorney, New York. 
Committee membership: 
None 
Other current appointments: 
Independent Non-Executive Director on the 
Board of LME Clear
Hargreaves Lansdown 
Report and Financial Statements 2024 
64 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING 
GOVERNANCE FOR THE FUTURE 
The Board is responsible for promoting 
the sustainable success of the Group, 
generating value for the Company’s 
shareholders over the long term, and 
contributing to wider society by building 
strong and lasting relationships with 
its other stakeholders. 
Corporate governance headlines at a glance 
including Board composition data as at 30 June 2024 
3 out of the 4 
senior Board positions are held by women 
1 director is from an ethnic minority background 
Chair 
Senior 
Independent 
Director 
CEO 
CFO 
Board independence 
Executive Director 
2 
Non-Executive Chair 
1 
Independent 
Non-Executive Director 7 
Tenure of Board members 
0–3 years 
8 
4–6 years 
2 
Board gender balance 
50% of Board members are women
Male 
Female 
Hargreaves Lansdown 
Report and Financial Statements 2024 
65 

Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Division of responsibilities 
The Board recognises the importance of a clear division of 
responsibilities between Executive and Non-Executive roles, 
and in particular a clear delineation of the Chair’s responsibility 
to lead the Board and the Chief Executive Officer’s responsibility 
for running the Group’s business. The roles of Chair, Chief 
Executive Officer and Senior Independent Director are clearly 
defined and have been approved by the Board. 
Role of the Chair 
The Chair, Alison Platt, is responsible for leading the Board and 
ensuring that it is effective in discharging its duties. Her key 
responsibilities are to: 
• Chair the Board, the Nomination & Governance Committee 
and general meetings of the Company; 
• Set the Board agenda and ensure the Board receives 
accurate, timely and clear information, and that adequate 
time is available for discussion of all agenda items, in 
particular strategic issues; 
• Set clear expectations concerning the Company’s culture, 
values and behaviours and the style and tone of Board 
discussions; 
• Demonstrate ethical leadership and promote the high 
standards of integrity, probity and corporate governance 
throughout the Company and particularly at Board level, and 
generally ensure the effective governance of the Group; 
• Promote a culture of mutual respect, openness and debate 
by facilitating the effective contribution of Non-Executive 
Directors, develop productive working relationships with 
the Chief Executive Officer and Chief Financial Officer, and 
ensure there are constructive relations between Executive 
and Non-Executive Directors generally; 
• Encourage all Board members to engage in Board and 
Committee meetings by drawing on their skills, experience, 
knowledge and, where appropriate, independence; 
• Ensure effective communication with the Company’s 
shareholders and other stakeholders, and that the Board is 
made aware of their views; and 
• Ensure that the performance of the Board, its Committees 
and individual Directors is evaluated at least once a year and 
that the results of the evaluation are acted upon. 
Role of the Chief Executive Officer 
The Board delegates responsibility for the executive leadership 
of the Group’s business to its Chief Executive Officer (CEO). 
During the year ended 30 June 2024 the CEO was Dan Olley 
with Chris Hill having stepped down from the role from 7 August 
2023. The CEO’s main responsibilities are to:
• Lead the senior management team in the day to day running 
of the Group’s business in accordance with the Board 
approved strategic objectives; 
• Chair the Group Executive Committee in its oversight of 
the performance of the Group against the Board approved 
strategic objectives and communicate any decisions and 
recommendations to the Board; 
• Review the operational performance and strategic direction 
of the Group’s business; 
• Ensure that appropriate systems of internal control and risk 
management are in place and operating in accordance with 
the Group’s risk appetite approved by the Board; and 
• Aligned with the Chair, provide a coherent leadership of the 
Group and promote adherence to its culture and values. 
Role of the Senior Independent Director 
The Senior Independent Director plays an important role in 
supporting the Chair on governance issues, contributing to 
the culture of open and honest communication between the 
Chair and the other members of the Board, and providing an 
additional point of contact for the Company’s shareholders. 
Penny James provides an overview of her role as Senior Independent Director (SID) 
What does the role of the SID encompass? 
The main, and most consistent part of my role is to act as a 
sounding board to the Chair of HL. This can take a variety of 
forms but mainly its discuss and provide insight and guidance 
on issues relating to the Group’s governance, the performance 
of the Board and individual Directors. But it can be broader 
and cover any concerns raised by Directors, the Company’s 
shareholders or the Group’s employees. I am also available to 
facilitate the resolution of disputes between the Chair and other 
members of the Board should they rise. 
This year a key focus of my role was in leading the search 
process for a new Chair on behalf of the Nomination & 
Governance Committee which then made a recommendation to 
the Board. The process is detailed in that Committee’s report on 
page 113. This process resulted in Alison Platt joining the Board 
in February 2024. With Deanna Oppenheimer having stepped 
down at our AGM in December 2023, I chaired the Board and 
Nomination & Governance Committee in the interim with Andrea 
Blance taking on the role of the SID. 
Each year I also lead the other Non-Executive Directors in 
carrying out the Chair’s annual performance review. With Alison 
having joined in February this year it was naturally a lighter 
touch process to assess how Alison was settling into her role, 
her way of working and providing feedback collated from other 
Board members to help her be as effective as possible. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
66 

Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Non-Executive Directors 
The role of the Non-Executive Directors is to constructively 
challenge and help develop proposals on strategy and play a 
leading role in monitoring and scrutinising the performance of 
the Group’s Executive Committee in meeting agreed goals and 
objectives. The Non-Executive Directors are also responsible for 
determining appropriate levels of remuneration for the Executive 
Directors, and play a prime role in appointing and, where 
necessary, removing Executive management. 
The Nominated Director (Adrian Collins) is an appointee of a 
shareholder and is not independent under the Code. However, 
all the Non-Executive Directors are independent of management 
and bring valuable skills, experience and an external perspective 
to the business conducted by the Board, as well as offering 
specialist advice in their fields of expertise. 
The independent Non-Executive Directors also play an 
important role as members of the Board’s Committees. 
Group Company Secretary 
All the Directors have access to the advice and services of the 
Group Company Secretary. The Group Company Secretary is 
responsible for working with the Chair to develop and maintain 
the policies and processes required to enable the Board to 
function effectively and efficiently, and for ensuring the Board 
has the information, time and resources it needs. 
The Group Company Secretary is also responsible for advising 
the Board on corporate governance matters and for ensuring 
procedures are followed and applicable rules and regulations 
complied with. 
The appointment and removal of the Group Company 
Secretary is a matter reserved for the Board. During the 
period under review, Claire Chapman held the role of 
Group Company Secretary. 
Meeting attendance and information provided to the Board 
HL plc Board 
9 meetings 
Audit 
Committee 
8 meetings 
Nomination & 
Governance 
Committee 
6 meetings 
Remuneration 
Committee 
5 meetings 
Risk 
Committee 
6 meetings 
Deanna Oppenheimer1 
plc Board Chair 
4/4 
CHAIR 
n/a 
3/3 
CHAIR 
3/3 
n/a 
Alison Platt2 
plc Board Chair 
4/4 
CHAIR 
n/a 
2/2 
CHAIR 
n/a 
n/a 
Chris Hill3 
Chief Executive Officer 
0/0 
n/a 
n/a 
n/a 
n/a 
Dan Olley4 
Chief Executive Officer 
(formerly Independent 
NED) 
9/9 
n/a 
n/a 
n/a 
n/a 
Amy Stirling 
Chief Financial Officer 
9/9 
n/a 
n/a 
n/a 
n/a 
Penny James5 
Senior Independent 
Director 
9/9 
Interim 
CHAIR 
n/a 
6/6 
Interim 
CHAIR 
n/a 
5/5 
Andrea Blance6 
Independent NED & 
Risk Committee Chair 
9/9 
8/8 
6/6 
n/a 
6/6 
CHAIR 
Adrian Collins7 
Non-Independent NED 
7/7 
n/a 
n/a 
n/a 
n/a 
Moni Mannings8 
Independent NED 
& Remuneration 
Committee Chair 
8/9 
n/a 
6/6 
5/5 
CHAIR 
6/6 
Michael Morley9 
Independent NED 
9/9 
n/a 
1/1 
4/4 
6/6 
Roger Perkin10 
Independent NED 
4/4 
4/4 
3/3 
3/3 
3/3 
Darren Pope11 
Independent NED 
9/9 
8/8 
CHAIR 
5/5 
n/a 
6/6 
John Troiano12 
Independent NED 
9/9 
8/8 
1/1 
5/5 
6/6 
1 Deanna Oppenheimer stepped down from the 
Board on 8 December 2023. 
2 Alison Platt was appointed to the plc Board 
on 6 February 2024. She joined the Nomination 
& Governance Committee on the same day. 
3 Chris Hill stepped down from the Board, and 
as Chief Executive Officer, on 7 August 2023. 
4 Dan Olley transitioned from the role of NED 
to Chief Executive Officer on 7 August 2023. 
He stepped down as a member of the Risk 
Committee on the same day, having previously 
stepped down from the Remuneration 
Committee (in year ending 30 June 2023) 
and recused himself from any meetings where 
his appointment or his role in leading the 
management team was discussed.
5 
Penny James served as Chair of the plc Board 
and the Nomination & Governance Committee 
between 8 December 2023 and 6 February 
2024. During this period she stepped down 
as a member of the Risk Committee. 
6 Andrea Blance served as SID between 
8 December 2023 and 6 February 2024. 
7 Adrian Collins has been recused from all 
meetings since 12 April 2024 due to his conflict 
as shareholder representative for founder 
Peter Hargreaves. 
8 Moni Mannings was unable to attend one plc 
Board meeting due to its timing needing to 
be moved at short notice and unfortunately 
her diary was unable to accommodate due to 
a prior commitment 
9 Michael Morley was appointed to the plc Board, 
Remuneration Committee and Risk Committee 
on 1 August 2024. He joined the Nomination 
& Governance Committee from 26 April. 
10 Roger Perkin stepped down from the Board 
on 8 December 2023. He remained a member 
of the Nomination & Governance Committee 
after stepping down as Audit Committee 
Chair (15 September 2023) in order to provide 
continuity in the ongoing search for a new plc 
board Chair. 
11 Darren Pope joined the Nomination & 
Governance Committee from 15 September 
2023, when he became Audit Committee Chair. 
12 John Troiano joined the Nomination & 
Governance Committee from 26 April 2024. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
67 

Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Board meeting attendance is shown for all scheduled Board 
meetings during the year including an in person Strategy Day 
in December 2023 to assess progress against the execution 
of the Group strategy. From time to time the Board may meet 
outside its scheduled meetings and each NED, in their letter 
of engagement confirms that they have the capacity to attend 
such ad hoc meetings, as are reasonably requested. During 
the year, and as would be anticipated given the new CEO and 
new Chair, there have been additional sessions to discuss 
particularly strategic matters to continue to ensure Board 
alignment. Where necessary, Adrian Collins, as Peter Hargreaves 
representative on the Board, has recused himself from any such 
ad hoc meetings due to actual or potential conflicts of interest 
arising. The Non-Executive Directors also meet periodically 
without the Executive Directors present. These sessions have 
been held via a mixture of remote, hybrid and face to face 
meetings to make best use of time and work efficiently. The 
Board also met with members of the Executive Leadership Team 
and other senior management. 
Supported by the Group Company Secretary and the 
Company Secretariat team, the Board is satisfied that it has 
the policies, processes, information, time and resources 
required in order for it to function effectively and efficiently. 
Comprehensive Board packs and agendas are circulated 
prior to meetings to ensure Directors have the opportunity 
to consider the issues to be discussed so that more time at 
meetings can be dedicated to constructive challenge and 
strategic discussion. Directors are expected to attend all 
meetings. However, when a Director is unavoidably unable 
to attend all or part of a meeting, they are able to provide 
comments on the papers to the Chair before the meeting. 
Board make up and supporting elements 
Board composition, balance and diversity 
The structure, size and composition of the Board is regularly 
reviewed to ensure that the balance between Executive and 
Non-Executive Directors allows it to exercise objectivity and 
that no individual or small group of individuals dominates 
decision making. In addition, the Nomination & Governance 
Committee regularly reviews the size, structure and 
composition of the Board and its Committees to ensure an 
appropriate and diverse mix of skills, experience, knowledge, 
backgrounds and personal strengths. The Non-Executive 
Directors have strong and relevant experience across all aspects 
of financial services and the Board as a whole is considered 
to have an appropriate balance of skills and experience for the 
requirements of the Group’s business. 
Consideration of the length of service of Directors is a key 
element of the wider consideration of Board composition and 
succession planning, and for Non-Executive Directors it is an 
important aspect that is considered in determining continued 
independence. The Group maintains clear records of the terms 
of service of the Chair and Non-Executive Directors to ensure 
continued compliance with the tenure requirements in the Code. 
The Chair has held the position since her appointment to the 
Board in February 2024 and, as at the date of this report, none 
of the Non-Executive Directors has served on the Board for 
more than nine years from the date of their first appointment. 
Diverse pools of candidates are considered for vacancies and in 
succession planning, and any appointments are based on merit 
and objective criteria. Further details on the Group’s approach 
to diversity and inclusion when considering Board appointments 
and succession planning, and how the approach promotes 
diversity of gender, social and ethnic backgrounds, cognitive 
and personal strengths, can be found in the Nomination & 
Governance Committee report on page 112. 
As at 30 June 2024 50% of Board members are female with 
one Board member being from a minority ethnic background. 
Women hold the following three of four senior roles: Chair, 
Senior Independent Director and Chief Financial Officer. The 
Board also recognises and embraces the clear benefits of 
diversity at Board Committee level. As such consideration is 
given to the wider Board diversity policy when looking at the 
make up of Committees with the aim of driving diversity of 
membership and thought. When making appointments to its 
Committees (including the Audit, Nomination & Governance, 
Remuneration and Risk Committees) the Board has regard 
to the skills, experience and diversity of the Committees and 
their needs. As a result as at 30 June 2024, Board Committee 
gender diversity was as follows: Audit Committee – 33% 
female, Nomination & Governance Committee – 57% female, 
Remuneration Committee – 33% female and Board Risk 
Committee – 50% female. 
Board appointment process 
The Nomination & Governance Committee leads the process 
for Board appointments, details of which can be found in the 
Nomination & Governance Committee Report on page 112. 
Non-Executive Directors are appointed for fixed terms of three 
years, subject to election or re-election by the Company’s 
shareholders at each AGM. At the end of each term, Non-
Executive Directors may be appointed for further three-year 
terms provided the Board is satisfied with the individual’s 
performance and that he or she remains independent and 
able to devote sufficient time to the role.
Time commitments 
Board members are required to disclose significant time 
commitments prior to their appointment, and candidates’ 
existing time commitments are taken into account by the 
Board when considering new appointments. On joining the 
Board, Non-Executive Directors receive a formal letter of 
appointment setting out the time commitment expected 
of them. Once they have met all approval and induction 
requirements, Non-Executive Directors are currently expected 
to commit a minimum of 30 days per annum to their roles. This 
expectation is calculated based on attendance at and preparing 
for Board meetings, meeting with senior management and the 
Company’s shareholders, and attending strategy days, Board 
dinners and training. Additional time commitments may apply 
where a Non-Executive Director takes on an additional role 
such as chairing a Committee.
The Board considers that each of the Non-Executive Directors 
has sufficient time to meet their responsibilities both to the 
Board and any Committees of which they are a member. This is 
kept under review by the Nomination & Governance Committee 
and more detail can be found in its report on page 114. 
Induction
The Chair is responsible, with the support of the Group 
Company Secretary, for arranging a comprehensive induction 
programme for all new Directors. Inductions are tailored to the 
individual following a skills gap analysis, and have regard to their: 
background; knowledge; previous experience both professionally 
and as a Director; and the role they will be performing at HL 
including their committee membership. Induction programmes 
Hargreaves Lansdown 
Report and Financial Statements 2024 
68 

Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
include meetings with a variety of key stakeholders to provide the 
Director with a thorough overview of the Group’s business and 
the environment within which it operates. This includes meetings 
with the Chair, Chief Executive Officer, Chief Financial Officer 
and other members of the Board, as well as meetings with senior 
management, heads of business areas and technical experts, 
to gain a detailed insight into the operation of the business and 
its culture. The Group Company Secretary and Group Chief Risk 
Officer will also meet with the Director to provide an overview 
of the Group’s corporate governance and risk management 
frameworks respectively. 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Ongoing Professional development 
An ongoing programme of training is available to all members 
of the Board. During the period under review, this has included 
training sessions for the Board on the following topics: 
• Vulnerable clients 
• Complex products 
• Directors’ duties 
• Conduct rules 
• Call listening with Helpdesk 
• Inclusion 
The Board also had a number of demonstration/deep 
dive sessions aligned to the execution of the strategy which 
included: client value proposition, savings, HLFM, pensions, 
(including workplace), trading, investments and advice. 
Training is also arranged to align to any specific development 
needs identified by the annual Board evaluations, and individual 
Directors are encouraged to devote an element of their 
time to self-development. 
External appointments 
Directors are required to consult the Board prior to undertaking 
any additional external appointments and are considered to 
be a valuable development opportunity, subject to appropriate 
time commitments and conflicts management. Please see 
biographical information on Board members on pages 62 to 64 
for further detail.
Independence 
On her appointment as Chair, Alison Platt satisfied the 
independence criteria set out in the Code. 
The Board considers that each of Andrea Blance, Penny James, 
Moni Mannings, Michael Morley, Darren Pope and John Troiano 
are independent. In each case when assessed against the 
criteria set out in the Code. Adrian Collins is not considered 
independent because he is appointed by a major shareholder. 
As such, throughout the period under review, the Board has 
therefore satisfied the Code requirement that at least half of the 
Board, excluding the Chair, comprises Non-Executive Directors 
determined to be independent. This is kept under review by the 
Nomination & Governance Committee and more detail can be 
found in its report on page 114. 
Director election and re-election 
In accordance with the requirements of the Code and the 
Company’s Articles of Association, all Directors will stand 
for election or re-election, as relevant, at this year’s AGM. 
Information on how the Board evaluates the effectiveness and 
contribution of each Director can be found in the Nomination & 
Governance Committee Report on page 114. The Notice of AGM 
will include specific details of why the Board considers that the 
contribution of the Directors seeking election or re-election 
is, and continues to be, important to the Group’s long-term 
sustainable success.
Board leadership and Company purpose 
The Board sets the Group’s purpose, values and strategy, and 
is responsible for developing and overseeing its framework of 
governance, risk management and internal controls to ensure 
that its business is managed effectively in an environment 
that promotes and safeguards its future success.
You can read more about the Board’s role in setting and 
monitoring the Group’s strategic priorities on pages 70 to 72 
and in the Group’s Section 172 Statement on pages 124 to 126. 
Through specific dashboards aligned to the key focus areas of 
our strategy, the Board monitors and reviews progress against 
targets. These dashboards are used throughout the Group, 
ensuring alignment on execution and targets. Additionally, how 
the Board has considered the Group’s opportunities and risks, 
the sustainability of its business model, and how governance 
around the Group’s risk management framework contributes to 
the delivery of its strategic objectives, is set out on pages 51 
to 58.
The Board also plays a key role in setting the Group’s culture 
and monitoring how it is being embedded to ensure alignment 
with the Group’s business priorities. The Board has been 
involved in a number of ongoing key initiatives including the 
further development and evolution of the Company’s purpose 
and values. For more information on this work please see page 
38. Additionally, the Board has been actively engaged in a more 
accessible and effective communication of the Group’s strategy 
and vision to create a clearer sense of purpose and common 
goals and improvements to the OKRs used to oversee culture.
You can read more about the Group’s values and how the Group’s 
approach to investing in and rewarding its workforce aligns to 
those values on pages 38 to 42 of the Strategic Report. 
Engagement with stakeholders 
The Board recognises that active engagement with the 
Company’s key stakeholders is fundamental to promoting the 
Group’s long-term success. Details of how the Group engages 
with its key stakeholders can be found on pages 22 to 23 and 
information on how stakeholder interests have been considered 
by the Board can be found in the Group’s Section 172 Statement 
on pages 124 to 126.
Investor relations 
The Board recognises the importance of maintaining good 
communication with the Company’s shareholders and there is a 
comprehensive investor relations programme in place to ensure 
effective engagement. 
The Chief Executive Officer, Chief Financial Officer and Head 
of Investor Relations regularly meet with the Company’s 
major shareholders to discuss performance and strategy. 
This includes a series of investor roadshows following the 
release of the Group’s interim and full year results, and other 
meetings throughout the year, both one-on-one and in groups 
at investor conferences. The Chair also meets or speaks with 
the Company’s shareholders throughout the year, including 
attending a series of governance roadshows, and the Senior 
Independent Director, Head of Investor Relations and Group 
Hargreaves Lansdown 
Report and Financial Statements 2024 
69 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Company Secretary are available to major shareholders who 
wish to raise questions. The Committee Chairs are available 
to meet with shareholders to discuss matters relevant to 
their roles. The outcome of interactions with the Company’s 
shareholders are regularly fed back to the Board to ensure 
that, as a whole, it has a clear understanding of shareholder 
views. To provide further perspective, analyst and broker 
briefings are regularly provided to the Board. The appointment 
of Adrian Collins as the Nominated Director, provides the Board 
with insights from a founder shareholder, Peter Hargreaves, 
on issues considered by the Board, as appropriate. 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
The Board also considers the Report and Financial Statements 
to be an important medium for communicating with the 
Company’s shareholders. The Board aims to use the narrative 
sections to provide detailed reviews of the Group’s business 
and its future development in an engaging way that is 
accessible to all. Similarly, the Company’s AGM is used as 
an opportunity to engage directly with shareholders and 
share with them the Board’s review of performance and its 
vision for the future. Further details will be set out in the 
Notice of AGM that will be circulated ahead of the meeting. 
This year, following the 2023 AGM where votes of less than 
80% in favour were received for nine resolutions, in accordance 
with its obligations, the Company has looked to consult with 
all shareholders on this topic and is satisfied that any concerns 
that pertain to a voting position have been appropriately 
discussed. This outcome is due to be reported via HL’s website 
in August 2024. It is recognised that this was outside of the six 
month ‘time limit’ on this requirement within the UK Corporate 
Governance Code but it was felt it was appropriate to give 
Alison time to bed into the role and meet with a range of HL’s 
shareholders as part of her induction and engagement process. 
On balance, given Alison joined the Company in February, 
it was felt it was important not to rush this given how key 
understanding the views of shareholders is to the Chair’s role 
and to allow more time for these discussions to take place 
with Alison as the new Chair. 
Colleagues 
The Board believes that the Group’s people are key to its long-
term success. It ensures that the Group’s people policies and 
practices promote its values to support that success. 
Further information on the Group’s Responsible Employer 
strategy and the policies and procedures in place to achieve its 
aims, including the Group’s approach to engaging with, investing 
in and rewarding its workforce, can be found on pages 38 to 42. 
The Board also recognises the importance of engaging 
with the Group’s workforce for the long-term success of the 
business. The HL Colleague Forum was set up in January 
2019 as a formal workforce advisory panel to create a direct 
link between colleagues and the Board on matters of strategic 
importance. Further insight is obtained on colleague views 
through the Group’s annual colleague survey. The views of 
colleagues have been sought on a more regular basis via 
additional pulse surveys and focus groups so that we can 
quickly respond to colleague sentiment and obtain colleague 
insights on particular topics. 
The Board believes in creating a culture of openness and 
colleagues are encouraged to share their views, ideas and work 
experiences. Similarly, colleagues are encouraged to raise any 
concerns in confidence, and the Group has a formal policy on 
whistleblowing to ensure colleagues who do speak out are 
protected. Further information can be found on page 74 of 
the Audit Committee Report.
Governance framework 
The Board operates within a formal schedule of matters 
reserved, with certain responsibilities being delegated to its 
permanent Committees. Details of matters reserved for the 
Board can be found on page 71. The detailed responsibilities 
of the Board’s Audit, Nomination & Governance, Remuneration 
and Risk Committees, along with an overview of how they have 
discharged those responsibilities during the year, can be found 
in the Committee reports on pages 74 to 119. The Chair of each 
of the Committees reports to the Board at each meeting on 
its activities since the previous meeting, and the Board keeps 
under review the terms of reference of each to ensure it is 
continuing to operate effectively. 
Responsibility for matters that are not specifically reserved 
to the Board is delegated to the Chief Executive Officer. 
This includes oversight of the Group’s performance, delivery 
against the strategy approved by the Board, and the effective 
management of day-to-day operations within the governance, 
risk and internal control frameworks it has developed. The 
Chief Executive Officer has an established Group Executive 
Committee with members drawn from the Executive Leadership 
Team to assist him in discharging these responsibilities. 
The Chief Executive Officer also receives reports from the 
Conflicts Committee about improving the Group’s framework 
for identifying, mitigating and protecting against conflicts of 
interest, and to ensure appropriate measures are in place to 
mitigate conflicts of interests between the Group’s principal 
operating subsidiaries and between HL, its colleagues 
and clients. 
Details of the roles and responsibilities of the participants 
in the Company’s governance framework can be found on 
pages 66 to 67. 
The Group’s principal operating subsidiaries carry out its 
business of providing regulated financial products and 
services. The boards of the principal operating subsidiaries 
include various members of the Executive Leadership Team, 
with independent Non-Executive Directors also sitting on the 
Board of Hargreaves Lansdown Fund Managers Ltd in line with 
regulatory requirements. Each board is responsible for ensuring 
that its business is operated in accordance with relevant legal 
and regulatory requirements, within the framework of the 
strategy, culture and policies determined by the Board. The 
subsidiary boards are assisted by Group level and subsidiary 
level management committees constituted to assist in the day-
to-day management of the business. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
70 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Hargreaves Lansdown plc Board 
Schedule of matters reserved: 
• Approval of the Group’s strategic aims 
and objectives 
• Setting the Group’s values and 
standards 
• Approval of the Group’s purpose and 
ensuring that this, its values and 
strategy are aligned with its culture 
• Approval of the annual operating and 
capital expenditure budgets 
• Overseeing the Group’s operations 
and management 
• Ensuring the maintenance of a sound 
system of internal controls and 
risk management 
• Reviewing performance in light of 
strategic aims and objectives 
• Approval of the Group’s Report and 
Financial Statements and interim 
financial statements 
 
• Approval of the Company’s dividend 
policy and payments 
• Approval of major capital projects 
• Approval of communications to the 
Company’s shareholders 
• Ensuring adequate succession 
planning, agreeing Board appointments 
and the appointment or removal of the 
Company Secretary 
• Determining the remuneration policy 
for the Executive Directors 
Audit Committee 
• Monitors the integrity of the 
Group’s financial reporting 
• Monitors the adequacy and 
effectiveness of the Group’s 
internal controls 
• Oversees the Group’s relationship 
with its external auditor and the 
effectiveness of the Internal 
Audit function 
Nomination & Governance 
Committee 
• Monitors the composition of 
the Board to ensure it remains 
appropriate 
• Recommends appointments to the 
Board and its Committees 
• Conducts succession planning for 
the Board and senior management 
• Oversees the annual evaluation of 
the Board’s effectiveness 
 
Remuneration Committee 
• Oversees and keeps under review 
the remuneration policies for 
Executive Directors, Material Risk 
Takers and colleagues generally 
• Determines total remuneration 
for Executive Directors, senior 
management and Material Risk 
Takers, and associated targets for 
performance related pay 
Risk Committee 
• Reviews and advises the Board 
on changes to the Group’s risk 
appetite, risk profile and future 
risk strategy 
• Monitors the effectiveness and 
improvements being made to 
the Group’s risk management 
framework 
• Oversees the delivery of the 
Group’s ICARA 
 
Chief Executive 
Officer 
Responsible for executive leadership 
of the Group in accordance with 
Board-approved strategic objectives 
Conflicts Committee 
• Oversees the Group’s conflicts of interest policy 
and framework 
 
• Reviews conflicts of interest within the Group, the 
sufficiency of mitigating measures and determines 
appropriate action where material conflicts arise 
Executive Committee 
Established by the Chief Executive 
Officer to help him discharge 
his duties 
Group Management Committees 
• Support the Group Executive Committee in its oversight of 
matters including: Risk, Conduct and Client Outcomes, ESG, 
Product Governance and Operational Resilience 
Hargreaves Lansdown 
Report and Financial Statements 2024 
71 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Board activities and allocation of time 
Given the appointments of a new CEO and a new Chair 
during the reporting period, the Board determined that 
it was appropriate to devote a significant amount of time 
during the period under review to consider and oversee the 
implementation of the Group strategy. The Board was fully 
engaged in its development and continues to be so during its 
execution with deep dives into specific lines of business carried 
out during the year. The Board also spent time overseeing 
the Group’s ongoing business performance including regular 
updates from the Chief Executive Officer and other members 
of the Executive Leadership Team and the review and approval 
of the Group’s annual operating plan. The Board has continued 
to receive periodic reports relating to events arising out of the 
suspension of, and subsequent decision by Link Asset Services 
to wind up, the LF Equity Income Fund (formerly Woodford 
Equity Income Fund). 
The following chart illustrates the time spent by the Board on 
matters within the categories stated. 
Overview of the Board’s activities 
in the year to 30 June 2024 
6% 
Standing items 
including updates 
from Remuneration 
and Nomination & 
Governance 
Committees 
17% 
Governance, 
risk & regulatory 
22% 
Financial 
reporting 
& audit 
55% 
Business 
performance 
& strategy 
 
Other key matters considered by the Board during the period 
under review include: 
• Business performance, through regular updates from the 
Chief Executive Officer; 
• Progress against strategic initiatives, via regular reporting 
from the Chief Executive Officer and regular deep dives into 
lines of business; 
• Financial performance and investor relations, via the Chief 
Financial Officer’s regular updates; 
• Client value proposition and the evolving market 
opportunities 
• The Group’s liquidity and capital adequacy, and the approval 
of its 2023 ICARA; 
• Approval of the Group’s operating plan; 
• Maintaining oversight of the Group’s risk management 
framework, and approval of its operational resilience 
self assessment; 
• Maintaining oversight of potential or actual material litigation 
and/or regulatory reviews; 
• Receiving updates on elements of the People strategy 
from the Chief People Office and an overview of the annual 
colleague survey and planned next steps; 
• Approval of updates to the Group’s key policies, including 
conflicts of interest, whistleblowing, human rights, 
tax strategy and Board diversity; 
• Progress of recommended actions from the annual 
evaluations of Board performance, including further 
embedding best practice and developing the resilience 
and expertise of the Board; and 
• Receiving progress updates against Consumer Duty. 
ESG and sustainability 
As part of its role in overseeing the Group’s long term strategy 
the Board engages in topics relating to ESG, climate change 
and sustainability. For more information on our ESG governance 
please see the TCFD report on pages 43 to 50. 
 
Audit, risk and internal control 
Audit 
The Board is responsible for establishing the policies and 
procedures that ensure the independence and effectiveness 
of the Group’s Internal Audit function and the external auditor, 
and for satisfying itself as to the integrity of the financial and 
narrative statements in the Report and Financial Statements. 
The Board delegates responsibility to its Audit Committee to 
oversee the Group’s Internal Audit function and the Group’s 
relationship with its external auditor. The Audit Committee is 
also responsible for monitoring the integrity of the Group’s 
financial reporting and the processes and controls that 
support it, and for advising the Board as to whether the 
Report and Financial Statements provide a fair, balanced and 
understandable assessment of the Company’s position and 
prospects. The terms of reference for the Audit Committee can 
be found here: www.hl.co.uk/about-us/board-of-directors
The main features of the Group’s internal control and risk 
management systems that ensure the accuracy and integrity of 
its financial reporting include: 
• The utilisation of appropriately qualified and experienced 
colleagues, and regular knowledge sharing within the team; 
• The use of appropriate information security and access 
controls around the key systems used in the Group’s financial 
reporting processes; 
• Appropriate segregation of duties to ensure that no individual 
controls the end-to-end process; 
• Continuing enhancements to the Group’s Risk Management 
Framework including robust risk identification, assessment 
and management; 
• Detailed processes and controls around the reconciliation of 
the Group’s office accounts, the recognition of revenue and 
the Group’s tax balances, and payment processes; and 
• A detailed process of reconciliation and review by 
management of data extracted from the general ledger 
system for the production of management accounts. 
The process of review includes receiving a report from 
management on the effectiveness of the financial control 
systems in addition to independent assurance on the 
effectiveness of controls contained in the internal audit plan. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
72 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Governance 
CORPORATE GOVERNANCE REPORT 
FURTHER STRENGTHENING GOVERNANCE FOR THE FUTURE CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
 
Directors’ Report 
120 
Section 172 Statement 
124 
 
Statement of Directors’ Responsibilities 
127 
 
Financial statements 
128 
Other information 
173 
The Audit Committee reviewed the Internal Audit reports for 
the period as well as the progress of actions against any prior 
year observations on controls and considered year end reports 
on various aspects of the internal control environment of the 
business from Internal Audit, the Group Chief Risk Officer 
and the Chief Financial Officer. The Committee also receives 
observations on the control environment from the external 
auditor and external auditor reports are challenged by members 
at each relevant meeting. Periodic reports on the Group’s 
whistleblowing arrangements are also reviewed to ensure these 
do not indicate any material systemic control or governance 
failures, which they did not. 
Further details can be found in the Audit Committee report 
on pages 74 to 80. Statements from the Board as to the 
adoption of the going concern basis for preparing the financial 
statements and the Board’s responsibility for preparing the 
Report and Financial Statements can be found on page 123 
of the Directors’ Report and the Statement of Directors’ 
Responsibilities on page 127 respectively. 
Risk management and internal controls 
The Board is responsible for the systems of risk management 
and internal control and for reviewing their effectiveness. It is 
responsible for establishing procedures for risk management 
and for monitoring the Group’s risk management framework 
and system of internal controls. There is an ongoing process 
for identifying, evaluating and managing the principal risks 
faced by the company which is reviewed and challenged by the 
Risk Committee with further details set out on pages 51 to 58 
of the risk management and principal risks and uncertainties 
section of this report. The systems have been in place for the 
period under review and the Board delegates responsibility for 
monitoring those systems to its Audit and Risk Committees with 
each carrying out an annual review of their effectiveness on the 
Board’s behalf. Together, this review covers all material controls, 
including financial, operational and compliance controls and 
risk management systems. The crossover of membership 
between the Audit Committee and Risk Committee assists in the 
exchange of relevant issues and the facilitation of associated 
discussions. The Executive Risk Committee is responsible 
for ensuring appropriate systems of internal control and risk 
management are in place, operating within risk appetite and 
supporting good client outcomes and the Group Chief Risk 
Officer, as Chair of that committee, has unfettered access to 
Hargreaves Lansdown 
Report and Financial Statements 2024 
the Risk Committee Chair to escalate and report to the Risk 
Committee where necessary. The year end review process 
includes receiving reports from the Chief Executive Officer and 
Group Chief Risk Officer on their own assessment of controls 
and risk management. Following the review activity undertaken 
by its Committees, the Board is satisfied that the Group’s risk 
management and internal control systems are adequate and 
have continued to improve throughout the period under review, 
this has been reflected this year in the output of the work 
undertaken on risk maturity. The Board continues to encourage 
the continued enhancements to risk management and maturity, 
aligned to the Group’s scale and complexity as it continues to 
grow and implement the strategy. Further information of the 
continued enhancements planned can be found on page 119 
of the Risk Committee report. 
The Board is also responsible for determining the nature and 
extent of the principal risks the Group is willing to take in order 
to achieve its long-term strategic objectives. Supported by the 
Risk Committee, the Board carries out a robust assessment of 
the Group’s emerging and principal risks when assessing the 
prospects of the Company over the longer term. The outcome 
of that assessment, along with a description of the Group’s 
principal risks, the procedures in place to identify emerging 
risks, and an explanation of how these risks are managed or 
mitigated can be found on pages 51 to 58. 
A description of the main features of the Group’s risk 
management and internal control systems, including the ‘three 
lines of defence model’, can be found on pages 51 to 58. 
The terms of reference for the Audit and Risk Committees can 
be found here: www.hl.co.uk/about-us/board-of-directors 
 
Remuneration 
The Group’s remuneration policies and practices are designed 
to support its strategic objectives and promote its long-term 
sustainable success. A summary of how the Company has 
complied with the remuneration requirements set out in the 
Code, along with details of the Remuneration Committee’s 
activities during the period under review, the levels of 
Directors’ remuneration and detail relating to the new Directors’ 
Remuneration Policy, can be found on pages 85 to 92 
The terms of reference for the Remuneration Committee can be 
found here: www.hl.co.uk/about-us/board-of-directors 
Conflicts of interest 
The Board takes action to identify and manage any conflicts of 
interest that arise to ensure that the interests of the Company’s 
shareholders as a whole are protected. 
All Directors have a duty to avoid situations that may give rise 
to conflicts of interest. Directors are responsible for notifying 
the Chair and the Group Company Secretary as soon as 
they become aware of any actual or potential conflict. The 
Company’s Articles of Association permit the Board to consider 
and authorise any situations where a Director has an actual 
or potential conflict, and a formal procedure is in place for 
considering, recording and, if appropriate, authorising conflict 
situations. Conflicts of interest are included as a standing 
agenda item at each Board and Committee meeting and, in 
determining whether to authorise an actual or potential conflict, 
the Board will take into account the specific circumstances and 
whether to impose conditions on the Director in the interests 
of the Company. 
The Conflicts Committee reports into the CEO which is 
responsible for ensuring there is appropriate governance 
and ownership around enhancements to the conflicts 
management framework within the Group. In addition, 
conflict management is enhanced through the separation of 
investment decisions and broad membership of investment 
related oversight committees including external members 
as appropriate. During the year mandatory conflicts training 
was provided to all colleagues and we continued to embed 
our conflicts notification and management processes which 
provide a common oversight process to both business and 
to personal conflicts management. 
Consumer Duty 
The Board attests that Hargreaves Lansdown is substantively 
compliant with its obligations under PRIN 12 and PRIN 2A, 
that appropriate assessments and checks have taken place, 
including that its future business strategy has been assessed to 
ensure it is aligned with its obligations under the Consumer Duty 
with minor areas of enhancement identified to further support 
good client outcomes. 
73 

 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
 
Directors’ Report 
120 
Section 172 Statement 
124 
 
Statement of Directors’ Responsibilities 
127 
 
Financial statements 
128 
Other information 
173 
AUDIT COMMITTEE REPORT 
 
ENSURING THE CONTINUED 
INTEGRITY OF THE GROUP 
74
Hargreaves Lansdown 
R
“
eport and Financial Statements 2024 
Governance 
Supporting the control 
environment and financial 
resilience through strong 
and robust processes 
Darren Pope 
Chair of the Audit Committee 
Dear Shareholder 
Having joined the Board as Audit Committee Chair designate 
in September 2022, I was appointed as Chair of the Committee 
in November 2023, and am pleased to present my first report 
to you on the Committee’s activities in the year as Audit 
Committee Chair. 
I would like to extend my thanks to my predecessor, Roger 
Perkin, for his leadership of the Committee and high quality 
and extensive handover. 
Role of the Audit Committee 
The Board delegates certain responsibilities to the Committee 
which are set out in its terms of reference on the Group’s 
website and are summarised below: 
Assess the integrity of the Group’s financial reporting and 
disclosures. The Committee has reviewed and challenged 
the appropriateness of accounting policies, significant issues 
and judgements and the assumptions used in supporting the 
disclosures with regard to the Group’s ability to continue as a 
going concern and maintain longer term viability under periods 
of stress. The Committee has additionally ensured that all 
reporting is fair, balanced, and understandable. The Committee 
has had enhanced focus this year on verifying non-financial 
information (including TCFD) contained in the Report and 
Financial Statements this year. This work when taken together 
has identified no material concerns with regard to the financial 
reporting and disclosures by the business. The rigour with 
which the Report and Financial Statements have been prepared 
and reviewed by management and the Board has been further 
developed this year. 
Oversee and assess the effectiveness of the Group’s broad 
financial control environment that supports these financial 
reporting and disclosures including CASS. The Committee 
receives regular reports from both the CFO, Internal Audit, 
Head of CASS Oversight and External audit with regard to the 
effectiveness of the financial control environment and ensures 
actions to improve or mitigate these controls are undertaken in 
a timely way. During the year we have seen a trend in reducing 
the number of overdue Internal Audit actions and during the 
course of the year we reviewed all outstanding audit actions to 
ensure that resources are focused on the most important issues 
first with some less critical actions being assigned revised later 
completion dates to ensure resources and focus on more critical 
actions. Regular updates have been provided by the Head of 
CASS Oversight on the CASS programme resulting in sustained 
progress in the mitigation of the higher risk items. 
Review the activities and performance of the Internal Audit 
function. The Internal Audit team has filled all vacancies and 
has completed all planned work for the year. The internal quality 
assessment carried out this year shows consistent results to the 
conclusion of the 2021 external quality assessment that Internal 
Audit is operating at a very strong level. Overall, where there 
are some control weaknesses that continue to require ongoing 
attention the Committee remains satisfied that the Group’s 
internal control risk management frameworks are adequate. We 
continue to focus on working with the Risk Committee to ensure 
that the overall assurance plan across both second and third 
line of defence maximises coverage of the most important risk 
areas of our business. 
Review the activities and performance of the External Auditor. 
PwC has been our auditor for 11 years. The Committee annually 
reviews the scope and cost of PwC’s audit work, assesses 
its independence and objectivity and looks at its overall 
performance. The Committee continues to welcome both the 
levels of skill and robust challenge from Darren Meek and his 
team which helps underpin the Committee’s confidence in the 
financial statements and related disclosure. 
Review and monitor the Group’s whistleblowing procedures 
and whistleblowing cases. The Committee receives periodic 
reports on the Group’s whistleblowing arrangements (known as 
‘Speak Up’) and was pleased to see high levels of awareness 
and use of the programme. While the speak up programme 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
r'~ 
<:s 
has not indicated any material systemic control, governance, 
or behavioural failures during the year it has helped shape 
organisational communication through a period of considerable 
uncertainty and change. 
Strategic report 
1 
Governance 
Governance 
AUDIT COMMITTEE REPORT 
ENSURING THE CONTINUED INTEGRITY OF THE GROUP CONTINUED 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
The remainder of the report sets out the work of the Committee 
in more detail as to how the Committee has discharged its 
responsibility during the period under review. 
The Committee works closely with the Risk Committee on risk 
and control matters and both Committee Chairs are members 
of the other Committee to ensure a co-ordinated approach. The 
operation of effective key controls for assessing and managing 
the Group’s key risks is delegated to both the Audit and 
Risk Committees 
Composition and meeting attendance 
The Committee is comprised solely of independent Non-
Executive Directors. 
The Board has satisfied itself that the Committee as a whole 
has an effective balance of skills and experience to perform its 
responsibilities. Each of Darren Pope (as Chair), Roger Perkin, 
prior to stepping down in December 2023 Andrea Blance, 
and John Troiano have significant experience of the asset 
management sector and/or the wider financial services industry. 
Darren Pope has recent and relevant financial experience and 
competence in accounting and audit. Additionally, both Darren 
Pope and Andrea Blance are qualified accountants. 
Ongoing updates are provided to assist Committee members 
in performing their duties regarding matters relevant to their role 
and responsibilities. During the period, this included a session 
with the external auditor. This covered the Department for 
Business and Trade (DBT) proposals on the future of audit and 
corporate governance and what this means from a corporate 
reporting and corporate governance perspective. 
The Committee met eight times in the period under review. 
The attendance of members at the meetings across the year 
is set out in the table on page 67. Other individuals attend 
Committee meetings at the request of the Committee Chair. 
Overview of the Committee’s activities 
in the year to 30 June 2024 
28% 
28% 
Governance 
Financial 
and Other 
Reporting 
10% 
14% 
Internal 
External Audit 
Controls 
5% 
15% 
Whistleblowing 
Internal Audit 
This will usually include the Chair of the Board, the Chief 
Financial Officer, the Chief Internal Auditor, Group Chief Risk 
Officer, and the external auditor. The Committee has access 
to the Group Company Secretary, whose nominee acts as 
secretary to the Committee. The Committee is authorised to 
obtain independent professional advice where it considers 
it necessary. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
75 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
<:s 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
AUDIT COMMITTEE REPORT 
ENSURING THE CONTINUED INTEGRITY OF THE GROUP CONTINUED 
Financial statements 
Key areas of review 
and challenge 
Key discussions, decisions, and recommendations 
Accounting, tax, 
and financial reporting 
Overseeing and monitoring the 
integrity of the Group’s financial 
statements, including interim and 
full year results and related results 
announcements, as well as other 
statements requiring Board approval 
containing financial information. 
The Committee: 
• Reviewed the process of producing the reports under the remit of the Chief Financial Officer, which included monitoring the 
procedures in place to ensure all contributors attested to completeness, accuracy, and appropriateness of the disclosures. 
• Reviewed the Group’s Sustainability Accounting Standards Board (SASB) disclosure prior to its publication on the 
Company’s website. 
• Provided challenge to the application of significant accounting policies across the Group that feed into its financial statements. 
• Challenged the methods used to account for significant or unusual transactions, such as through the application of IAS 
38 (Intangible Assets) in relation to the amounts held by the Group’s subsidiaries including internally developed software 
and goodwill. 
• Carefully considered if the external reporting met the requirements to be suitably fair, balanced, and understandable. 
• Received reporting on and considered tax matters impacting the Group, including tax in financial reporting, Group and 
operational tax compliance. 
• Reviewed and recommended to the Board the tax strategy for FY24. 
Accounting policies 
The accounting policies, disclosures, 
and amendments to accounting 
requirements. 
The Committee: 
• Reviewed and challenged management on the appropriateness of the accounting policies and how they were applied to the 
Group’s financial statements and was satisfied that they did. 
• Reviewed all new guidance and new UK accounting policies for applicability and amended as required (or confirmed no 
changes required). 
• Considered the accounting estimates, judgements and any significant issues that have arisen in preparing the Group’s 
financial statements. 
• Challenged management on considerations taken into account and requests additional reports when it has needed further 
details on specific aspects scrutinising the clarity and completeness of related disclosures. 
• Has paid due regard to any related correspondence with the external auditor and any material adjustments resulting from the 
external auditor. 
Revenue recognition 
Measuring revenue at the fair value 
of the consideration received or 
receivable and represents amounts 
receivable for services provided in 
the normal course of business, net of 
commission payable, discounts, VAT 
and other sales related taxes. 
The Committee: 
• Considered the veracity of the Group’s revenue streams in the period, which continue to be non-complex and primarily consist 
of high-volume, low value transactions. 
• Receives assurance on revenue calculations both internally through its oversight of the Group’s internal controls and from 
the external auditor’s approach to recalculating the Group’s significant revenues streams and carrying out sample testing 
on the remainder. 
• Additionally receives assurances from the external auditor’s reviews and sample testing of the operational transactions that 
drive the revenue to ensure that these were booked in a timely and accurate fashion. 
• Reviewed management information to confirm all revenue movements and drivers were understood and consistent with final 
reported revenue. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
76 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
<:s 
Governance 
AUDIT COMMITTEE REPORT 
ENSURING THE CONTINUED INTEGRITY OF THE GROUP CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Key areas of review 
and challenge 
Key discussions, decisions, and recommendations 
Carrying value 
of investments 
in subsidiaries 
 
The financial statements provide a 
list of the Parent’s investments in its 
subsidiary companies. 
The Committee: 
• Reviewed and approved a change in methodology. 
• Reviewed the valuation models of Hargreaves Lansdown Savings Limited (HLSL) and Hargreaves Lansdown Advisory Services 
(HLAS) to ensure that they fairly reflected the correct carrying value. 
Contingent liabilities 
Aligned to IAS 37. 
The Committee: 
• Reviewed and carefully considered the contingent liabilities for the Group. 
• Full details of the matters considered can be found in note 5.3 to the consolidated financial statements on page 158. 
TCFD 
 
Developing the reporting year 
on year to enhance the insight 
provided against the following four 
areas of Governance, Strategy, Risk 
Management, Metrics and Targets 
to align with the recommendations 
set out in the Task Force on Climate-
Related Financial Disclosures (TCFD) 
framework. 
The Committee: 
• Reviewed TCFD and the related sustainability reporting together with the process and controls that support it, requesting 
assurances from Internal Audit through a light touch audit. 
 
Going concern and 
long-term viability 
 
The Board is required to confirm 
whether it has a reasonable 
expectation that the Company and 
Group will be able to continue to 
operate and meet their liabilities 
for a specified period. The viability 
statement must also disclose the 
basis for the Directors’ conclusions 
and explain why the chosen 
period is appropriate 
The Committee: 
• Reviewed and challenged the going concern position for each Group entity. 
• Considered the process to support the viability statement in conjunction with an assessment of principal risks and taking into 
account the assessment by the Risk Committee of stress testing results and risk appetite through ICARA. 
• Recommended the draft viability statement to the Board for approval. 
• Concluded that the Company and Group have adequate resources to continue in operational existence for a period of at least 
12 months from the date of approval of the financial statements. 
• Confirmed to the Board that it was appropriate for the Group’s financial statements to be prepared on a going concern basis. 
• 
 Regarding the firm offer on 9 August 2024, while there exists a material uncertainty around the Group’s ability to continue as a 
going concern, concluded that the going concern basis remains appropriate for the preparation of the financial statements. 
Senior Managers and 
Certification Regime 
(SMCR) 
 
 
Hargreaves Lansdown Asset 
Management Limited (HLAM) is an 
enhanced firm under SMCR but does 
not have a separate Audit Committee. 
The Committee: 
• Reviewed the HLAM accounts for recommendation to the Board of that company. 
Alternative 
Performance 
Measures 
The Committee: 
• Satisfied itself the performance measures were appropriately reported, calculated and where relevant reconciled to 
statutory measures. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
77 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
<:s 
Strategic report 
1 
Governance 
Governance 
AUDIT COMMITTEE REPORT 
ENSURING THE CONTINUED INTEGRITY OF THE GROUP CONTINUED 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Report and Financial Statements and interim results 
Through considering significant accounting issues, policies 
and judgements throughout the year, the Committee plays 
an important role in the production of the Report and Financial 
Statements and interim results. This includes reviewing and 
challenging the assumptions that support the use of the going 
concern basis for the preparation of the financial statements 
and the statement given by the Directors as to the Company’s 
longer-term viability, which can be found on page 55. 
In addition, the Committee also undertakes a broader review 
of the content of the Report and Financial Statements to advise 
the Board as to whether, taken as a whole, it is fair, balanced, 
and understandable and provides the information necessary 
for shareholders to assess the Group’s performance, business 
model and strategy. This supports the Board in providing the 
confirmations set out on page 127. 
In considering the wider content of the Report and Financial 
Statements, the Committee has focused its attention to 
ensuring the narrative sections are consistent with, and 
provide context for the financial statements, and outline an 
appropriate balance between the articulation of successful 
outcomes, opportunities, challenges, and risks. In addition to 
considering its content, the Committee oversees the process 
for preparing the Report and Financial Statements and received 
regular updates throughout the period on planning for the 
year end reporting, with overall responsibility for coordinating 
production assigned to the Chief Financial Officer. 
External Audit 
The Committee is responsible for overseeing the Group’s 
relationship with its external auditor, PwC, which has been 
retained since 2014, following an audit tender process in 2022, 
whereby PwC were retained. 
In addition to oversight of the audit process itself, the 
Committee is responsible for monitoring the Group’s other 
interactions with the external auditor to ensure that its 
independence and objectivity are maintained. 
The Committee has considered and prepared for the adoption 
of the Minimum Standard as issued by the FRC and in the year-
to-date has had no matters on which it is required to report. 
External audit process 
The Committee has overseen the end-to-end audit process and 
reviewed and approved the external auditor’s engagement letter 
and the detailed audit plan to ensure appropriateness of scope. 
In approving the proposed audit fees, the Committee paid 
particular attention to ensuring they were appropriate to enable 
an effective and high-quality audit and were benchmarked to 
ensure not excessive. 
The Committee reviewed the findings from the audit process 
with the external auditor, which included a discussion of key 
audit and accounting matters including significant judgements, 
including the estimation uncertainty in relation to the valuation 
of investments in subsidiaries, as disclosed in note 6.5 of the 
financial statements of the Company on page 169, and the 
external auditor’s views on its interactions with management. 
The Committee reviewed and recommended to the Board that it 
signs the representation letter requested by the external auditor 
in respect of its audit of the financial statements. The views of 
the external auditor were sought at the Committee’s meetings, 
which included sessions without management present, to 
discuss its remit and any issues arising from the audit. 
External auditor effectiveness and independence 
The Committee is responsible for assessing the expertise, 
resources and qualifications of the external auditor, and 
effectiveness of the audit process. In discharging these 
responsibilities, the Committee has considered information 
from a variety of sources. It received a report from the external 
auditor on its own internal quality control procedures, which 
included reference to the outcome of the FRC’s 2022/23 AQR 
inspection report. 
The views of management and the Committee members were 
sought on the efficiency of the year end process and the 
performance of the external auditor was discussed by members 
as part of the Committee’s effectiveness review. In addition to 
this a survey obtaining feedback from those involved with the 
Audit process was circulated to obtain a wider view from the 
business. Audit quality was assessed on a continuous basis 
through provision of the reports from the external auditor which 
are reviewed and challenged by members at each relevant 
meeting. The audit quality had previously undergone some 
scrutiny as part of the audit tender process conducted in 
2022 and provided some benchmarking comparison to other 
audit firms. The Committee noted that the external auditor 
has demonstrated challenge and professional scepticism in 
performing its role through the provision of regular reporting 
and drawing the Committee’s attention to key matters during 
Committee meetings. Challenge provided by the external 
auditor on completeness issues in the related party listings 
provided by management has enabled the Committee to 
oversee the implementation of a more robust verification 
process providing assurances that the data held is complete 
and accurate. 
 
 
 
 
As part of its role to monitor and assess the independence 
and objectivity of the external auditor, the Committee has 
considered the FRC’s Revised Ethical Standard 2019 (the 
Standard) and paid particular attention to the Group’s wider 
relationship with the external auditor through its provision 
of non-audit services to the Group, the rotation of the senior 
audit partner, and the external auditor’s tenure with the Group, 
as detailed below. 
 
The external auditor provided the Committee with a report 
confirming that, in line with the FRC’s Standard and having 
regard to the threats and safeguards to independence, it had 
concluded that there were no matters that impaired or restricted 
its objectivity as auditors to the Group. 
 
The Committee considered the information and views presented 
to it and has concluded that the external audit process was 
effective, that it is satisfied with the performance of the external 
auditor, and that there are policies and procedures in place 
adequate to protect the independence and objectivity of the 
external auditor. Accordingly, the Committee has recommended 
to the Board that a resolution is put to shareholders at the 
upcoming AGM for the reappointment of the external auditor. 
Non-audit Services 
 A key component of the Committee discharging its responsibility 
for monitoring the independence and objectively of the external 
auditor is to provide oversight of the non-audit services 
provided to the Group. In addition to the report the Committee 
received concerning the safeguards to the external auditor’s 
independence, the Committee also reviewed reports from the 
Group’s Finance function prior to the publication of the Group’s 
interim and full year results on all non-audit services provided to 
the Group by the external auditor during the period under review. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
78 
 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
AUDIT COMMITTEE REPORT 
ENSURING THE CONTINUED INTEGRITY OF THE GROUP CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
The Committee has responsibility for recommending to the 
Board the Group’s policy on non-audit services supplied by 
the external auditor. The policy is specifically designed to 
ensure that the external auditor’s independence and objectivity 
is maintained. It sets out a number of permissible non-audit 
services which the external auditor may carry out in line with the 
FRC’s Standard. The Committee, in particular, considers that it is 
desirable that the external auditors also perform the assurance 
services required by regulation in respect of CASS and 
Safeguarding as this provides efficiencies in the audit process 
and, in its judgement, the threats to the auditors’ independence 
are insignificant. All non-audit services must be approved in 
advance by the Committee. 
In line with the FRC’s Standard, the policy specifies that the 
maximum non-audit fees that the external auditor can receive 
from the Group is 70% of the average of the audit fees incurred 
by the Group over the previous three years. Assurance services 
in relation to CASS and safeguarding are specifically excluded 
from the fee cap. The full policy can be found on the Group’s 
website. During 2024 the Group paid PwC £1,676,998 (FY23: 
£1,169,998) for audit and audit-related assurance services 
and £98,106 (FY23: £71,106) for other assurance services, 
giving a total fee to PwC of £1,775,104 (FY23: £1,241,104), 
94% was therefore for audit and related services and 6% for 
other assurance services. Further information on Auditors’ 
Remuneration is set out in note 1.4 to the financial statements. 
Tenure of the external auditor 
The Company has complied throughout the period under review 
with the provisions of The Statutory Audit Services for Large 
Companies Market Investigation (Mandatory Use of Competitive 
Tender Processes and Audit Committee Responsibilities) 
Order 2014, with regards to the tenure of the Group’s external 
auditor, the tender process for auditor appointments and Audit 
Committee responsibilities. 
The lead audit partner for the period under review was Darren 
Meek, in his fourth year of appointment. During the year there 
has been a change in the audit director, with the previous audit 
director providing a comprehensive handover supported with 
an induction covering key aspects of the audit provided by 
the Group Financial Controller. The Company considers that, 
taking account of the controls in place to maintain the external 
auditor’s independence and objectivity, the relationship the 
Hargreaves Lansdown 
Report and Financial Statements 2024 
Group has developed with PwC is conducive to an efficient 
and effective audit and, taking into account the significant 
transformation agenda, that it is therefore in the best interests 
of the Company’s members as a whole to maintain that 
relationship for the financial year ending 30 June 2025. 
As previously reported, the Group undertook a formal, 
competitive tender process in 2022 during which audit quality 
was of paramount importance. The Committee recommended to 
the Board that, subject to continuing satisfactory performance, 
members will be invited to vote, at the Company’s AGM, 
to reappoint PwC in respect of the audit of the financial 
statements for the year ending 30 June 2025. 
Internal Audit 
The Group’s Internal Audit function’s role is to provide objective 
assurance and advice to both the Board and management on 
the Group’s internal control and risk management framework. 
The Committee provides oversight of the programme of work 
carried out by the function, as well as monitoring and reviewing 
its role and effectiveness, including its objectivity. 
The role of the Group’s Internal Audit function is defined 
by the Internal Audit Charter, which sets out its objectives, 
responsibilities, and scope of work. The Charter was subject 
to review this year based on industry best practice and was 
approved by the Committee in February 2024. 
The function’s detailed work programme is set out in a rolling 
12-month Internal Audit Plan. This is reviewed and approved 
by the Committee every six months and informs the audit 
planning and priorities through continuous risk assessment. 
The Committee is satisfied that the Plan covers the Group’s key 
risks, regulatory priorities and strategic ambitions and aligns 
with the assurance activity being carried out by the Group’s 
second line function and the external auditor. Important topics 
covered by the Audit Plan this financial year include Consumer 
Duty implementation, Strategic Change Execution, Client 
Service and Outcomes, Risk framework and key IT controls 
including cyber security and resilience. Any Plan modifications 
are approved by the Committee. 
During the period, regular reports were received on progress 
against the Plan and these reports form a crucial input to our 
assessment of the internal control environment. (see below) 
The Committee uses this information to assess the function’s 
effectiveness and to ensure that it is adequately resourced 
and fully equipped to fulfil its mandate and perform in 
accordance with the Internal Audit Charter and relevant 
professional standards. The Internal Audit function maintains 
a robust process of internal quality assurance and the results 
of this continue to support the very positive external quality 
assessment received in 2021. 
The Chief Internal Auditor is a permanent invitee to the 
Committee’s meetings and meets regularly with both the 
Committee Chair and its members without management present. 
Having considered the information provided to it throughout the 
period under review, the Committee remains satisfied that the 
quality, experience, and expertise of the function is appropriate 
and that it is operating effectively. Despite some turnover during 
the year the function finished the year at full headcount. 
The Committee continues to support the maintenance of the 
function’s objectivity. It ensures the Chief Internal Auditor has 
direct access to both the Chair of the Board and the Committee 
Chair, in each case without the involvement of management, 
and they receive reporting directly from the function. 
The Committee Chair is responsible for setting objectives for the 
Chief Internal Auditor, appraising his performance (with support 
from the Chief Executive Officer) and recommending his annual 
remuneration for approval by the Remuneration Committee. 
Internal controls 
In conjunction with the Risk Committee, the Committee 
provides assurance to the Board on the Group’s system 
of internal controls. 
A key element of this is the review of the financial control 
systems that identify, assess, manage, and monitor financial 
risks, which are an important aspect of ensuring the integrity 
of the Group’s financial statements as a whole. 
The Committee receives reports from management on the 
effectiveness of those controls in addition to the independent 
assurance on the effectiveness of controls contained in the 
79 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
AUDIT COMMITTEE REPORT 
ENSURING THE CONTINUED INTEGRITY OF THE GROUP CONTINUED 
internal audit plan. The committee also receives observations 
on the control environment from the external auditor. During the 
period, the Committee has: 
• Reviewed the Internal Audit reports for the period as well as 
the progress of actions against any prior year observations 
on controls. 
• Considered year end reports on various aspects of the internal 
control environment of the business from Internal Audit, the 
Group Chief Risk Officer and the Chief Financial Officer. 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Overall, the Committee is satisfied that the Group’s internal 
control and risk management framework comprises adequate 
arrangements, actions, and mitigating controls. In order to 
support the continuing growth and increasing complexity of 
the Group, the Committee recognises that there is a need 
to continue to invest in improving and strengthening the 
Group’s risk culture and the risk management and internal 
control systems. Further information on the enhancements 
can be found on page 119 of the Risk Committee Report. 
The Committee has reviewed and approved the statements 
included in this Report and Financial Statements relating to 
risk management and longer-term viability on page 55 of the 
Strategic Report and on the adequacy of the Group’s internal 
control and risk management arrangements on page 73 of the 
Corporate Governance Report. 
Whistleblowing and Fraud 
The Committee Chair is the Whistleblowers’ Champion for 
the Group, and the Group is committed to creating a culture 
of openness, integrity, and accountability. A formal policy is in 
place which encourages colleagues and contractors to raise 
concerns, in confidence, about possible wrongdoing. Awareness 
of the policy is achieved through regular engagement and 
training throughout the year. Plans are in place for this to feature 
more significantly and frequently through colleague feedback 
during the next reporting period. Changes to the policy require 
the approval of the Board, and the Committee has responsibility 
for regularly reviewing the adequacy of arrangements to ensure 
reports are investigated, appropriate action is taken where 
necessary, and that appropriate steps are in place to safeguard 
reporters against victimisation. 
During the period, the Committee received regular reporting 
on the Group’s Speak Up arrangements, including management 
information on concerns raised. The Committee was satisfied 
that the strength of the arrangements is aligned with other 
financial services organisations, which was supported by an 
independent benchmarking exercise conducted by Protect, a 
leading charity supporting employers with their whistleblowing 
arrangements. The Speak Up arrangements are an important 
internal control for the Group and the Committee regularly 
updated the Board on their operation, where no fundamental 
weaknesses had been identified. Ongoing improvements to 
the arrangements included enhancements to the independent 
reporting site, making our arrangements available to the 
third-party vendors and improving the functionality of our 
reporting tool. 
As part of the Group’s commitment to ensure reasonable 
procedures are in place to prevent fraud, the Committee also 
received a report on fraud risk assessments which outlined the 
controls and measures in place to detect fraud and safeguard 
clients’ assets. No material issues were identified. 
Audit Committee evaluation 
The Committee is required to undertake a review of its 
performance at least annually to ensure it is operating 
effectively and in line with its terms of reference. This review 
was carried out in April 2024. A confidential survey of members 
was undertaken after which a separate session was held with 
the members which sought their views on areas such as the 
division of responsibilities between the Committee and the 
Risk Committee, the documentation provided by management 
and whether Committee members were comfortable that they 
had been provided with a complete and accurate picture of the 
assurance landscape with a process in place to assess audit 
quality on a continuous basis. The Secretary to the Committee 
also undertook an exercise to ensure the Committee had 
fulfilled its responsibilities as per its Terms of Reference as 
well as against the FRC’s Minimum standards. The outcomes 
of these activities confirmed that the Committee had acted in 
line with its remit during the period under review. Improvements 
implemented included minor revisions to the Terms of Reference 
following the publication of both the BEIS and the Corporate 
Governance Code consultations, as well as continuing to 
align the operation of effective key controls for assessing and 
managing the Group’s key risks with the Risk Committee. 
Audit Committee priorities for 2024/25 
 
Looking ahead to the next financial year, it is anticipated that 
the Committee will focus in particular on: 
• Ensuring attention continues to be given to the Committee’s 
key responsibilities, including preparing for attestation on 
controls to be made in the future as part of the corporate 
governance updates. 
• Continued oversight of the ongoing CASS change 
programme particularly the completion of tactical mitigation 
work and the completion of strategic solutions and 
• Providing oversight around developing our TCFD reporting. 
Darren Pope 
Chair of the Audit Committee 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
80 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Governance 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
ANNUAL STATEMENT BY THE CHAIR OF THE REMUNERATION COMMITTEE 
DIRECTORS’ 
REMUNERATION REPORT 
“
We drive great performance 
by empowering colleagues to 
focus on the right things in the 
right way. 
Moni Mannings 
Chair of the Remuneration Committee 
Dear Shareholder 
Firstly, I would like to thank our shareholders for their support at 
the 2023 AGM for our Directors’ Remuneration Policy (‘Policy’). 
This Committee spent much time last year developing this 
Policy, which increased the proportion of variable pay measured 
over the long-term, as well as engaging with shareholders on 
our approach to executive remuneration. Overall, the Committee 
believes that this new Policy better aligns our approach with our 
strategy, and the long-term sustainable growth and returns that 
this will deliver to all stakeholders. 
I am now pleased once again to present our Directors’ 
Remuneration Report for the year ended 30 June 2024 which 
sets out how our new Policy applied during the year and will 
be implemented for the forthcoming year. 
Business context in 2024 
This year, led by our new Chief Executive Officer, we have seen 
progress against our strategic goals and our ongoing focus on 
client service, client experience and value continues to deliver 
results. Our client numbers, which increased materially over the 
year, remain by far the largest in the sector with client retention 
levels at 91.4%. We also reached a record platform AUA of 
£155.3 billion, while delivering a healthy statutory Profit Before 
Tax (PBT) which was driven by a focus on key revenue drivers 
and robust cost control. 
We continue to invest in the value proposition for our clients, 
which this year included the launch of new products and 
services as well as the continued evolution of our digital offering 
to provide a more seamless client journey. This is supported 
by a focus on making HL a great place to work and ensuring 
we have the right teams in place to deliver the strategy. Over 
the year, we have strengthened our leadership team and, more 
broadly, have renewed our People Strategy. I am also pleased to 
note the strong progress against a stretching diversity and ESG 
agenda in line with the values of our business. 
While the Committee is pleased by the progress seen to date 
and the foundations built this year, it is recognised there is still 
more to do to deliver against our strategic priorities. 
Incentive award outcomes for 2024 
In determining Executive Director bonuses, the Committee 
reviewed financial and non-financial performance in key areas of 
focus. The Committee also considered carefully: 
 
 
• Delivery of the strategic goals in the year, including 
the personal contribution of each Executive Director 
towards these; 
 
• An assessment of risk events, risk maturity and control 
effectiveness; and 
• Whether the overall outcomes aligned with the wider 
stakeholder experience. 
Annual bonus outcomes are set out in summary on page 84 
and in detail on pages 97 to 99. In determining the outcomes, 
the Committee was satisfied that there was no reason to apply 
discretion and approved the outcomes as calculated. 
 
 
 
The Committee also undertook an assessment of the 
underpinning performance conditions of the 2019 SPP 
award (5-year performance period) and the 2021 SPP award 
(3-year performance period). After careful consideration, it 
was determined that the Group financial, risk and personal 
performance underpins were met and that these awards 
will therefore vest in full. In respect of the 2021 SPP award, 
a two-year holding period will apply until September 2026. 
The value of these awards to Executive Directors is included 
in the single figure table on page 96. 
Following shareholder approval of our new Policy, we granted 
our first Performance Share Plan (‘PSP’) awards to our Executive 
Directors in December 2023. These awards were subject to 
satisfactory personal performance in the period prior to grant 
Hargreaves Lansdown 
Report and Financial Statements 2024 
81 
 
 

 
 
Governance 
ANNUAL STATEMENT BY THE CHAIR OF THE REMUNERATION COMMITTEE 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
 
Directors’ Report 
120 
Section 172 Statement 
124 
 
Statement of Directors’ Responsibilities 
127 
 
Financial statements 
128 
Other information 
173 
and will vest based on performance over the three-year period 
to 30th June 2026. 
Full details on how variable pay awards have been determined 
for the 2024 performance year as well as grants made during 
the year are set out in this Annual Report on Remuneration. 
Executive Director changes 
We welcomed Dan Olley as Chief Executive Officer on 
7th August 2023. As outlined last year, his remuneration 
package was set in line with our new Policy approved by our 
shareholders at the December 2023 AGM and is detailed 
within this Annual Report on Remuneration. In order to secure 
his appointment, Dan Olley also received a buy-out in lieu of 
forfeited annual bonus and long-term incentive plan awards 
from his previous employers. In making the buy-out, the 
Committee looked to maintain consistency with the awards 
forfeited and replacement awards are no more generous than 
these. Further details on his buy-out is set out on page 101. 
 
 
Chris Hill stepped down as CEO on 7th August 2023 and I’d 
like to thank him for his contribution to the business during his 
tenure. Chris Hill received his salary and contractual benefits 
until the end of his notice period on 17th October 2023, but 
received no bonus in respect of the 2024 performance year. 
Further details on Chris’ remuneration are included on page 96 
and 103. 
Wider workforce 
Our approach to reward is key in how we unleash the potential 
of our people and drive a high performance and inclusive culture. 
During the year, we refreshed our People Strategy enabling us 
to reset our foundations and drive performance. This will be 
underpinned by our Performance and Reward Philosophy which 
helps guide all decisions related to colleague performance 
and reward. 
The way our Performance and Reward Philosophy supports 
the broader strategy will be a key focus over 2025, starting with 
the alignment of colleague Objectives and Key Results (‘OKRs’) 
to our five strategic priorities. We believe that performance and 
reward should be driven by both HL and colleague performance. 
 
 
 
 
 
 
We will also ensure that behaviours aligned to our values are a 
core part of how we assess personal performance, and overall 
reward outcomes. 
 
 
The colleague voice plays a key role in our decision making 
process, and with a period of significant change regular 
communication and engagement with our colleagues has been 
essential. We introduced our new CEO through a comprehensive 
communications campaign, including running listening sessions 
for colleagues to sign up and share their feedback directly. 
We have continued to run these sessions, so Dan hears from 
a different group of colleagues in person every month. 
 
 
 
We have also continued to engage and invest in our Colleague 
Forum. In addition to providing an opportunity to consult with 
colleagues on executive and wider workforce pay approach, it 
provides a two-way feedback channel on our strategic priorities 
and a route for colleagues to raise hot topics that are relevant 
across HL. Further details of the activities in FY24 can be found 
at page 42. 
Gender pay and diversity 
We remain committed to Inclusion and Diversity and believe that 
building a more representative workforce and inclusive culture 
will help us deliver the best outcomes for our clients. Further 
details on our approach to Inclusion and Diversity can be found 
on page 38. 
 
Our ongoing commitment to initiatives such as the Women in 
Finance Charter, FTSE Women Leaders, the Parker Review 
and the Race at Work Charter help ensure we are transparent 
and accountable in our approach and, from a remuneration 
perspective, our reward framework now includes stretching 
targets aligned to our aspiration for increasing the representation 
of senior women and colleagues from ethnic minority groups. 
Analysis of our 2023 Gender Pay Gap (GPG) also gives insight 
into where we are making progress and where we need to take 
action. This year our mean and median GPG have widened, 
with the mean moving from 7.8% in 2022 to 9.3% in 2023 and 
median moving from 13.7% to 19.1%. This change is primarily due 
to high levels of recruitment, predominantly of men, into roles 
commanding a market premium. Whilst overall representation 
of women in senior roles has improved, there is a greater 
proportion of men in roles commanding higher salaries as 
they are larger or command a greater market premium. 
We produced our second Ethnicity Pay Gap (EPG) report this 
year, which we voluntarily publish as part of our commitment 
to increasing ethnic minority representation, as recommended 
by the Race at Work Charter. For the first time we have chosen 
to disaggregate the data to get richer insight into the barriers 
faced by different ethnic groups. Our 2023 report, which shares 
data from 5 April 2023, showed that our mean and median EPG 
has narrowed since the previous year, with the mean moving 
from 19.6% to 12.2% and the median from 21.2% to 20.3%. 
Disaggregated data showed that we have the biggest pay 
disparity between White and Black colleagues. 
Har
 
greaves Lansdown 
Report and Financial Statements 2024 
82 

 
 
 
Governance 
ANNUAL STATEMENT BY THE CHAIR OF THE REMUNERATION COMMITTEE 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112
Risk Committee Report 
117
 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
 
 
 
This GPG and EPG analysis illustrates that there is still work 
to do in terms of narrowing the pay gap, and making progress 
requires long-term commitment and the focus on support of the 
whole system to drive change. Going forward, we are focusing 
on the three areas that we feel will deliver the biggest impact 
– recruitment, progression and taking a functional approach. 
Please see pages 40 to 41 for further details. 
 
Implementation of Policy in FY25 
Having applied our new Policy over FY24, the Committee is 
confident it remains fit for purpose and aligned to the long-term 
strategic ambitions of HL and the creation of shareholder value. 
Therefore, no material changes are proposed for FY25. 
 
 
The Executive Directors’ base salaries were reviewed in June 
2024. Notwithstanding his strong performance in the year, Dan 
Olley requested that his salary remain unchanged for FY25 
recognising that he had only been in role for less than a year. 
For Amy Stirling, a salary increase of 3.5% is proposed. This 
is in line with the salary increase for other members of the 
senior leadership team, but below the salary increase for the 
wider workforce at 3.7%. This is the first salary increase Amy 
has received since her appointment as CFO in February 2022 
having requested not to take an increase last year. 
Variable pay arrangements will continue to operate in line with 
the Policy and performance measures remain largely unchanged 
compared to prior year. For the annual bonus, however, asset 
retention will replace the previous client retention metric. 
We have also evolved our approach to measuring ESG for the 
purposes of the PSP and now include quantitative emissions 
reduction targets. 
 
 
 
Contents of this report and closing remarks 
On the following pages we set out:  
• A summary of Executive Directors’ Remuneration for the year. 
• A summary of the Policy which was approved last year; and 
• The Annual Report on Remuneration. 
The Directors’ Remuneration Report will be submitted to 
shareholders at the 2024 AGM, and I hope I can rely on your 
continued support. I thank you, once again, for your time in 
considering our approach to executive remuneration. 
Moni Mannings 
Chair of the Remuneration Committee 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
83 

 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117
 
Directors’ Report 
120 
Section 172 Statement 
124
 
 
Statement of Directors’ Responsibilities 
127 
 
Financial statements 
128 
Other information 
173 
 
 
 
 
 
Governance 
SUMMARY OF EXECUTIVE DIRECTORS’ REMUNERATION FOR THE YEAR 
Remuneration outcomes for 2024 at a glance 
CEO – Dan Olley 
Total Remuneration Outcomes (£’000) 
2024 
£3,784 
£734 
£900 
£2,150 
Total 
19.4% 
Fixed 
80.6% 
Variable 
 Fixed Pay 
Annual Bonus 
Replacement Awards 
FY2024 Performance Assessment 
Measure 
Max 
Achievement 
Financial/
Growth  
(60%) 
 
Net New Business 
15.0% 
4.3% 
Underlying Cost 
17.5% 
13.5% 
Profit Before Tax 
(Statutory) 
17.5% 
17.5% 
Client Retention 
10.0% 
4.2% 
Non-
financial 
(20%) 
ESG – Colleague 
engagement 
5.0% 
0.0% 
ESG – Risk and Controls 5.0% 
2.5% 
Client Service NPS 
10.0% 
0.0% 
OVERALL OUTCOME 80.0% 
41.9% 
Share Ownership as a % of Salary 
(as at 30.06.2023) 
Shareholding Requirement 
300% 
Current Shareholding 
152% 
41.9% 
Bonus achieved 
as % maximum
of opportunity
Guideline of three times salary. 
Current shareholding details are 
set out on page 102 
CFO – Amy Stirling 
Total Remuneration Outcomes (£’000) 
£585 
£629 
Total 
2024 
48.2% 
Fixed 
51.8% 
Variable 
£1,214 
£594 
£907 
Total 
£1,501 
2023 
 Fixed Pay 
Annual Bonus 
FY2024 Performance Assessment 
41.9% 
Measure 
Max 
Achievement 
Financial/
Growth 
(60%) 
 
Bonus achieved 
as % maximum 
of opportunity 
Net New Business 
15.0% 
4.3% 
Underlying Cost 
17.5% 
13.5% 
Profit Before Tax 
(Statutory) 
17.5% 
17.5% 
Client Retention 
10.0% 
4.2% 
Non-
financial 
(20%) 
ESG – Colleague 
engagement 
5.0% 
0.0% 
ESG – Risk and Controls 5.0% 
2.5% 
Client Service NPS 
10.0% 
0.0% 
OVERALL OUTCOME 80.0% 
41.9% 
Share Ownership as a % of Salary 
(as at 30.06.2023) 
Shareholding Requirement 
300% 
Current Shareholding 
125% 
Guideline of three times salary. 
Current shareholding details are 
set out on page 102 
Hargreaves Lansdown 
Report and Financial Statements 2024 
84 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance  
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY) 
The Directors’ Remuneration Policy was subject to a binding 
vote and approved by shareholders at our 2023 AGM held on 
8 December 2023. The tables below summarise the elements 
of the remuneration package for Directors and will apply until 
shareholders next consider and vote on a subsequent policy 
(intended to be three years from the date of approval). 
The Directors’ Remuneration Policy is designed to ensure 
that remuneration supports the Group’s strategic objectives, 
is appropriately positioned against the external market, and 
provides fair rewards that will attract, retain and motivate 
individuals of the calibre required to run a group of the scale 
and complexity of Hargreaves Lansdown. 
The full Directors’ Remuneration Policy can be found 
on pages 89 to 99 of the 2023 Report and Financial 
Statements, which is available to view on our website 
at www.hl.co.uk/investor-relations. 
The policy is divided into separate sections for Executive 
and Non-Executive Directors. 
Executive Directors 
Element, purpose and link to strategy 
Operation and performance measures 
Maximum opportunity 
Base salary 
Reflects the individual’s 
responsibilities, experience 
and contribution. 
Supports the recruitment and 
retention of the calibre of individuals 
required to lead the Company. 
Base salaries are normally reviewed annually, with any increase usually effective from 1 July. 
Base salaries are set taking into account a range of factors including external remuneration levels 
and remuneration levels within the Group, as well as an individual’s responsibilities, experience 
and contribution. 
Base salary will ordinarily increase by no more than the average of relevant employee increases. 
Any in
 crease beyond this would only be made in exceptional circumstances, which would be explained 
by the Remuneration Committee. 
Circumstances in which the Committee may award increases outside this range may include: 
• 
 
 
 
A change in the scope and/or size of Executive Director’s role and/or responsibilities; 
• Performance and/or development in role of the Executive Director; and 
• 
 
A material change in the Group’s size, composition and/or complexity. 
No absolute maximum increase. However, 
the Remuneration Committee will consider the 
operational principles as set out in this table. 
Benefits 
An ‘across the board’ benefits 
package is available both to 
employees and Executive 
Directors alike. 
Supports the recruitment and 
retention of the calibre of individuals 
required to lead the Company 
The Committee’s policy is to provide Executive Directors with competitive levels of benefits, taking into 
consideration the benefits provided to all eligible employees and the external market. 
Where costs are necessarily incurred in the performance of duties on behalf of the Group, those costs will 
be reimbursed in full, for example, travel, accommodation, subsistence, relocation, and any tax and social 
costs arising thereon. 
 
 
Benefits include (but are not limited to) life insurance, income protection, private medical cover, health 
screening, discounted platform fees and participation in all employee share schemes such as Share 
Incentive Plan and Save As You Earn scheme. 
 
While no absolute maximum level of benefits 
has been set, the level of benefits provided 
is determined taking into account individual 
circumstances, overall costs to the business 
and market practice. 
Har
 
greaves Lansdown 
Report and Financial Statements 2024 
85 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY) 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Element, purpose and link to strategy 
Operation and performance measures 
Maximum opportunity 
Pension 
Provides adequate pension saving 
arrangements for Directors and 
employees. 
Supports the recruitment and 
retention of the calibre of individuals 
required to lead the Company. 
Pension provision is provided in line with the pension provision available for all employees. 
Any changes made to the employee arrangements will normally be carried across to the Directors. 
The Committee may amend the form of any Director’s pension arrangements in response to changing 
pension legislation or similar developments, so long as any amendment does not increase the cost to the 
Company of a Director’s pension provision by any greater percentage than the increase to the provision for 
all other employees. 
The Company will contribute, on the same basis as the pension provision available to all employees, 
to a savings vehicle where a Director has reached the Lifetime Allowance, would exceed any pension 
contribution limits in any year, or has elected to protect their Lifetime Allowance. 
Alternatively, if the Director does not wish to contribute to a savings vehicle, a cash allowance will be paid. 
All employees and Directors may waive an element of their annual performance bonus in return for 
a corresponding employer’s contribution into their pension. 
 
The Group provides a matched employer 
contribution of 5% of base salary. 
Where employees make additional contributions 
of over 5% of salary, these will be double 
matched by the Company, up to a maximum 
of 11% of salary. 
The maximum contribution available to the 
Directors is 11% of salary, in line with the wider 
workforce rate. The maximum cash alternative 
is 5
 %. 
Any contribution paid as a result of waiver of the 
cash element of an Annual Performance Bonus 
will not be counted towards these maxima and 
will not attract matched funding. 
Annual performance bonus 
Rewards achievement of the Group’s 
business plan, key performance 
indicators and the personal 
contribution of Directors. 
 
 
Aligns the interests of Directors 
with those of shareholders. 
The level of annual performance bonus payable is linked to key financial and non-financial metrics as well 
as corporate and individual performance against objectives. 
The on-target award level for Directors is 50% of the maximum opportunity. For each performance element 
of the bonus, 25% of the maximum opportunity will be paid for the attainment of threshold performance. 
Performance will usually be assessed against a combination of financial/growth, non-financial and 
individual performance measures with at least a 50% weighting allocated to financial/growth measures, 
and no more than 20% allocated to individual performance. In assessing the overall performance outcome, 
the Remuneration Committee may use its judgement and retains flexibility to apply discretion to the 
formulaic outcome as set out on page 95 of the 2023 Report and Financial Statements. 
Awards will be delivered in an appropriate combination of cash and shares in line with prevailing regulatory 
requirements, with a minimum of 50% of total variable remuneration delivered over HL plc shares. The 
combination of cash and shares will be determined each year by the Committee. Awards may be subject 
to any further post-vesting/holding period applicable in line with regulatory requirements. 
Deferral will be determined by reference to the proportion of overall variable pay required to be deferred 
under regulatory requirements, currently the Investment Firm Prudential Regime (IFPR), typically 60%. 
In accordance with regulation, deferral calculations will normally be based on grant values. The deferral 
period will usually be three years followed by a post vesting holding period as required under regulation. 
Subject to regulatory requirements, dividend alternatives will normally accrue on deferred awards up to the 
vesting date. 
Awards are subject to malus during the vesting period and clawback until the later of three years from 
the date of award or the end of any post vesting holding period. Further details of malus and clawback 
provisions are set out on page 95 of the 2023 Report and Financial Statements. 
The maximum bonus opportunity for Directors 
under the policy is as follows: 
• 
 CEO: 250% of base salary in respect of the 
relevant financial year; and 
• 
 CFO: 220% of base salary in respect of the 
relevant financial year. 
Har
 
greaves Lansdown 
Report and Financial Statements 2024 
86 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY) 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Element, purpose and link to strategy 
Operation and performance measures 
Maximum opportunity 
Performance Share Plan 
Rewards achievement of the Group’s 
business plan and key performance 
indicators over the long-term in 
line with shareholder and wider 
stakeholder experience. 
Awards over HL plc shares will vest subject to the achievement of performance measures over a 
performance period, which is normally three years from the beginning of the financial year in which 
the award is granted. 
Awards will normally be granted subject to satisfactory personal performance of each Director prior 
to grant. 
Performance measures attached to PSP awards may be a mix of financial measures and other long-
term strategic measures. Financial measures will comprise at least 75% of the performance measures. 
Weightings and targets will be set in advance of each grant by the Committee and disclosed prospectively, 
and performance against the targets set will be disclosed retrospectively. 
Vesting will be on a straight-line basis between threshold and maximum performance levels, with no 
more than 25% vesting at threshold performance. No award will vest for performance below threshold 
level. The Committee may use its judgement and retains flexibility to apply discretion to the formulaic 
outcome as set out on page 95 of the 2023 Report and Financial Statements. 
Vested awards (net of applicable taxes and deductions) will normally be subject to a two-year holding period. 
Subject to regulatory requirements, dividend alternatives will normally accrue on unvested awards up to 
the vesting date. 
Awards are subject to a formal malus mechanism until vesting. Awards are subject to clawback until the 
end of any post vesting holding period. Further details of malus and clawback provisions are set out on 
page 95 of the 2023 Report and Financial Statements. 
Awards may also be granted in conjunction with a tax-advantaged Company Share Ownership Plan 
(“CSOP”) up to the HMRC limits as an “Approved PSP Award” with the vesting of any Approved PSP Award 
scaled back to take account of any gain made on exercise of the associated CSOP option. An Approved 
PSP Award may enable the Director and the Company to benefit from tax advantaged treatment on part 
of their PSP award without increasing the pre-tax value delivered to the Director or cost to the Company. 
The maximum PSP award each year under 
the Policy will be 150% for the CEO and 130% 
for the CFO. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
87 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY) 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Element, purpose and link to strategy 
Operation and performance measures 
Maximum opportunity 
Sustained Performance Plan 
Aligns the interests of Directors 
with those of shareholders and 
rewards long-term stewardship 
of the Company. 
Annual awards of over HL plc shares will vest subject to the achievement of underpinning performance 
conditions over a performance period, which is normally three years from the beginning of the financial 
year in which the award is granted. 
Awards will normally be granted subject to satisfactory personal performance of each Director prior 
to grant. 
The underpinning performance conditions applicable for each award will be set in advance of each 
grant by the Committee and disclosed prospectively, and performance against the targets set will be 
disclosed retrospectively. 
Vesting will be determined by the Committee and, in doing so, the Committee retains flexibility to apply 
discretion to the formulaic outcome as set out on page 95 of the 2023 Report and Financial Statements. 
Vested shares (net of applicable taxes and deductions) will then normally be subject to a two-year 
holding period. 
Subject to regulatory requirements, dividend alternatives will normally accrue on unvested awards up 
to the vesting date. 
Awards are subject to a formal malus mechanism until vesting. Awards are subject to clawback until the 
end of any post vesting holding period. Further details of malus and clawback provisions are set out on 
page 95 of the 2023 Report and Financial Statements. 
The maximum award each year under the Policy 
is 50% of base salary 
Shareholding guideline 
Aligns the interests of management 
and shareholders to the success 
of the Group 
All Executive Directors are expected to hold shares in the Company with a specific market value expressed 
as a percentage of their salary, within a reasonable time frame (typically within six performance years 
of appointment). 
The current shareholding guideline for Directors is a minimum value of three times base salary. 
Vested and unvested (net of tax) awards under the annual performance bonus are included in the 
calculation of a Director’s shareholding for this purpose. 
Awards no longer subject to performance conditions (net of tax) under the Performance Share Plan 
and Sustained Performance Plan are also included. 
Upon ceasing to be employed, Directors will be required to retain a shareholding equal to their shareholding 
guideline, or the number of shares actually held on departure, whichever is the lower, for twenty-four 
months. This will not include shares purchased or awarded to Directors upon recruitment in respect of 
any buyout award, nor will it include shares vested prior to the 2020 AGM. 
Not applicable. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
88 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY) 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance  
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Approach to recruitment remuneration 
The Committee will set a remuneration package for new 
Executive Directors determining the individual elements of the 
package and the total package taking account of the skills and 
experience of the candidate, the market rate, and remuneration 
levels across the Group, respecting maximum levels for variable 
pay referred to in the appropriate policy table.  
Separately, additional cash and/or share based awards on 
a one-off basis may be made upon recruitment as deemed 
appropriate by the Committee if the circumstances require, 
taking into account pay or benefits forfeited by a Director on 
leaving a previous employer. The Committee has the discretion 
to make such awards under its share plans and in excess of 
the salary limits contained therein, or as permitted under Rule 
9.4.2 of the Listing Rules (which allows companies to make 
one off share awards in exceptional circumstances, including 
recruitment). Such awards will, as far as possible, maintain 
consistency with the awards forfeited in terms of type of reward 
(shares or cash), expected value, time horizons and whether 
they were subject to performance criteria. Other payments 
may be made for relocation expenses, recruitment from abroad, 
legal costs, tax equalisation, other costs or benefits forfeited 
by an individual being recruited. 
Service agreements and loss of office payments 
All Executive Directors have a service contract which reflects 
the approved policy in force at the time of appointment. 
The service contracts for all Directors in post are available for 
viewing (on the giving of reasonable notice) at our registered 
office during normal business hours and both prior to, and at, 
the Annual General Meeting. Under the terms of our Articles 
of Association, all Directors are subject to annual re-election 
by shareholders. 
Service contracts do not have a specific duration but may 
be terminated with 12 months’ notice from the Company or 
the Executive Director. 
The service agreements contain provisions for payment in lieu 
of notice in respect of base salary and pension contributions. 
The Committee has a policy framework for payments for loss 
of office by an Executive Director, both in relation to the service 
contract and incentive pay, which is summarised below. The 
approach of the Company on any termination is to consider all 
relevant circumstances, including the recent performance of the 
Executive Director, and to act in accordance with any relevant 
rules or contractual provisions. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
89 

 
 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY) 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance  
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Element 
Nature of termination 
By Executive Director or  
Company giving notice 
By Company  
summarily 
Good leaver: leaving by reason of death, ill health, injury or disability, redundancy, retirement with the agreement of the 
Committee, the sale of employing business or company, or other circumstances at the discretion of the Committee 
Base salary, 
pension and 
benefits 
 
 
Paid until employment ceases 
Paid until employment ceases. 
Paid until employment ceases or in respect of notice period (subject to mitigation) depending on the 
reason for cessation. Discretion for Company to pay salary, pension and benefits in a single payment 
or in monthly instalments. 
Annual bonus 
No entitlement to annual bonus for 
that financial year. 
 No entitlement to annual bonus for 
that financial year. 
 
 
 
Cessation during the financial year or after the financial year end, but before payment date, may 
result in bonus being payable subject to performance (pro-rated for the proportion of the financial 
year worked). 
 
Deferred bonus 
award 
Unvested deferred bonus awards 
lapse when employment ceases. 
Unvested deferred bonus awards 
lapse when employment ceases. 
Vested awards will not lapse and unvested options and conditional shares awards (where shares 
have yet to be delivered) may vest and be exercised in accordance with normal terms. Committee 
has discretion to determine whether awards vest when employment ceases. 
 
 
 
Performance Share 
Plan (PSP) awards 
Unvested PSP awards lapse when 
employment ceases. 
Vested PSP awards will normally 
continue to be released on the 
original terms. 
Unvested PSP awards lapse when 
employment ceases. 
 
 
 
 
 
Vested PSP awards subject to 
a holding period will lapse upon 
summary dismissal. 
Unvested awards will normally vest in accordance with the original terms, on a pro rata basis for the 
period of time served as a proportion of the initial performance period and subject to achievement 
of the performance measures. The Remuneration Committee has discretion to waive the pro-ration 
of PSP awards, should they deem this to be appropriate. 
 
Vested awards that remain subject to a holding period will normally continue to be released on the 
original terms. 
 
The Remuneration Committee has discretion to accelerate the vesting and release of awards for good 
leavers in exceptional circumstances (e.g. death). 
 
Sustained 
Performance Plan 
(SPP) awards 
Unvested SPP awards lapse when 
employment ceases. 
Vested SPP awards will normally 
continue to be released on the 
original terms. 
 Unvested SPP awards lapse when 
employment ceases. 
 
Vested SPP awards subject to 
a holding period will lapse upon 
summary dismissal. 
Unvested awards will normally vest in accordance with the original terms, on a pro rata basis for the 
period of time served as a proportion of the initial performance period, subject to achievement of the 
performance underpins. The Remuneration Committee has discretion to waive the pro-ration of SPP 
awards, should they deem this to be appropriate. 
 
 
Vested awards that remain subject to a holding period will normally continue to be released on the 
original terms. 
The Remuneration Committee has discretion to accelerate the vesting and release of awards for good 
leavers in exceptional circumstances (e.g. death). 
 
Other payments 
None. 
None. 
In appropriate circumstances, disbursements such as legal costs, outplacement services, relocation 
expenses and the cost of a settlement agreement. 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
90 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY)
CONTINUED 
Illustration of application of Remuneration Policy 
The Committee discloses each year in the Group’s Report and Financial Statements a bar chart 
that models the potential remuneration for each of the Executive Directors for the forthcoming 
year using a range of assumptions. The chart shows the potential value of the current Executive 
Directors’ remuneration for the forthcoming year for three scenarios; minimum, maximum and 
mid-point scenario as follows: 
 
 
• The minimum amount represents the unconditional component of the remuneration package: 
salary, pension and employee benefits; 
• 
 The mid-point amount is the amount the Executive Director will receive if they achieve an 
on-target bonus level (50% of maximum) and on-target Performance Share Plan vesting 
(62.5% of maximum), and awards under the Sustained Performance Plan vest in full. It will 
include both fixed and variable components of remuneration; and 
• The maximum level is the maximum amount of remuneration each Executive Director can be 
awarded in the year. The maximum is subject to remuneration caps that have been established 
for each component. 
Within the scenario charts, the final scenario on the right-hand side sets out the impact on the PSP 
and SPP awards of a 50% appreciation in the Company’s share price during the relevant period. 
Dan Olley – Remuneration opportunity for FY25 
(£’000s) 
Minimum 
On-target 
Maximum 
Maximum 
+share price 
appreciation 
29% 
20% 
17% 
33% 
44% 
38% 
25% 
27% 
23% 
13% 
9% 
8% 
15% 
100% £816k 
£2,778k 
£4,101k 
£4,831k 
0 
1,000 
2,000 
3,000 
4,000 
5,000
 Fixed pay
 Annual Bonus
 PSP
 SPP
 Share price appreciation 
Amy Stirling – Remuneration opportunity for FY25 
(£’000s) 
Minimum 
On-target 
Maximum 
Maximum 
+share price 
32% 
31% 
23% 14% 
22% 
19% 
43% 
37% 
25% 
22% 
10% 
8% 
15% 
100% 
£3,268k 
£605k 
£1,916k 
£2,779k 
appreciation 
0 
1,000 
2,000 
3,000 
4,000 
5,000
 Fixed pay
 Annual Bonus
 PSP
 SPP
 Share price appreciation 
Hargreaves Lansdown 
Report and Financial Statements 2024 
91 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REMUNERATION POLICY (SUMMARY)
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance  
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Non-Executive Directors 
Element, purpose and link to strategy 
Operation and performance measures 
Base fee 
Supports the attraction and 
retention of high performing 
individuals, considering both 
the market value of the position 
and the individual’s skills, experience 
and performance. 
Non-Executive Directors are paid an annual base fee with fees for additional roles (for example, Senior 
Independent Director  or Chair of a Board Committee and/or Chair or member of a subsidiary Board). 
 
The Chair’s and Non-Executive Directors’ base fees are reviewed annually and any increases, if applicable, 
are normally effective from 1 July. 
The fee levels are set considering relevant factors, such as time commitment and market data for 
comparable positions and taking account of the time commitment required for the role. 
All Non-Executive Directors’ fees including those below are paid in cash monthly or such other frequency 
as determined by the Board. 
The Non-Executive Directors are not eligible for bonuses, pension  or to participate  in any Group employee 
share plan. 
Committee Chair fees 
Recognises the additional time 
commitment and responsibility 
involved in chairing a Committee 
of the Board. 
Each Non-Executive Director receives an additional fee for each Committee for which they are Chair. 
The Committee Chair fees reflect the additional time and responsibility in chairing a committee of the 
Board, including time spent liaising with management and preparing for a committee of the Board. 
Senior Independent Director 
(SID) fee 
Recognises the additional time 
commitment and responsibility 
involved in holding the SID role. 
The SID receives an additional fee for their role. 
The fee reflects the additional time and responsibility in fulfilling the role of Senior Independent Director. 
Benefits and expenses 
To appropriately reimburse the Chair 
and Non-Executive Directors for 
out-of-pocket expenses incurred in 
the fulfilment of their responsibilities 
and any tax and social costs arising. 
Non-Executive Directors may be eligible to receive benefits such as travel and other reasonable expenses. 
Where costs are necessarily incurred in the performance of duties on behalf of the Company, those costs 
will be reimbursed in full, for example, travel, accommodation, subsistence, relocation, and any tax and 
social costs arising. 
Expenses may be claimed by the Chair and Non-Executive Directors in line with the Company’s 
expenses policy. 
Appropriate Director insurance and indemnity cover is provided by the Company. 
Some Group services are provided at a reduced cost, on the same basis as for all other employees. 
Where benefits are provided to Non-Executive Directors, they will be provided at a level considered to be 
appropriate, taking into account individual circumstances. 
In accordance with the Company’s Articles 
of Association, the maximum aggregate 
remuneration for the Non-Executive Directors 
is currently £1,500,000 per annum. This limit 
will be reviewed by the Board from time to time 
to ensure that it remains appropriate. Non-
Executive Directors are appointed for an initial 
term of three years, if the contract ceases 
earlier, three months prior written notice 
is required. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
92 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
ANNUAL REPORT ON REMUNERATION 
This report has been prepared in accordance with the 
provisions of the UK Corporate Governance Code. It also meets 
the requirements of the UK Listing Authority’s Listing Rules. The 
Remuneration Committee confirms throughout the financial year 
that the Company has complied with these governance rules 
and best practice provisions. 
Role of the Remuneration Committee 
The Board remains ultimately accountable for executive 
remuneration but has delegated this responsibility to the 
Remuneration Committee. 
The Remuneration Committee is therefore responsible for 
determining the Remuneration Policy for the remuneration of 
the Executive Directors of the Company and of the subsidiary 
companies, the Chair, other members of executive management 
and all other employees who are deemed to be Material 
Risk Takers. The Committee shall also review workforce 
remuneration and related policies, and the alignment of 
incentives and rewards with the Group’s culture and defined 
behaviours, taking these into account when setting the 
policy for plc Executive Director remuneration. The policy is 
determined with due regard to the interests of the Company, 
the shareholders and the Group, with the objective of being able 
to attract, retain and motivate executive management of the 
quality required to run the Group successfully without paying 
more than is necessary. 
 
 
The performance measurement of the Executive Directors and 
key members of senior management and the determination of 
their annual remuneration packages is also undertaken by the 
Committee. For individuals below the Executive Leadership 
Team remuneration structures and outcomes are reviewed at 
the Executive Committee which reports and refers decisions to 
the Committee for final approval where relevant. 
The Committee also ensures that the remuneration relationship 
between the Executive Directors and senior employees of the 
Group is appropriate and that the Remuneration Policy complies 
with the relevant FCA Remuneration Codes. Any exceptional 
remuneration arrangements for senior employees are approved 
by or advised to the Committee. 
UK Corporate Governance Code 
When considering the policy, the Committee was mindful of the 
UK Corporate Governance Code and believes that the executive 
remuneration framework addresses the following principles: 
Clarity 
The Committee remains committed to a clear and transparent remuneration framework that 
promotes effective engagement with our shareholders and the wider workforce. Further alignment 
with our shareholder interests is driven by the increased focus on long-term time horizons and 
Executive Director shareholding requirements. 
Simplicity 
The remuneration arrangements for Executive Directors are well understood by both participants 
and shareholders. The structure consists of fixed pay, annual bonus (including deferral), SPP and 
PSP. The approach to annual bonus deferral has been simplified, with a portion being deferred 
where the regulatory requirement is not satisfied through our long-term incentive awards or 
where the HL internal deferral framework would result in a greater level of annual bonus deferral. 
Risk 
The remuneration framework has been designed to mitigate risk where appropriate. The Committee 
review adherence to the Group’s risk parameter as part of its determination of variable pay outcomes 
and malus and clawback provisions apply to the annual bonus, SPP and PSP award. Under the policy, 
the PSP and SPP awards will be subject to a two-year post-vesting holding period. Where a portion 
of the annual bonus is to be deferred, an additional post-vesting holding period will apply as required 
under the regulations. 
Predictability 
The potential value of the Executive Directors’ remuneration packages at threshold, target and 
maximum scenarios (including with 50% share price appreciation) have been provided on page 91. 
In addition, the policy states the maximum annual bonus, PSP and SPP opportunity as a percentage 
of salary. In line with best practice, the specific targets are also communicated to participants and 
disclosed to shareholders. 
Proportionality 
The Committee strongly believes that poor performance should not be rewarded. The annual bonus 
and PSP awards require performance against stretching targets to ensure that there is a clear link 
between the performance of the Group and awards made to Executive Directors. The SPP award is 
subject to robust underpin measures. These underpins reflect on both financial and non-financial 
performance and are aligned to the Group’s strategic priorities. 
Alignment to culture 
The remuneration framework has been designed to support both the Group’s culture, purpose and 
values. The performance measures and underpins of the variable pay awards have been chosen to 
drive desired behaviours and are aligned to the strategy of the business. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
93 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173
Meetings during the year 
There were five scheduled meetings during the year  as set 
out on page 67 and occasional ad hoc meetings where required. 
Meetings were chaired by Moni Mannings; other members 
were John Troiano for the full year and Deanna Oppenheimer, 
Roger Perkin and Michael Morley for part of the year. 
None of the Committee has any personal financial interest 
(other than as shareholders), conflicts of interests arising 
from cross-directorships or day-to-day involvement in running 
the business. 
During the year the Committee has undertaken  activities as 
set out below and, in doing so, confirm that there have been no 
deviations from the procedure for implementation of the policy 
in this financial year: 
Overview of the Committee’s activities 
in the year to 30 June 2024 
 
25% 
Wider 
Workforce 
Policy 
7% 
Other 
52% 
including 
Executive 
Meeting 
Remuneration 
Administration 
& Policy 
5% 
Business 
Performance 
11% 
& Risk 
Regulatory 
Assessment 
& Governance 
Review 
(including gender pay) 
• Executive Remuneration & Policy 
Reviewing and implementing the Directors’ Remuneration Policy 
and considering our remuneration approach to apply to FY25 
and beyond. 
Consideration of the Directors’ Remuneration Report in the 
2023 Report and Financial Statements, and stakeholder 
feedback received. 
Assessing progress towards achieving Director 
shareholding requirements. 
 
• Wider Workforce Policy 
Reviewing the remuneration policy for the wider workforce 
and approving new policies in accordance with regulatory 
and governance requirements. 
 
Receiving reports and overseeing decisions and 
recommendations made by the Executive Committee. 
Reviewing colleague feedback via the Colleague Forum, 
oversight of which transitioned to the Nomination & Governance 
Committee during the year. 
 
Reviewing the gender and the ethnicity pay gap reporting 
covering the snapshot date of 5 April 2023, and noting 
management’s action plan to address the gender pay gap. 
• Business Performance & Risk Assessment 
Reviewing our approach to business and individual performance 
measures, targets and weightings, with a particular focus on 
ensuring they evidence delivery against our strategic priorities. 
Considering a formal assessment of risk performance in relation 
to remuneration. 
 
Reviewing and agreeing performance bonuses for the Executive 
Directors and other Material Risk Takers (MRTs). 
 
Reviewing and approving Executive Directors’ objectives and 
performance measures. 
• Regulatory & Governance 
Receiving and noting regulatory and governance updates. 
Reviewing and approving the required Remuneration 
Code disclosures. 
 
In addition, the Committee dealt with administrative matters as 
required, including approving minutes, reviewing matters arising, 
considering forward agenda items and determining matters for 
escalation to the Board or other Legal Entities as appropriate. 
The detailed responsibilities of the Committee are set out in its 
terms of reference, which are available on the Group’s website 
at www.hl.co.uk/about-us/board-of-directors.
Advice to the Committee 
During the year, the Committee has been supported by the 
Company Secretary, Chief People Officer, Head of Performance 
and Reward, and Chief Executive Officer who are invited to 
attend Committee meetings to provide further background 
information and context to assist the Committee in its duties. 
The Group Chief Risk Officer also provides a formal risk 
assessment to the Committee at mid-year and at the end of 
the financial year which assesses performance of the business 
against risk appetite, key risk indicators, and includes an 
assessment of risk events and conduct breaches to ensure 
second line input into proposed remuneration outcomes. 
The Chief Financial Officer provides insight and updates 
regarding business performance and business performance 
metrics. No Director was involved in decisions regarding 
the determination of their own remuneration. 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
94 
 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Deloitte LLP, a signatory to the Remuneration Consultants 
Group’s Code of Conduct, were reappointed by the Committee 
during 2021 following a review. They remain engaged for the 
provision of independent remuneration advice, and throughout 
the year the Committee has been advised by them. The 
advisers review all committee papers and provide input on 
matters directly to the Committee as well as attend committee 
meetings. As such, the Remuneration Committee is satisfied 
that the advice it has received was objective and independent. 
The fees payable to Deloitte for this advice were  based on 
services provided against a scope of services approved by the 
Committee and amounted to £70,443 plus VAT on a time and 
material basis. Other services provided to Hargreaves Lansdown 
by Deloitte LLP during the year consisted of risk advisory, tax, 
financial advisory, consulting and internal audit services on 
a co-sourced basis. 
Consideration of employment conditions elsewhere 
in the Company 
The Committee considered the Company’s remuneration 
principles which apply across the Group when determining 
the Executive Director Policy, which was approved by our 
shareholders at the December 2023 AGM. In particular, the 
approach taken to salary increases and the structure of the 
annual bonus aligns closely to the approach generally taken 
across the wider workforce, and the same PSP and SPP 
structure is used for all participants within the plan. 
For FY25, the average annual salary increase for all colleagues 
was 3.7%, with salary increases for senior leadership below this 
at 3.5%. Except as disclosed, there are no pay increases for 
members of the Executive Leadership team for FY25. 
 
Over the year we have continued to practice our ‘Always 
Listening’ approach to enable us to better consider the voice 
of our colleagues when making decisions. 
The Committee is regularly updated on the pay and employment 
conditions for the wider workforce through reports from the 
Executive Committee and Colleague Forum. 
The Committee also considers salary increases, remuneration 
arrangements and employment conditions across the wider 
employee population when considering Directors’ pay 
and awards. 
Consideration of shareholder views 
The Committee recognises that Director remuneration is an 
area of particular interest to our shareholders and in setting and 
considering changes to remuneration, it is critical that we listen 
to, and take account of, their views. 
The Committee considers shareholder feedback received 
in relation to the AGM each year at its first meeting following 
the AGM. This feedback, as well as any additional feedback 
received during any other meetings with shareholders, is 
then considered as part of the Group’s annual review of the 
implementation of the Remuneration Policy. We also regularly 
engage with our largest shareholders to ensure we understand 
the range of views which exist on remuneration issues. 
 
When any material changes are made to the Policy, the 
Committee will discuss these in advance with our major 
shareholders wherever practical. The Committee will also 
consult with professional advisers to ensure we consider 
regulatory requirements and current market and industry 
practices, where appropriate. 
 
 
 
 
 
Consultation with employees 
Over the course of the year, and following the introduction 
of our new CEO, we’ve updated our approach to engaging 
with and listening to colleagues, running listening sessions 
for colleagues to sign up to and share their feedback directly. 
In addition, six-weekly Colleague Updates have been introduced 
where the CEO and other senior members provide updates 
on strategy and answer colleague questions. Further details 
on our approach to colleague engagement and listening are 
set out on 
 
page 42. 
We have continued to engage and invest in our Colleague 
Forum, which was first set up in January 2019. In addition 
to providing an opportunity to consult with colleagues on 
executive and wider workforce pay approach, it provides a 
two-way feedback channel on  our Transformation and strategic 
priorities and a route for colleagues to raise hot topics that are 
relevant across the Group. Any topics not on the Forum agenda 
are raised through other channels so nothing is missed making 
sure all colleagues’ voices are heard. 
 
The Forum has provided insight and feedback on topics ranging 
from our purpose and values, through to increasing usage of our 
learning platform. 
Colleague feedback is incredibly important to us and helps us 
to do the right thing by making more informed decisions and 
improving the colleague experience at HL. The Forum allows us 
to co-create people change, with colleagues and clients at the 
heart of what we  do.
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
95 
 

96
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Executive Director Remuneration for 2024
Remuneration payable for the 2024 financial year (1 July 2023 to 30 June 2024) 
The remuneration policy operated as intended in the financial year with remuneration received by Executive Directors in relation to performance in 2024 set out below:
Single Total Figure Table (audited)
Name of Director
Year
Gross  
Basic Salary  
£’000
Taxable 
benefits Note 1 
£’000
Annual bonus
SPP Note 2 
£’000
Pension 
contribution 
£’000
Replacement 
awards 
£’000
Total  
£’000
Total Fixed 
Remuneration 
£’000
Total Variable 
Remuneration 
£’000
Upfront  
cash  
£’000
Deferred 
shares  
£’000
Dan Olley Note 3 
2024
661
6
560
340
0
67
2,150
3,784
734
3,050
Amy Stirling
2024
525
2
397
232
0
58
–
1,214
585
629
2023
525
1
468
439
0
68 Note 4 
–
1,501
594
907
Chris Hill Note 5 
2024
72
0
0
0
357
8
–
437
80
357
2023
730
1
576
865
329
80
–
2,581
812
1,770
Notes
1. 
This includes Medical, and for 2024 the SAYE discount value over the term of the savings contract in respect of Dan Olley is included.
2. The outcomes of the 2019 (5-year performance period) and 2021 (3-year performance period) SPP awards, whereby the performance period ends 30 June 2024, have been assessed by the Committee. The Committee confirmed that both the 2019 and 2021 awards will vest in 
full with no discretion applied (being 15,141 and 17,352 shares for Chris Hill respectively) following assessment of the underpinning performance conditions. In respect of the 2021 awards, a two-year holding period will apply until September 2026. The value of both the 2019 SPP 
and 2021 SPP awards has been calculated using the three-month average share price up to 30 June 2024 of £9.20, together with the value of the dividends that would have been received during the 5-year performance period for the 2019 awards and the 3-year performance 
period for the 2021 awards. The gross value of these dividends is £58,130 (split £35,051 for the 2019 award and £23,078 for the 2021 award) for Chris Hill. As the 2019 SPP award was granted using a share price of £20.21 and the 2021 SPP award granted using a share price of 
£14.29, none of the SPP value is attributable to share price appreciation. See pages 99 to 100 for further details of the assessment of the underpinning performance conditions. The SPP figure for 2023 for Chris Hill has been re-stated using a share price of £8.15 being the share 
price on the date of vesting. None of this value is attributable to share price appreciation.
3. Dan Olley joined HL as a NED on 1 June 2019 and became Chief Executive with effect from 7 August 2023. The figures shown are for the part of the year during which Dan became CEO and reflect a pro-rata bonus for the period 7 August 2023 to 30 June 2024. The value shown 
in the Replacement Awards column represents the value of the buy-out awards granted on 20 September 2023. Further details are set out on page 101
4. Includes contribution for FY21/22 that was applied in FY22/23. Contributions for FY22/23 do not exceed 11% in line with policy.
5. Chris Hill stepped down from the Board on 7 August 2023 and left the Company on 17 October 2023. The values shown for FY24 are for the part of the year during which Chris served on the Board as an Executive Director of the Company. No bonus was paid to Chris for the 
FY24 period.
Other than SAYE options (which are available to Executive Directors on the same basis as all employees and included in other cash benefits), and the awards made to Executive Directors on joining, 
no share options without performance criteria have been granted to Executive Directors since 7 March 2012.
Where eligible, benefits in kind are available to Executive Directors on the same basis as other employees. For 2024, benefits include Life Insurance, Income Protection, Private Medical Insurance, 
Save As You Earn (SAYE) scheme, reduced platform fees for holding assets on the Group’s investment platform, reduced dealing charges for self and connected persons and access to a range of 
voluntary benefits such as Critical Illness cover.
No Executive Director has a prospective entitlement to a defined benefit pension by reference to their length of qualifying service.
ANNUAL REPORT ON REMUNERATION
CONTINUED

97
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Assessment of annual performance for the 2024 financial year (1 July 2023 to 30 June 2024)
The value of any bonuses payable to Executive Directors was determined by the Committee based on:
• An assessment of the performance of the Group against financial/growth and non-financial measures, including an assessment of risk performance and risk events; 
• Delivery of the strategic goals, including the personal contribution of each Executive Director towards these; and 
• An overlay that takes account of the conduct, behaviours and culture evidenced by each Executive Director in line with the Hargreaves Lansdown values and the extent to which they have 
operated within the agreed risk parameters.
For each Executive Director, the Committee determined their overall bonus, taking all factors into account and using all relevant information, by reference to the following target and maximum levels, 
as disclosed in the 2023 Report and Financial Statements:
Threshold bonus 
opportunity (% of 
base salary)
On-target bonus 
opportunity (% of 
base salary)
Maximum bonus 
opportunity (% of 
base salary)
Dan Olley Note 1 
62.5%
125%
250%
Amy Stirling
55%
110%
220%
Note: 
1. 
For FY24 Dan Olley will receive a pro-rata bonus for the period 7 August 2023 to 30 June 2024 
Group performance has been considered in relation to the following financial and non-financial measures, as set out below:
Measure
Weighting
Performance Range
Actual
Outcome
Weighted  
Outcome
Threshold  
25%
Target 
50%
Stretch 
100%
Financial/
Growth 
(60%)
Net New Business
15.0%
£4.1bn
£4.8bn
£5.5bn
£4.2bn
28.6%
4.3%
Underlying Cost (audited)
17.5%
£357m
£345m
£333m
£338.5m
77.1%
13.5%
Profit Before Tax (Statutory) (audited)
17.5%
£331.8m
£352.4m
£373m
£396.3m
100.0%
17.5%
Client Retention
10.0%
91.0%
91.60%
92.20%
91.4%
41.7%
4.2%
Non-
financial 
(20%)
ESG – Colleague engagement 
5.0%
68%
70%
72%
62.0%
0.0%
0.0%
ESG – Risk and Controls 
5.0%
25%
50%
100%
50%
50.0%
2.5%
Client Service NPS
10.0%
48%
51%
53%
42.4%
0.0%
0.0%
TOTAL
80.0%
41.9%
ANNUAL REPORT ON REMUNERATION
CONTINUED

98
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
ANNUAL REPORT ON REMUNERATION
CONTINUED
The Risk and controls measure is assessed through a Risk Maturity score, which was assessed to have been achieved at target. Material progress was made during the year, including continued focus 
from first line teams and a more data-led approach through recording and reporting and embedding of the Group’s Risk Maturity Model.
The remaining 20% of the annual bonus is based on Strategic Delivery. Performance against key strategic goals during the financial year is as set out below:
Strategic Priority
Overview
Key achievements in the year
Delight clients, drive growth
Continue to evolve our 
value proposition to delight 
our clients and drive 
our growth.
Strong progress in FY24, demonstrated by a record platform AUA of £155.3 billion (2023: £134bn), and an additional 78,000 net 
new clients over the year (2023: 67,000). 
Active Savings reached a record of £10.6 billion in AUA (2023: £7.8bn) and 300,000 total clients (2023: 175,000), underpinned 
by new product developments and attractive rates from partner banks. 
Extended retirement proposition with a new lifestyle arrangement launched for SIPP clients and expanded range of 
Ready-Made solutions. 
Continued evolution of digital to provide a more seamless client journey and improve client experience. 
Save to invest
Striving to be a fitter and 
leaner business, so we can 
reinvest savings back into 
the business.
Increased basic cost discipline with reviews of organisational spans and layers, 3rd party contracts, ways of working and the use 
of contractors and 3rd party consultants where we have reduced the total number by 62%. 
Simplification of the organisation through new ways of working and organisation structure to increase efficiency and drive delivery, 
including through the standardisation, automation, and simplification of previously manual processes. 
Increase execution pace
Delivering for our clients 
every day, improving 
our proposition on an 
ongoing basis
Successful delivery of key strategic programmes on time including regulatory initiatives, while ensuring a seamless client experience. 
Restructured projects and teams to increase pace of delivery and evolved ways of working. 
Increased focus on metrics and data visibility to support decision-making.
Right people, right roles
Make HL a great place 
to work. The right culture, 
with the right people in the 
right roles, focused on the 
right priorities to deliver 
the strategy.
Strengthening of the executive team with several key hires made in the year, including Chief Digital & Technology Officer, 
Chief Strategy Officer, Chief Operating Officer and Director of Corporate Affairs. 
Creation of new digital and technology leadership team, which is executing at pace. 
Renewed People strategy with a focus on performance and the simplification of our purpose and values. 
Creation of enhanced ESG risk framework. 
In addition to the above achievements, the Committee also took into account the personal contribution of each Executive Director to Strategic Delivery. 
During his first year as CEO, Dan has demonstrated exemplary leadership in driving forward HL’s strategy, with a clear focus on delivery and commitment to change and growth. His notable 
achievements for FY24 include reaching a record platform AUA, as well as a material increase in net new clients over the year with demonstrated progress towards attracting younger clients. Dan 
successfully renewed the structure of the executive team, and enabled a reset of client service levels through improvements in the digital offering and the empowering of colleagues through the 
continued rollout of technology solutions. Continued progress was also made in strengthening operational resilience and risk management. Taking this into account, it has been determined that the 
Strategic Delivery outcome for Dan will be 12.5% out of a maximum of 20%.
Amy demonstrated a strong performance in FY24. She continued to build strong and effective relationships with investors as well as strengthening the finance function. Good progress was also 
made in the delivery of key projects and her increased rigour and business ownership was reflected in the delivery of financial plans and cost savings across the organisation. She has also led and 
supported in the context of the proposal from the consortium to acquire the Company. Taking this into account, it has been determined that the Strategic Delivery outcome for Amy will be 12.5% out 
of a maximum of 20%.

99
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
ANNUAL REPORT ON REMUNERATION
CONTINUED
Overall assessment and bonuses awarded for the financial year (1 July 2023 to 
30 June 2024)
The Committee considered all of the above in making their bonus determination for Dan Olley 
and Amy Stirling for the 2024 financial year.
In addition, it also considered the extent to which performance (both Group and individual) 
has been achieved within the agreed risk parameters, based on an assessment from the Group 
Chief Risk Officer, and the extent to which the bonus outcome reflects the overall performance 
of the business.
The Committee concluded that the bonus outcomes for Dan Olley and Amy Stirling reflect Company 
performance, effective management of costs, risks and governance, together with a strong focus on 
the strategic transformation plans. The Committee has also considered the individual performance, 
contribution and behaviours in line with Company values in determining bonuses.
The resulting bonuses determined by the Committee for the year ending 30 June 2024 are set 
out below: (Audited)
Cash  
£’000
Deferred  
£’000
Total  
£’000
% of  
maximum
Dan Olley 2024
560 
340
900
54%
Amy Stirling 2024
397
232
629
54%
No bonus was paid to Chris Hill for the FY24 period.
Notes
As well as the deferral approach in accordance with IFPR regulations, (whereby at least 60% of all variable pay (bonus, SPP and PSP) 
must be deferred unless de minimis applies), HL operates an internal deferral framework, whereby for annual bonus awards over £75,000, 
40% of the awards above £50,000 is deferred. The HL internal deferral framework would apply for any colleague including MRTs where 
de minimis applies. Both approaches require deferral into nil-cost options over shares which vest in equal tranches over a period of three 
years. Dividend alternatives will accrue on the deferred share element of bonuses up to the time of vesting and will be paid at exercise. 
Individuals have a right to exercise deferred awards after their respective vesting/retention date for a period of one year.
For FY24, the portion of the annual bonus deferred was determined in accordance with the IFPR regulations whereby at least 60% of all 
variable pay must be deferred. The SPP and PSP is included in total variable pay when calculating deferral for regulatory purposes. With 
the SPP and PSP awards alone both Dan Olley and Amy Stirling met the required regulatory deferral. However, as HL’s internal deferral 
framework would result in a greater level of annual bonus deferral than the regulatory requirements, Dan Olley and Amy Stirling are both 
subject to the internal deferral framework as well. Therefore 38% of bonus for Dan Olley and 37% of bonus for Amy Stirling was deferred 
into nil cost options with no further performance conditions to apply, but subject to continued employment. 
Assessment of 2019 Sustained Performance Plan (SPP) Awards 
(1 July 2019 to 30 June 2024)
The Committee assessed the achievement of the following underpinning performance conditions 
over a period of five financial years as follows:
Condition
Achievement
The average assets under administration (as determined 
by the Board) for the complete financial year prior to 
Vesting exceeds the average assets under administration 
(as determined by the Board) for the financial year immediately 
before the beginning of the Performance Period.
Met 
(FY19 average AUA: £92.8m, 
FY24 average AUA: £142.6m)
The Board determines that a satisfactory risk, compliance 
and internal control environment has been maintained during 
the Performance Period.
Met 
Management maintained the 
risk and control environment 
over the performance period.
The Board determines that the participant’s personal 
performance has been satisfactory during the 
Performance Period.
Met
The Committee concluded that all underpinning performance conditions were met and therefore it 
was satisfied that the awards should vest in full.

100
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance  
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
ANNUAL REPORT ON REMUNERATION
CONTINUED
Assessment of 2021 Sustained Performance Plan (SPP) Awards 
(1 July 2021 to 30 June 2024) 
The Committee assessed the achievement of the following underpinning performance conditions 
over a period of three financial years as follows:
Condition
Achievement
The average assets under administration (as determined 
by the Board) for the complete financial year prior to the 
end of the Performance Period exceeds the average 
assets under administration (as determined by the Board) 
for the Financial Year immediately before the beginning 
of the Performance Period.
Met 
(FY21 average AUA: £119.5m, 
FY24 average AUA: £142.6m)
The Board determines that a satisfactory risk, compliance 
and internal control environment has been maintained 
during the Performance Period.
Met 
Management maintained the risk 
and control environment over the 
performance period
The Board determines that the Participant’s personal 
performance has been satisfactory during the 
Performance Period.
Met
The Committee concluded that all underpinning performance conditions were met and therefore 
it was satisfied that the awards should vest in full. A two year holding period is to apply ending 
September 2026.
Malus and clawback
Variable awards are subject to malus and clawback provisions in exceptional circumstances. 
In addition, the Committee can defer a decision to grant variable awards, or award and suspend 
payment of bonuses, and/or vesting of deferred or long-term awards for any individual in scope of 
an investigation into their conduct or responsibility, accountability or knowledge and/or influence 
over any material risk event identified during or after the performance year. The triggers that apply 
to malus and clawback under all incentive plans are set out on page 95 of the 2023 Report and 
Financial Statements.

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities  
127 
Financial statements 
128 
Other information 
173 
Share awards made during the year ending 30 June 2024 (audited) 
Name of Director 
Type of 
award nil 
cost options 
under: 
Market value 
of maximum 
award at date 
of grant 
£ 
Exercise 
price 
£ 
Share price on 
day of grant 
£ 
Number of 
shares over 
which the 
award was 
granted Note 1 
Face value2 
of award 
£ 
% of face 
value that 
would vest at 
threshold 
Performance period 
Dan Olley 
Buy-out3 
380,590 
0.00 
7.82 
48,668 
380,584 
n/a 
n/a 
Dan Olley 
Buy-out3 
47,250 
0.00 
7.82 
6,042 
47,248 
n/a 
n/a 
Dan Olley 
Buy-out3 
47,250 
0.00 
7.82 
6,042 
47,248 
n/a 
n/a 
Dan Olley 
Buy-out3 
47,250 
0.00 
7.82 
6,042 
47,248 
n/a 
n/a 
Dan Olley 
Buy-out3 
398,959 
0.00 
7.82 
51,017 
398,953 
n/a 
n/a 
Dan Olley 
Buy-out3 
421,875 
0.00 
7.82 
53,948 
421,872 
n/a 
n/a 
Dan Olley 
SPP4 
365,000 
0.00 
7.82 
46,675 
364,999 
n/a 
1 July 2023 to 30 June 2026 
Dan Olley 
PSP5 
1,095,000 
0.00 
7.27 
150,618 
1,094,993 
25 
1 July 2023 to 30 June 2026 
Dan Olley 
SAYE6 
n/a 
5.56 
6.94 
3,336 
23,152 
n/a 
n/a 
Chris Hill 
Deferred bonus7 
864,628 
0.00 
7.82 
110,566 
864,626 
n/a 
n/a 
Amy Stirling 
SPP4 
262,500 
0.00 
7.82 
33,567 
262,494 
n/a 
1 July 2023 to 30 June 2026 
Amy Stirling 
PSP5 
682,500 
0.00 
7.27 
93,878 
682,493 
25 
1 July 2023 to 30 June 2026 
Amy Stirling 
Deferred bonus7 
439,094 
0.00 
7.82 
56,150 
439,093 
n/a 
n/a 
Notes 
1 The number of shares awarded was calculated using the value of HL shares as detailed in note 2. 
2 
Face value is calculated by reference to, 
• 
the average of the mid-market value of HL shares on 15, 18 and 19 September 2023 multiplied by the number of options granted 
for the SPP, deferred bonus and buy-outs 
• 
the average of the mid-market value of HL shares on 13, 14 and 15 December 2023 multiplied by the number of options granted 
for the PSP 
• 
the close of business value of HL shares on 19 March 2024 multiplied by the number of options granted for the SAYE 
3 Further details of Dan Olley’s buy-out awards are available on page 103 
4 
Awards under the SPP were granted on 20 September 2023 as nil cost options at 50% of base salary subject to the achievement of 
underpinning performance conditions assessed over a three-year performance period. The awards, once vested, will be subject to a 
two-year retention period. The underpinning performance conditions are: 
• A requirement for average AUA for the last complete financial year prior to the third anniversary of grant to be above the average 
AUA for the last complete financial year prior to award; 
• 
 
Maintenance of and continued management focus to improve risk, compliance and internal control environment across the 
performance period; and 
• Satisfactory personal performance throughout the performance period. 
5 
Awards under the PSP were granted on 18 December 2023 as nil cost options at 150% of base salary for Dan Olley and 130% of base 
salary for Amy Stirling subject to achievement of performance conditions assessed over a three-year performance period. The awards 
once vested will be subject to a two-year retention period. The performance conditions are: 
Measure (unaudited) 
Weighting 
Threshold 
(25% of award) 
Maximum 
(100% of award) 
Relative TSR (performance assessed against FTSE 51–100 companies, 
excluding investment trusts) 
30% 
Median 
Upper Quartile 
Cumulative statutory EPS 
50% 
145p 
225p 
Environmental & Social: 
Responsible employer (senior women representation) 
20% 
36% 
40% 
Responsible employer (ethnic minority representation) 
6% 
10% 
Responsible business (scope 1, 2 & 3 business travel and employee 
commuting) 
Climate neutral 
by FY26 
Climate +ve 
by FY25 
Responsible Fund Manager (Scope 3 financed emissions targets agreed and 
TCFD reporting across HLFM funds) 
Qualitative assessment of progress  
made to target setting 
6 
Awards under the SAYE were granted as options on 17 April 2024. 
 
7 Awards under the deferred bonus were granted as nil cost options on 20 September 2023. These awards are not subject to any 
forward-looking performance conditions. 
 
 
 
 
 
 
 
  
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
101 
 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
All-employee share plans 
The Company operates a SAYE share option scheme on the 
same terms for all employees, including a 20% discount on the 
exercise price of options under the scheme. All employees are 
encouraged to become shareholders, through direct ownership 
and/or through participation in the share scheme. At the end 
of the latest financial year, 38% of the Group’s employees 
were participating in a SAYE. The CEO opted to participate 
in the 2024 cycle of the SAYE scheme and the CFO opted to 
join the 2022 cycle. 
 
 
 
 
Sourcing shares 
The Investment Association guidelines on sourcing shares have 
been followed and, in line with the scheme rules, the Company 
has not issued shares under all employee schemes which, 
when aggregated with awards under all of the Company’s other 
schemes, exceed 10% of the issued ordinary share capital in any 
rolling ten year period. The Company has also not issued new 
shares under executive (discretionary) schemes which exceed 
5% of the issued ordinary share capital of the Company in any 
rolling ten year period. 
Executive Directors’ shareholding and share interests 
(audited) 
The current guideline for Executive Directors to accumulate 
minimum personal holdings in Hargreaves Lansdown plc 
 
shares amounts to a value of three times base salary within six 
years of appointment to the Board. Current shareholdings are 
summarised in the following table: 
Name of Director 
Beneficially  
owned 
at 30 June 
2023 
Beneficially 
owned 
at 30 June 
2024 Note 1 
Outstanding 
share options 
subject to 
continued 
employment 
arising from 
SAYE scheme 
Outstanding 
share options 
subject to 
continued 
employment 
arising from 
 other plans2 
Outstanding 
share options  
subject to 
performance 
conditions and 
continued 
employment 
arising from 
sustained 
performance 
plan and the 
performance 
share plan 
No. of share 
options 
exercised 
in year 
No. of share 
options 
vested but 
unexercised 
at 30 June 
2024 
Shareholding  
guideline 
(multiple of 
base salary) 
Shareholding 
as a multiple 
of base salary 
achieved 
at 30 June 
2024 
Shareholding  
guideline met Note 3 
 
 
 
 
 
 
Dan Olley 
0 
7,242 
3,336 
91,032 
197,293 
0 
0 
Three times 
152% 
no 
Amy Stirling 
13,881 
24,392 
2,227 
33,731 
158,400 
3,7475 
0 
Three times 
125% 
no 
Chris Hill4 
87,321 
87,321 
1,547 
80,763 
79,087 
0 
7,321 
Three times 
272% 
no 
Notes 
1 Includes shares held by the Executive Directors and their connected persons. 
2 The number stated is the gross number of share options and is subject to income tax and NIC on exercise 
3 Audited – at present the Executive Directors have not currently met their shareholding guideline. As the CEO and CFO only joined in August 2023 and February 2022 respectively, they will continue to build their shareholdings during the relevant time period. 
4 Chris Hill’s share interests are shown as at 7 August 2023 when he stepped down from the role of Chief Executive Officer. Following his departure on 17 October 2023, Chris Hill’s continuing interest in performance shares has been pro-rated to the period he was employed during 
each performance period. 
5 Options exercised granted under 2022 Deferred Bonus Plan (DPBP). The market value at the date of exercise was £7.70 per share and the option exercise price in aggregate for 3,747 options was £1.00. 
There has been no subsequent change in Executive Directors’ shareholding and share interests as at the date of this report. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
102 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report  
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities  
127 
Financial statements 
128 
Other information 
173 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Pension (audited) 
No Directors or employees participate in a defined benefit 
pension scheme nor have any future entitlement benefits under 
such an arrangement. 
The Group operates its own Group Self Invested Personal 
Pension (the GSIPP) which applies to Executive Directors 
and employees. The Company requires a minimum employee 
contribution of 5% of reference salary and in exchange the 
Company will contribute 5%. Employees who contribute up 
to 3% more than the 5% receive double matching. This means 
that for an 8% employee contribution the Company contribution 
is 11%. 
 
Colleagues wishing to make additional contributions to the 
GSIPP can do so via salary exchange or bonus waiver ensuring 
that they benefit from the maximum, immediate relief from 
income tax and National Insurance. 
 
Additionally, the Group has a pension redirection mechanism 
where colleagues who have maximised their pension tax 
relief can contribute, on a post-tax basis, to a Fund & Share 
Account and continue to receive matching in the same way 
as the current pension matching, up to a maximum 11% 
employer contribution, net of appropriate taxes. Where a 
colleague, who has maximised their pension tax relief 
does not wish to contribute to a savings vehicle, the Group 
will make an additional monthly payment equivalent to 
the employer’s pension contribution amount forsaken up 
to a maximum of 5
 
% of reference salary. The Committee 
confirms that no excess retirement benefits have been 
paid to current or 
 
 past Executive Directors. 
Joining arrangements for Dan Olley (audited) 
Dan Olley was appointed Chief Executive Officer on 7 August 
2023. His remuneration arrangements were set in line with our 
new Remuneration Policy and are detailed within this Annual 
Report on Remuneration. In order to facilitate his appointment, 
Dan Olley also received a buy-out in lieu of forfeited annual 
bonus and long-term incentive plan awards from his 
previous employers. 
In making the buy-out, the Committee looked to maintain 
consistency with the awards forfeited in terms of the form of 
awards (e.g. cash or shares), expected value, vesting terms 
and original time horizons, taking into account performance 
assessment, where appropriate. The replacement awards are 
no more generous than the awards that were forfeited. 
The buy-out consisted of: 
• Share awards to replace long-term awards from his previous 
employer. These had a grant value of £380,590 which vested 
in September 2023 and £398,959 and £421,875 which are 
due to vest in October 2024 and March 2025, respectively. 
• A cash payment of £94,500 in August 2023 and share 
awards with an aggregate grant value of £141,750 that 
are due to vest in equal instalments in September 2024, 
September 2025 and September 2026. The share 
awards are subject to a post-vesting six-month holding 
period. This replaced a forfeited bonus opportunity 
at his previous employer. 
• A cash payment of £712,435 in August 2023 to compensate 
for a buy-out award paid by his previous employer but 
subsequently forfeited as a result of his appointment at HL. 
The aggregate value of the replacement awards is set out in 
the single figure table on page 96 and details of individual share 
awards are disclosed in the “Share awards made during the 
year” table on page 101. 
The awards remain subject to continued employment and malus 
and clawback as well as enhanced forfeiture provisions such 
that awards would need to be repaid if Dan Olley left within 
12 months of commencing employment. 
Payment for loss of office (audited) 
Chris Hill retired and stepped down as Chief Executive Officer 
on 7 August 2023. Details of remuneration arrangements 
associated with his departure were disclosed in the 2023 
Directors’ Remuneration Report. 
In accordance with the terms of his service agreement and the 
Policy, Chris Hill received his salary and contractual benefits 
until the end of his notice period on 17 October 2023. The value 
received while Chief Executive Officer is included in the single 
figure table on page 96 and the value received in the period 
7 August to 17 October 2023 was £160,165. He did not receive 
any annual bonus or long-term incentive awards in respect 
of FY24. 
As set out in last year’s report, all outstanding deferred bonus 
awards will continue on their original terms and be released 
on the original vesting dates. Chris Hill was treated as a ‘good 
leaver’ in respect of his outstanding SPP awards. Accordingly, 
these awards will continue and vest on their original vesting 
date, subject to the extent that the performance conditions are 
met, and time pro-rated to reflect period in employment. The 
value of his 2019 and 2021 SPP awards, which will vest in 2024, 
are included in the single figure table on page 96. All awards will 
remain subject to malus and clawback provisions. 
He will maintain a post-employment shareholding in accordance 
with the Policy for a period of two years following cessation 
of employment. 
We made no other payments within the scope of the disclosure 
requirements to any past director during the year ended 
30 June 2024. 
Payments to third parties (audited) 
The Committee confirms that no amounts have been paid 
to third parties in respect of Directors’ services. 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
103 

 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement  
124 
Statement of Directors’ Responsibilities  
127 
Financial statements 
128 
Other information 
173 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Remuneration in context 
Total shareholder return 
The following graph shows the Company’s performance 
measured by total shareholder return (TSR), which is the 
capital growth and dividends paid. This is compared with 
the performance of the FTSE 350 Financial Services Index 
and FTSE 51–150 companies (excluding investment trusts) 
for the last ten years. 
This chart shows the value of £100 invested in the Company on 
1 July 2014 compared with the value of £100 invested in each of 
the above two comparator groups for each of our financial year 
ends to 30 June 2024. We have chosen the FTSE 350 Financial 
Services Index as we believe this is the most appropriate broad 
comparator for benchmarking our corporate performance over 
the ten year period. We have also included the FTSE 51–150 
(excluding investment trusts) to align to the comparator group 
used when assessing TSR performance for the PSP. 
Total Shareholder return 
300 
250 
200 
150 
100 
50 
0 
2014 
2024 
Hargreaves Lansdown 
FTSE 350 Financial Services index 
FTSE 51–150 companies 
Chief Executive Officer remuneration for the past ten years 
CEO 
Total remuneration 
Annual bonus as a percentage of maximum Shares vesting as a percentage of maximum 
2015 
Ian Gorham 
£2,058,642 
52% (£1,170,000) 
nil 
2016 
Ian Gorham 
£2,070,861 
78% (£1,550,000) 
nil 
2017 
Ian Gorham1/Chris Hill2 
£1,167,549/£1,035,211 
43%/81% (£600,000/£790,625) 
66% 
2018 
Chris Hill 
£2,454,048 
81% (£1,700,000) 
39% 
2019 
Chris Hill 
£648,278 
nil 
nil 
2020 
Chris Hill 
£2,739,520 
94% (£2,072,000) 
nil 
2021 
Chris Hill 
£2,678,581 
86% (£1,958,092) 
nil 
2022 
Chris Hill 
£1,944,122 
37% (£963,375) 
100% 
2023 
Chris Hill 
£2,581,183 
49.4% 
100% 
2024 
Chris Hill3/Dan Olley4 
£437,125/£3,784,388 
nil/54% 
100% 
Notes 
1 Emoluments for Ian Gorham for 2017 are shown for the period to 9 February 2017 when he stepped down as Chief Executive Officer. 
2 Emoluments for Chris Hill for 2017 reflect his emoluments for the period from 9 February 2017, and exclude his earnings as Chief Financial Officer and Deputy Chief Executive Officer prior to that date. 
3 Emoluments for Chris Hill for 2024 are shown for the period to 7 August 2023 when he stepped down as Chief Executive and exclude his earnings after this. 
4 Emoluments for Dan Olley for 2024 reflect his emoluments for the period from 7 August 2023 and exclude his earnings as a NED prior to that date. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
104 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Percentage change of all Directors and all employees 
The table below shows the average percentage change in remuneration of each Executive and Non-Executive Director against all UK employees of the Group for the last five years, between years 
ended 30 June 2020 and the year ended 30 June 2024 inclusive. 
Element of pay 
Average 
employee 
(% change) Note 1 
Executive Directors 
(% change) 
Non-Executive Directors 
(% change) 
D Olley2 
A Stirling 
C Hill Note 3 
A Platt4 
D 
Oppenheimer5 
J Troiano M Mannings 
A Blance  Note 6 
A Collins
R Perkin Note 5 
D Olley2 
P James7 
D Pope8 
M Morley9 
Base Salary 
2024 
9.52% 
–
0% 
–
–
negative 56.03%
0% 
0% 
2.02% 
0%
negative 60.24% n egative 90.13% 42.79%
45.61% 
– 
 
 
 
 
 
 
 
 
 
2023 
9.97% 
– 
0% 
4.29% 
– 
0% 
0% 
0% 
0% 
0% 
negative 2.70%
0% 
20% 
–
– 
2022 
6.59% 
– 
– 
8.02% 
– 
0% 
1.92% 
27.01% 
31.99% 
55.15% 
negative 2.30% 
2.99% 
–
–
– 
2021 
6.85% 
– 
– 
2.86% 
– 
2.92% 
103.64% 
–
–
– 11.33% 
2.86% 
– 
–
– 
2020 
6.41% 
–
– 
2.90% 
– 
0% 
– 
–
–
– 
4.30% 
0% 
–
–
– 
Benefits 
2024 
32.97%10 
– 
64%10 
64%10 
– 
negative 53.44% negative 44.49% negative 44.33% 
6.43% 
negative 0.22% negative 91.19% 
negative 100% 560.45% 
745.32% 
– 
2023 
0.12% 
– 
negative 75% 11 
negative 2.06% 
– 
negative 24.33% negative 35.01% 
negative 3.75% negative 48.53% 37.32% 265.68%
0.96% 
negative 60.06% 
– 
 
2022 
negative 11.13% 
– 
– 
0% 
– 
– 
– 
2021 
negative 7.15% 
– 
– 
negative 78.72% 11 
– 
negative 100% 12 
negative 100% 12 
– 
– 
– 
negative 100%12 
negative 100% 12 
– 
– 
– 
2020 
2.82% 
– 
– 
0% 
– 
– 
– 
– 
– 
– 
– 
– 
– 
– 
Annual 
Bonus 
2024 
negative 3.6% 
– negative 30.7% 13 
negative 100% 
n/a
n/a 
n/a 
n/a 
n/a 
n/a
n/a 
n/a 
n/a 
n/a 
n/a 
 
 
2023 
12.20% 
– 
281%14 
49.58% 
–
n/a 
n/a 
n/a 
n/a 
n/a
n/a 
n/a 
n/a 
n/a 
– 
 
 
2022 
negative 6.70% 
– 
– negative 50.82%
– 
n/a 
n/a 
n/a 
n/a 
n/a 
n/a 
n/a 
n/a 
– 
– 
2021 
0.80% 
– 
– 
negative 5.50% 
– 
n/a 
n/a 
– 
– 
– 
n/a 
n/a 
– 
– 
– 
2020 
11.80% 
– 
– 
– 
– 
n/a 
n/a 
– 
– 
– 
n/a 
n/a 
– 
– 
– 
Notes 
1 This table shows the average percentage change in salary, benefits and bonus (on a full-time equivalent basis) delivered to eligible colleagues in the last five years. This population has been chosen as there are no employees of the parent company and this is considered the 
most appropriate comparator group for these purpose. 
2 Dan Olley transitioned from the role of Non-Executive Director to Chief Executive Officer on 7 August 2023. Remuneration has been shown separately for these roles. 
3 Chris Hill stepped down from the Board, and as Chief Executive Officer on 7 August 2023. 
4 The table includes A Platt who was appointed Chair on 6 February 2024. It is therefore not possible to reflect a percentage change figure. 
5 The table includes D Oppenheimer and R Perkin who stepped down on 8 December 2023. 
6 The increase in base salary for A Blance is attributable for the time in the role of Senior Independent Director (8 December 2023 to 6 February 2024). 
7 The increase in base salary for P James is attributable for the time in the role of Chair of the plc Board (8 December 2023 and 6 February 2024). 
8 The increase in base salary for D Pope is attributable to his appointment to Audit Committee Chair on 15 September 2023. 
9 M Morley was appointed as a Non-Executive Director on 1 August 2023. It is therefore not possible to reflect a percentage change figure. 
10 The increase in benefits for the average employee, A Stirling and C Hill is attributable to the large increase in the PMI premium in 2024. 
11 The decrease in benefits for C Hill and A Stirling is due to the exclusion of the SAYE discount value over the full three-year contract term which was reported last year (in accordance with the single figure methodology). 
12 As there were no taxable expenses reimbursed for the Non-Executive Directors for the 2020/21 performance year, it is not possible to show the percentage change to the 2021/22 performance year. 
13 The decrease in bonus is attributable to the change in bonus opportunity in the Remuneration Policy approved by shareholders at the 2023 AGM. 
14 The increase in annual bonus for A Stirling is largely attributable to receipt of a pro rata bonus in the 2022 performance year having joined HL on 21 February 2022. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
105 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
CEO pay ratio 
The table below sets out the ratio at median, 25th and 75th percentile of the total remuneration 
received by the CEO for the last five years compared to the total remuneration received by our 
UK colleagues. For the past five years, we have published our CEO pay ratio using the same 
methodology as set out below. 
Year 
Method 
Lower 
quartile 
Median 
Upper 
quartile 
Change in 
median 
2020 
Option A 
103:1 
73:1 
47:1 
n/a 
2021 
Option A 
101:1 
73:1 
47:1 
0% 
2022 
Option A 
73:1 
52:1 
32:1 
negative 29% 
2023 
Option A 
88:1 
60:1 
36:1 
15.4% 
2024 
Option A 
73:1 
47:1 
27:1 
negative 22% 
Notes to the calculations: 
1 
The median, 25th and 75th percentile colleagues were determined based on calculating total annual remuneration up to and including 
30 June 2024 for colleagues employed at 30 June 2024. 
2 
Basic salary for part-time colleagues and new joiners within the calculation year have been converted into full-time annualised 
equivalent values for the purposes of the calculations. 
Note 3 
For 2024, recognising the change in leadership during the year, CEO pay is calculated taking into account the pay of both Chris Hill and 
Dan Olley. The ratios included in the above table do not include the buy-out made to Dan Olley given this is a one-off payment and not 
part of ongoing remuneration for the CEO. The ratios including the buy-out are 149:1, 97:1 and 56:1 at the lower quartile, median and 
upper quartile, respectively. 
Note 4 
‘Option A’ was chosen from the options available in the reporting regulations since it is the most robust and statistically accurate method. 
5 Benefits are provided on the same terms to Executive Directors and all employees alike and as such are not included within the table 
above. The methodology used in these calculations is consistent with those in the single figure table, with the same approach being 
taken each year since 2020. 
Year 
Pay element 
UK employee 
lower quartile 
UK employee 
Median 
UK employee 
upper quartile 
2024 
Basic salary 
26,000 
34,670 
59,000 
Total remuneration 
28,367 
43,608 
75,902 
 
The pay ratio has decreased this year given the CEO’s target bonus award has reduced in line 
with the remuneration policy approved by shareholders at the AGM in 2023. In addition the CEO’s 
bonus was pro-rated to reflect his time in role and the previous CEO did not receive a bonus 
award in the year. 
The remuneration policies and practices at HL are consistent across both our Executive Directors 
and the wider workforce and are designed to promote the long-term success of the Company, 
promoting both high individual and team performance. The same considerations and criteria 
apply across a consistent framework during the assessment of performance and pay outcomes, 
noting that the quantum of (risk-based) variable pay is higher for the CEO than across the 
wider workforce. 
Having overseen the application of performance and pay policies, and reviewed reports from the 
Executive Committee and Colleague Forum throughout the period, the Committee is satisfied that 
our 2024 median pay ratio is consistent with the Company’s wider pay, reward and progression 
policies for our UK employees. 
Relative importance of the spend on remuneration 
The table below shows the actual expenditure of the Group in terms of total employee 
remuneration, profit before tax, and total dividends for this and the previous year together with 
the percentage change between the years. Profit before tax has been chosen as a metric in this 
instance to demonstrate the profits generated for shareholders and the relationship between 
this and the overall cost of employee remuneration. 
Total 
dividend 
paid 
£m 
Profit 
before 
tax Note 1 
£m 
Employee 
costs 
£m 
Total 
dividend 
declared 
(pence per 
share) 
2024 
199.2 
396.3 
203.0 
43.2p 
2023 
190.4 
402.7 
179.3 
41.5p 
% change 
4.6% 
1.6% 
13.2% 
4% 
 
Notes 
1 
Further details are set out on page 136 
All employees across the Group are subject to the same process in respect of annual salary 
reviews. Consideration is given to the scope of each role, the level of experience, responsibility, 
progress in role, and pay levels for similar roles in comparable companies. The performance and 
potential of the individual is also considered. 
Participation in variable pay varies by grade, with our more junior colleagues receiving primarily 
fixed pay. For those employees eligible for an annual performance bonus, or equivalent, individual 
performance metrics are used to determine awards and similar metrics to those used for the 
Executive Directors guide the overall bonus pool. All eligible employees (under the rules of the 
scheme) may also participate in the Group’s SAYE. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
106 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report  
117 
Directors’ Report 
120 
Section 172 Statement  
124 
Statement of Directors’ Responsibilities  
127 
Financial statements 
128 
Other information 
173 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Chair and Non-Executive Director remuneration 
Fees for Non-Executive Directors are structured with a base fee payable to all Non-Executive 
Directors, with additional fees paid for the role of Senior Independent Director and for the Chairs 
of Board sub-committees. 
Fees for Non-Executive Directors for the 2024 financial year are as follows: 
Fee Policy 
Fees from 
1 July 2024 
(£ p.a.) 
Fees from 
1 July 2023 
(£ p.a.) 
Chair 
£334,500 
£334,500 
Base fee for Non-Executives 
£74,150
£74,150 
Senior Independent Director 
£15,850 
£15,850 
Chair of Audit Committee 
£21,100 
£21,100 
Chair of Remuneration Committee 
£21,100 
£21,100 
Chair of Risk Committee 
£21,100 
£21,100 
Chair of Nomination Committee1 
£10,000 
£10,000 
Note 
Under current arrangements the Chair fulfils this role for no additional fee. 
The Non-Executive Director fee review will take place later in the year with potential for changes  
from the half year. 
 
Remuneration payable for the 2024 financial year (1 July 2023 to 30 June 2024) 
(audited) 
The remuneration received by Non-Executive Directors in 2024 is set out below. 
2023 
fees 
(£) 
2023  
Taxable 
Benefits i.e. 
expenses 
(£) 
2023 
Total 
(£) 
2024 
fees 
(£) 
2024 
Taxable 
Benefits i.e. 
expenses 
(£) 
2024 
Total 
(£) 
D Oppenheimer1 
334,500 
21,263 
355,763 147,065
9,901 
156,966 
A Platt2 
– 
– 
– 
136,782
759
137,541 
M Mannings 
95,250
2,030 
97,280
95,250 
1,130 
96,380 
A Blance 
95,250 
2,052 
97,302
97,177
2,184
99,361 
A Collins 
74,150
1,389 
75,539 
74,150
1,386 
75,536 
R Perkin1 
95,250 
3,687
98,937
37,875
325 
38,200 
D Olley3 
74,150 
914 
75,064
7,316 
0 
7,316 
J Troiano 
114,150 
807
114,957 
114,150 
448 114,598 
P James 
90,000 
440 
90,440 
128,515 
2,906 
131,421 
D Pope4 
61,792 
342 
62,134 
89,975
2,891 
92,866 
M Morley Note 5
– 
– 
–
67,971
162 
68,133 
Notes 
1 
Deanna Oppenheimer and Roger Perkin stepped down on 8 December 2023 
 
2 
Alison Platt was appointed Chair on 6 February 2024 
3 
Dan Olley transitioned from the role of Non-Executive Director to Chief Executive Officer on 7 August 2023. The figures shown in the 
table above are in respect of his services as a Non-Executive Director. 
4 
Darren Pope was appointed on 1 September 2022. 
5 
Michael Morley was appointed on 1 August 2023 
Non-Executive Directors received no other benefits or other remuneration other than 
reimbursement of all reasonable and properly documented travel, subsistence and other 
incidental expenses incurred in the performance of their duties and any tax and social costs 
arising thereon, the benefit of officers’ liability insurance and reduced fees for the use of 
Hargreaves Lansdown services for themselves and connected persons, on the same basis 
as all other Hargreaves Lansdown employees. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
107 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Non-Executive Directors’ shareholdings table (audited) 
The table below shows, as at 30 June 2024; the Company shares held by the Non-Executive 
Directors and connected persons: 
Shares
D Oppenheimer
30,572
A Platt 
18,696
M Mannings 
Nil
A Blance 
Nil
A Collins 
13,400
R Perkin
Nil
J Troiano 
14,400
P James 
Nil
D Pope 
3,999
M Morley 
Nil
Note
There has been no subsequent change in current Non-Executive Directors’ shareholdings as of 24 July 2024. 
Non-Executive Directors’ Service Contracts 
Details of the Non-Executive Directors’ terms of appointment are set out below 
Commencement 
of appointment 
Date of contract
Expiry/review date 
of current contract 
D Oppenheimer
2 February 2018
2 February 2021
8 December 2023
A Platt 
6 February 2024
6 February 2024
5 February 2027
M Mannings 
1 September 2020
1 September 2023
31 August 2026
A Blance 
1 September 2020
1 September 2023
31 August 2026 
A Collins 
2 November 2020
1 November 2023
30 October 2026
R Perkin
1 September 2017
1 September 2023
8 December 2023
D Olley
1 June 2019 
1 June 2022 
7 August 2023
J Troiano 
1 January 2020 
1 January 2023 
31 December 2025
P James 
1 September 2021
1 September 2021
31 August 2024 
D Pope 
1 September 2022
1 September 2022
31 August 2025
M Morley 
1 August 2023 
1 August 2023
31 July 2026
Non-Executive Directors are appointed for a three-year term, subject to confirmation by 
shareholders at the following annual general meeting (AGM) and annual re-election at each 
subsequent AGM. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
108 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Implementation of the Remuneration Policy in FY25 – Executive Directors 
Salary 
The Executive Directors’ base salaries were reviewed in June 2024. In reviewing base salaries, 
the Committee takes into account salaries paid elsewhere across the Group, relevant market data 
and information on remuneration practices in the financial services sector. 
Dan Olley was appointed as CEO in August 2023 on a salary of £730,000. This was in line with the 
salary of his predecessor. In considering his salary for FY25, the Committee took into account his 
strong performance in the year. Notwithstanding this, Dan Olley requested that his salary remain 
unchanged for FY25 recognising that he had only been in role for less than a year. 
For Amy Stirling, a salary increase of 3.5% is proposed. This is in line with the average salary 
increase across our senior leadership population, but below the salary increase for the wider 
workforce at 3.7%. This is the first salary increase Amy has received since her appointment 
as CFO in February 2022, having requested not to take an increase last year. 
Name of Director 
Salary as at 
1 July 2023 
(£)
Salary as at  
1 July 2024  
(£)
%  
increase 
Dan Olley 
–
730,000
0% 
Amy Stirling 
525,000 
543,375
+3.5% 
Annual bonus 
In FY25, whilst our headline strategic pillars remain the same, we will be focusing on five key 
priorities to drive the business forward, with the management team setting out their individual 
priorities against each of these. The Committee has determined that it is appropriate to continue 
to align the assessment of annual bonus awards against the strategic priorities whilst maintaining 
a strong focus on financial performance (56% across profit before tax, underlying costs, net new 
business and asset retention). 
The performance assessment will include the following measures: 
Priority 
Weighting 
Measure* 
Drive new Client Growth 
16% 
Net New Business (NNB) Note * (16%) 
Increase Retention 
16% 
Asset Retention Note * (%) (8%) 
Client NPS (8%) 
Drive execution, decrease toil
16% 
Profit Before Tax (Statutory) (£m) Note * (16%) 
Save to Invest
16% 
Underlying Cost* (16%) 
Performance Culture
16% 
Colleague Engagement (8%) 
Risk and Controls (Maturity Risk Score) 
(8%) 
Total 
80%
Note:
Note * 
indicates financial/growth measures which together make up 56% of the overall performance assessment. 
The measures remain largely same as in FY24 with the exception of client retention which has 
been replaced by asset retention. 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
 
 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
109 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Targets have been set at the start of the financial year based (where applicable) on the 
agreed operating plan and taking account of consensus. The targets set in relation to these 
measures are considered to be commercially sensitive but will be disclosed in next year’s Annual 
Remuneration Report. 
The assessment of any award will also take account of each Executive Director’s personal 
contribution (being 20% of the overall maximum outcome) and will include an overlay that takes 
account of the conduct, behaviours and culture evidenced by each Executive Director in line with 
the Hargreaves Lansdown values. 
Risk and compliance considerations will also be taken into account at both Company and 
individual levels. 
In making an assessment of performance, the Committee retains flexibility to apply discretion 
to the formulaic outcome in line with the Policy and details of the Committee’s assessment will 
be given in the Annual Report on Remuneration next year. Malus and clawback will apply. 
Bonus opportunities are as follows: 
On-target bonus opportunity 
(% of base salary)
Maximum bonus opportunity 
(% of base salary)
Dan Olley1 
125% 
250% 
Amy Stirling 
110% 
220% 
Performance Share Plan (PSP) 
For FY25, the CEO and CFO will receive a PSP award with a maximum opportunity of 150% of 
salary and 130% of salary, respectively, subject to satisfactory personal performance in the period 
prior to grant. 
These awards will be assessed against achievement of the below performance measures over 
a period of three financial years (1 July 2024 to 30 June 2027): 
Measure 
Weighting 
Threshold 
(25% of award) 
Maximum 
(100% of award) 
Relative TSR1 
30% 
Median 
Upper Quartile 
Cumulative EPS2 
50% 
155.0p 
245.0p 
Environmental and Social: 
Responsible employer (senior women 
representation) 
5% 
38% 
42% 
Responsible employer 
(ethnic minority representation) 
5% 
0% 
14% 
Responsible Fund Manager (scope 3 
financed emissions targets agreed 
and TCFD reporting across 
HLFM funds) 
10% 
Reduction of 35% 
on 2019 baseline
Reduction of 40% 
on 2019 baseline
1. Relative TSR is assessed against the FTSE 51–150 companies (excluding investment trusts) comparator group. 
2. The cumulative statutory EPS target has been set at a stretching level in the current economic environment, based on internal plan and 
consensus forecast for the relevant period. 
Governance 
ANNUAL REPORT ON REMUNERATION 
CONTINUED 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
110 

111
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
ANNUAL REPORT ON REMUNERATION
CONTINUED
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance 
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Sustained Performance Plan (SPP)
For FY25, each Executive Director is to receive an SPP award with a maximum opportunity of 50% 
of base salary, subject to satisfactory personal performance in the period prior to grant.
Awards will be assessed against achievement of the below underpinning performance conditions 
over a period of three financial years:
• A requirement for average AUA for the last complete financial year prior to the third anniversary 
of grant to be above the average AUA for the last complete financial year prior to award;
• Maintenance of and continued management focus to improve risk, compliance and internal 
control environment across the performance period; and
• Satisfactory personal performance throughout the performance period.
In assessing performance for both the PSP and SPP, the Committee will review performance 
against these underpinning conditions in the round and will retain flexibility to apply discretion 
in line with the Policy. The Committee also retains discretion to make adjustments to the vesting 
outcome if it is not considered to be appropriate taking into account share price performance 
including consideration of any windfall gains arising and any other significant events which may 
have impacted the Company’s share price or the market as a whole.
At the end of the performance period, any vested PSP and SPP awards will be subject to a further 
two-year holding period such the performance and holding periods together span a minimum of 
five years.
In line with the Policy, dividend alternatives will accrue and both PSP and SPP awards are subject 
to a formal malus and clawback mechanism. 
Statement of voting at the AGM
At the AGM held in 2023, votes cast by proxy and at the meeting in respect of the Directors’ Remuneration Report were as follows:
Resolution
Votes for 
(including 
discretionary 
votes)
% 
for
Votes 
against
% 
against
Total votes cast 
excluding votes 
withheld
Votes 
withheld
Total votes cast 
including votes 
withheld
Approve Directors’ Remuneration Report (excluding the Policy)
302,104,242
96.96
9,466,162
3.04
311,570,404
93,880,116
405,450,520
Approve Directors’ Remuneration Policy in 2023
293,385,741
95.09
15,147,800
4.91
308,533,541
96,916,978
405,450,519
Moni Mannings 
Chair of the Remuneration Committee
14 August 2024

112
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance 
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Governance 
NOMINATION & GOVERNANCE COMMITTEE REPORT
GOVERNANCE 
SUPPORTING GROWTH
ensuring the right capabilities 
are in place to execute on the 
strategy and drive value for 
shareholders and clients
“
Alison Platt 
Chair of the Nomination & Governance Committee
Dear Shareholder,
As Chair of the Nomination & Governance Committee, I am 
pleased to present this report on the Committee’s activities in 
the year under review.
The Committee has overseen a busy year including my own 
appointment and the Committee’s expansion into a Nomination 
& Governance Committee.
Role of the Nomination Committee
The detailed responsibilities of the Committee are set out in its 
terms of reference, which are available on the Group’s website 
at www.hl.co.uk/about-us/board-of-directors
At a summary level the Committee plays a key role in:
• Reviewing and monitoring the composition of the Board 
and its Committees to ensure the right balance of skills, 
knowledge and experience;
• Conducting ongoing succession planning to ensure there 
is a diverse pipeline of talent for appointments to the Board 
and senior management;
• Leading the process for appointments to the Board and 
re-election of Directors;
• Providing oversight of the Group’s approach to Inclusion 
and Diversity; 
• Ensuring the Board and its Committees are functioning 
effectively through the oversight of the annual evaluation of 
the Board’s performance. The Committee also monitors the 
Group’s progress in implementing recommendations; and
• Supporting the plc Board on defined governance items 
such as reviewing compliance with good practice, reviewing 
and recommending key documentation for publication and 
overseeing the Colleague Forum (formerly a responsibility 
of the Remuneration Committee).
As noted in the prior year’s report, whilst a key focus of the 
Committee has been on Chair succession the Committee 
has also devoted time to working with members of the ELT to 
further develop succession planning and talent management 
within the business with a focus on diversity. This is to ensure 
the Company has the right skills in the right place and at the 
right time to support the ongoing execution of the strategy. 
Composition and meeting attendance
At the date of this report (14 August 2024), Committee 
members are Alison Platt (Chair), Andrea Blance, Penny James, 
Moni Mannings, Michael Morley, Darren Pope and John Troiano 
each of whom are independent Non-Executive Directors. Not 
all have been members throughout the period under review – 
details can be found on page 67. The membership satisfies the 
Code requirement that a majority of members are independent 
Non-Executive Directors.
Committee appointments are made for three-year terms and 
can be extended for no more than two additional three-year 
terms, provided that the member still meets the criteria for 
membership and annual re-election at the AGM by shareholders. 
The Board regularly reviews the composition of the Committee 
and makes appointments accordingly. 
The Committee met six times in the period under review. 
The attendance of members is set out in the table on page 67. 
Other individuals attend Committee meetings at the request of 
the Committee Chair and usually include the Chief Executive 
Officer and Chief People Officer and, where relevant, the 
Group’s external advisers. The Committee has access to the 
Group Company Secretary, who also acts as secretary to the 
Committee. The Committee is authorised to obtain independent 
professional advice where it considers it necessary.

113
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
 
NOMINATION & GOVERNANCE COMMITTEE REPORT
GOVERNANCE SUPPORTING GROWTH CONTINUED
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance 
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Committee activities during the period under review
Board size, structure and composition (including 
skills matrix)
During the year the Committee regularly reviewed the size, 
structure and composition of the Board, as well as conducting 
annual reviews of the composition of its Committees. A review 
of the Board skills matrix was undertaken against the needs of 
the Group both now, and in the future, to deliver the Strategy 
and aligned with governance requirements. In addition to the 
search processes for a new Chair a search has also been 
undertaken for an independent Non-Executive Director to 
address the skills gap created by Dan Olley transitioning 
to the role of CEO. It is anticipated a further search will be 
undertaken to increase resilience within the Non-Executive 
Director population and provide greater optionality in 
contingency planning.
Succession planning
In tandem with considering composition during the year the 
Committee also ensured appropriate succession planning for 
both the Board and the Group’s senior management was in 
place. This involved:
• Reviewing the succession planning and talent pipeline for 
members of the ELT and those who hold Senior Manager 
Functions (SMFs) to ensure resilience in these key areas 
is maintained;
• Taking account of key drivers such as recommendations 
from Board evaluations, feedback from meetings with key 
stakeholders including the FCA, investors, the Committee’s 
own reviews of Board size, structure and composition, and 
developments in corporate governance good practice;
• Actively considering mechanisms for staggering Board tenure 
to manage evenly the distribution of change amongst the 
Board; and
• Reviewing arrangements for short-term contingency planning 
to prepare for unexpected periods using existing talent – 
for Non-Executive Directors, ELT members and individuals 
holding SMFs. This process helped identify any areas of 
over-reliance on key individuals which further supported the 
decision to increase the number of Non-Executive Directors 
sitting on the Board. The tenure of the Non-Executive 
Directors was also considered as part of this process.
All of these assessments (relating to composition and 
succession) were undertaken in line with the Group’s Board 
diversity policy – the Committee reviews broader aspects 
of diversity as part of its reviews of Board composition and 
succession planning, and when searching for candidates.
Work previously undertaken by the Committee in assessing the 
Board skills matrix and succession planning was used to feed 
into the searches conducted by the Committee this year. In 
addition, and in line with good practice, thought has been given 
to the role of the Chair and how this will evolve as HL moves 
deeper into its execution of the Strategy.
Approach to recruitment
The Committee leads the process for appointments to the 
Board other than for the Nominated Director (Adrian Collins). 
For both Executive and Non-Executive searches the Committee 
uses input from: succession planning; contingency planning; 
and regular assessment of Board and Committee composition 
to identify the skills, knowledge and experience required in 
candidates to meet the Group’s current and future requirements. 
The aim is to refine the leadership of the organisation to ensure 
the right capabilities are in place to execute on the strategy and 
drive value for shareholders and clients. 
For both Executive and Non-Executive searches the Committee 
takes into account a number of factors, including the benefits 
of diversity and balance of composition of the Board, including 
in terms of ethnicity and gender. The Group’s policy is to work 
with search firms who have signed up to the Standard Voluntary 
Code of Conduct for Executive Search Firms on diversity and 
best practice, and reject candidate lists that are not suitably 
diverse without sufficient reason. The overriding requirement 
is that recommendations for appointments are based on merit 
against objective criteria, and that the best candidates are put 
forward for consideration.
Search for a new independent Chair
The Company announced in July 2023 that as Deanna 
Oppenheimer was due to participate in her sixth AGM as 
Chair of the plc Board later that year work had commenced to 
determine the attributes of any successor candidates. It was 
felt that the timing was appropriate given good governance and 
succession planning practices and being mindful that the CEO 
transition was successfully underway.
Penny James (as SID) was nominated to lead the process 
on behalf of the Committee which was supported by Spencer 
Stuart. Spencer Stuart is independent of the Group although it 
should be noted that Moni Mannings, Non-Executive Director, 
sits on the Spencer Stuart Advisory Board. This potential 
conflict was declared and noted by the Board ahead of any 
search process commencing. The Board was satisfied that there 
was no cross over between the search activities and those of 
the advisory board. The Nomination & Governance Committee 
managed the search as set out below providing regular updates 
to Board members.
Step 1. A detailed candidate specification was agreed which 
included specific attributes aligned with HL’s long-term direction 
and culture including:
• business leadership experience ideally within the 
financial services sector with listed company experience;
• experience of digitisation within a large 
corporate environment;
• Board and Chair experience; 
• well respected in the City, with a reputation for generating 
shareholder value;
• ability to facilitate Board debate and challenge recognising 
HL’s stakeholder needs; and
• support and hold the current Executive team to account 
in executing HL’s strategy.

114
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
 
NOMINATION & GOVERNANCE COMMITTEE REPORT
GOVERNANCE SUPPORTING GROWTH CONTINUED
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance 
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Step 2. Spencer Stuart presented a candidate long-list mapped 
against the role profile which was reviewed by the Committee 
leading to a shortlist of candidates. The Committee challenged 
itself throughout the process on the skills and experience 
sought against candidate profiles. 
Step 3. Alongside the Committee’s work Spencer Stuart 
confirmed with candidates capacity for the role including 
time capacity and potential conflicts which fed into the short 
list preparation.
Step 4. Face-to-face interviews took place between the 
shortlist and each member of the Committee excluding the 
incumbent Chair Deanna Oppenheimer who was recused from 
the process. Preferred candidates were nominated to meet 
Board members.
Step 5. Throughout the search the Committee regularly 
challenged Spencer Stuart with regards to diversity of 
candidates in terms of gender, ethnicity, geographical and 
educational backgrounds. As a result the final evaluation led 
to the Committee considering the core skills and personal 
specifications of a number of high calibre candidates. 
The Nomination & Governance Committee confirmed that 
Alison Platt had demonstrated the desired capabilities and 
experience including previous experience of working in 
regulated environments, not least in her role as Chair of Ageas 
(UK) Limited. It was also felt that she would be a sound cultural 
fit for the organisation, providing considered leadership to both 
the plc Board and Group. The Board unanimously approved 
the recommendation that she be deemed independent on 
appointment with the associated announcement being made on 
29 November 2023. Alison took up the role of Non-Executive 
Chair on 6 February 2024 following regulatory approval. 
It was felt that Alison has significant and directly relevant 
experience for HL including:
• being a highly experienced FTSE Chair, board director and 
senior leader across both private and listed companies in 
highly regulated sectors;
• four years as a FTSE CEO and more than twenty years in 
healthcare and financial services, including at Bupa and as 
a non-executive at L&G Financial Advice, both of which are 
FCA regulated financial services businesses; and
• experience of issues relevant to HL from increased 
digitisation to transformation against a changing macro 
backdrop through to regulatory changes such as 
Consumer Duty.
You can find Alison’s full biography on page 62 with details of 
the Board induction programme on page 68.
Search for a new independent Non-Executive Director 
During the period under review, the Committee carried out a 
detailed search for a new Non-Executive Director. The focus 
of this search was primarily around increasing resilience within 
the Non-Executive population of global technology skills given 
the transition of Dan Olley to the CEO role. For this search the 
Committee engaged Heidrick & Struggles which is independent 
of the Group. At the time of writing the search remains ongoing.
Board induction and training
Once a new Board member has been appointed the Committee 
oversees the induction programme that will support them in 
understanding the Group and contributing to debate from an 
early point. Each new Board member receives an induction pack 
containing key material and is allocated a bespoke induction 
plan. The latter is tailored depending on existing skills and 
knowledge to ensure the new Board member understands 
the Group’s purpose and Strategy, the operational environment 
and regulatory requirements including Directors’ duties.
During the year the Committee received a summary of training 
provided to Board members during the year. Further detail can 
be found on page 69.
Director independence, time commitment 
and re-election
The Committee conducted its annual review of the 
independence of the Non-Executive Directors, and time 
commitments of the Directors generally, at its June meeting. 
In reviewing the independence of the Non-Executive Directors, 
the Committee considered in detail whether any circumstances 
had arisen, including those set out in Provision 10 of the 
Code, which are likely to impair, or could appear to impair 
the independence of each Non-Executive Director.
The Committee concluded that it considered each of the 
Non-Executive Directors (other than the Nominated Director) 
to be independent under the provisions of the Code. As 
an appointee of a shareholder, the Nominated Director is 
not considered to be independent, but contributes through 
providing a link to Peter Hargreaves’ experience as well as his 
own wealth of experience in the fund management industry. 
The Nominated Director does not sit on any of the Committees 
and given that the majority of the Non-Executive Directors 
are independent, the Committee considers this adequately 
compensates for any potential imbalance that may arise 
from the presence of the Nominated Director.
In concluding that each of the Non-Executive Directors 
has sufficient time available to allocate to the Company 
as set out in their letters of appointment, the Committee 
considered: the detailed requirements of the Code and 
other key regulatory requirements; attendance records for 
each Director and responsiveness to Company business; as 
well as the confirmations given to the Chair by each of the 
Non-Executive Directors that they continue to have sufficient 
time to discharge their responsibilities effectively.
Based on its assessment of each Director’s performance and 
ability to continue to contribute to the Board in light of the 
knowledge, skill and experience they possess, the Committee 
has recommended to the Board that each of the Directors is 
eligible to be put forward for election or re-election at the 2024 
AGM as appropriate.

115
Hargreaves Lansdown
Report and Financial Statements 2024
Governance
 
NOMINATION & GOVERNANCE COMMITTEE REPORT
GOVERNANCE SUPPORTING GROWTH CONTINUED
Strategic report 
1
Governance
Chair’s Introduction 
60
Board of Directors 
62
Corporate Governance Report 
65
Audit Committee Report 
74
Directors’ Remuneration Report 
81
Nomination & Governance 
Committee Report 
112
Risk Committee Report 
117
Directors’ Report 
120
Section 172 Statement 
124
Statement of Directors’ Responsibilities 
127
Financial statements 
128
Other information 
173
Board effectiveness
The Committee oversaw progress against the internally led 
2023 Board Effectiveness Review (BER) the key points of which 
were detailed in last year’s Report and Financial Statements. All 
actions were either closed or embedded into ongoing ways of 
working. 
With the last externally led BER having taken place in 2021 the 
Committee appointed Independent Board Evaluation (IBE) to 
facilitate the 2024 BER. To ensure that the new Chair received 
enough time to bed into their role and therefore be able to 
maximise the outputs of any BER the decision was taken to 
run the review later in the calendar year than in 2023. This 
will enable an in depth review of how the Board can perform 
best both individually and collectively to support clients, 
shareholders, colleagues and wider stakeholders. 
Diversity
The Board believes that building a diverse and inclusive 
workforce is important not just because it is the right thing to 
do, but because it is good for the Group’s shareholders, clients, 
its business and its people. The Group’s objective is to build a 
diverse workforce at all levels and create an inclusive culture for 
all. The Board is committed to creating a culture where people 
treat each other with dignity and are encouraged to realise their 
full potential.
The Group’s Inclusion & Diversity Policy supports this by making 
clear the Group’s aspirations and commitment to inclusion and 
diversity, and by defining the roles and responsibilities that will 
support it in attaining its objectives. Further information can be 
found on page 38. The Board Diversity Policy dovetails with the 
wider Group Policy focusing on ensuring the Board is diverse 
and provides role models for the organisation.
During the period, the Committee reviewed progress against 
the Group’s Inclusion and Diversity Strategy and action plan. 
In addition, the Committee and all other Board members were 
included in Group-wide training relating to diversity covering 
topics including implicit bias; micro aggressions; power and 
privilege; and how to be an ally.
Further information on the Group’s progress in achieving 
its objectives can be found on pages 18 to 20 of the Strategic 
Report.
Gender balance
The Board continues to focus on gender diversity both at 
Board level and in the Group’s senior management. The 
Committee has overseen the development of specific strategic 
initiatives in this respect, including to hire more, promote more 
and retain more women in senior positions.
As of 30 June 2024, the Board numbered ten in total, five 
of whom are women with three of the four senior Board 
positions (defined as Chair, Senior Independent Director 
Chief, Chief Executive Officer and Chief Financial Officer) 
being held by women. The Board recognises that there is 
always more to do with regards to diversity in all its elements 
and continues to focus on promoting diversity as part of its 
recruitment processes.
The Group continues to promote diversity across the 
organisation and is proud to be a signatory to the Women in 
Finance Charter, a government initiative to promote inclusion 
and diversity. As of 30 June 2024, female representation across 
the Group’s senior management (as per the Code definition) 
was 43.5%. For these purposes ‘senior management’ comprises 
members of the ELT and each of their direct reports including 
administrative staff.
If administrative staff are removed then female representation 
across the Group’s senior management as per the Companies 
Act 2006 definition (which only includes those responsible for 
planning, directing or controlling the activities of the Group or a 
strategically significant part) was 41.4%. Further information on 
how the Group is seeking to promote diversity can be found on 
page 68 of the Strategic Report.
Ethnic diversity
The Committee is pleased to report that the Company continues 
to meet the recommendation from the Parker Review that there 
should be at least one Director of colour on the Board by 2021.
During the period the Committee agreed to work with 
Empowering People of Colour (EPOC) – an organisation founded 
by the Group’s Remuneration Committee Chair Moni Mannings 
OBE. The aim of EPOC is to address the lack of diversity on 
the UK’s private, public and not for profit Boards. As part of 
this HL has selected an EPOC fellow from within its colleague 
population to join a third party board. HL agreed to use EPOC’s 
Board fellowship programme to search for an EPOC fellow to join 
the HL Board for a period of circa 12 months and is considering 
the appropriate time to select an EPOC fellow. The aim being 
that individuals gain a better understanding of how Boards 
operate, develop their skills, experience and networks and see if 
a Non-Executive career is something they would wish to pursue. 
For more information about the Group’s approach to ethnic 
diversity more widely please see the Responsible employer 
section on page 38.

 
 
 
 
Governance 
NOMINATION & GOVERNANCE COMMITTEE REPORT 
GOVERNANCE SUPPORTING GROWTH CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Reporting on gender, identity or sex 
Number 
of board 
members 
Percentage of 
the board 
Number 
of senior 
positions on 
the board 
(CEO, CFO, SID 
and Chair) 
Number in 
executive 
management 
Percentage 
of executive 
management 
Men 
5 
50% 
1 
6 
60% 
Women 
5 
50% 
3 
4 
40% 
Not specified/prefer not to say 
0 
0% 
0 
0 
0% 
Reporting on ethnic background 
Number  
of board  
members 
Percentage of 
the board 
Number 
of senior 
positions on 
the board 
(CEO, CFO, SID 
and Chair) 
Number in 
executive 
management 
Percentage 
of executive 
management 
White British or other White (including 
minority-white groups) 
8 
80% 
4 
8 
80% 
Mixed/Multiple Ethnic Groups 
0 
0% 
0 
0 
0% 
Asian/Asian British 
1 
10% 
0 
1 
10% 
Black/African/Caribbean/Black British 
0 
0% 
0 
0 
0% 
Other ethnic group, including Arab 
0 
0% 
0 
0 
0% 
Not specified/prefer not to say 
1 
10% 
0 
1 
10% 
Overview of the Committee’s activities 
in the year to 30 June 2024 
 
 
 
6% 
Board composition 
and effectiveness 
18% 
Governance and 
other (including 
NED only sessions) 
34% 
Recruitment 
42% 
Talent, 
leadership, 
succession, 
diversity 
& inclusion 
Committee priorities for 2024/25 
Looking ahead to the next financial year, it is anticipated that 
the Committee will focus in particular on: 
• Completing the current round on Non-Executive recruitment 
to further develop resilience and flexibility within 
that population. 
 
 
 
• Recognising the change there has been within the ELT 
working with members to further develop succession 
planning and talent management with a focus on diversity 
and developing pipelines across the organisation. 
• Further developing the role of the Committee with regards 
to governance elements. 
• Completing and overseeing the implementation of 
recommendations from the externally led BER 2024. 
Alison Platt 
Chair of the Nomination & Governance Committee 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
116 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Go
“
vernance 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
 
Statement of Directors’ Responsibilities 
127 
 
Financial statements 
128 
Other information 
173 
RISK COMMITTEE REPORT 
DRIVE FOR CONTINUOUS 
IMPROVEMENT 
Strong risk management is 
essential in supporting the 
firm achieve its strategic aims 
Andrea Blance 
Chair of the Risk Committee 
Dear Shareholder 
As Chair of the Risk Committee, I am pleased to present the 
Committee’s report on the activities undertaken in the year 
under review. 
The Group’s approach to risk management and how it evaluates 
and manages the principal risks and uncertainties the Group 
faces are set out on pages 51 to 58. 
Role of the Risk Committee 
The Board is responsible for the Group’s risk management 
and strategy, and for determining an appropriate risk appetite. 
The Committee ensures that risk management is properly 
considered in Board decisions and provides oversight of risk 
within the Group. The Committee advises the Board on changes 
to the Group’s risk profile and risk appetite and monitors the 
effectiveness of the Group’s risk management framework. 
The Committee plays a key role in overseeing the management 
of capital adequacy and liquidity through the Internal Capital 
Adequacy and Risk Assessment (ICARA) which includes 
ensuring HL has sufficient capital for its future growth strategy. 
Continued enhancements to the Group’s risk maturity have been 
reviewed by the Committee who have scrutinised the Group’s 
risk profile in relation to solvency, liquidity, operational, conduct 
and reputational risks. 
The Committee has continued to keep under review the Group’s 
strategy. Regular updates on mobilisation priorities have been 
received to ensure that the activities supporting the delivery 
and execution of the strategy are adequately managed and 
prioritised across other business as usual activities in order 
to support good client outcomes. 
The Committee reviews a report from the Group Chief Risk 
Officer (GCRO) at each meeting which includes key themes 
impacting the risk profile and regulatory change risks that could 
impact the Group. It also covers the output of risk assurance 
activities and specific areas of financial and non-financial risk 
including regulatory risk and client outcomes. 
The detailed responsibilities of the Committee are available 
on the Group’s website. 
The Committee works closely with the Audit Committee 
on risk and control matters and both Committee Chairs are 
members of the other Committee to ensure a co-ordinated 
approach. The operation of effective key controls for assessing 
and managing the Group’s key risks is delegated to the Audit 
and
 
Risk Committees. 
Composition and meeting attendance 
As at the date of this report (14 August 2024), the members 
of the Committee are Andrea Blance (Chair), Penny James, Moni 
Mannings, Michael Morley, Darren Pope and John Troiano, each 
of whom are independent Non-Executive Directors. With the 
exception of Michael Morley, who has been a member since 
his appointment in August 2023, all those listed have been 
members throughout the period under review. Dan Olley was 
a member of the Committee until his appointment as CEO 
on 7 August 2023 and Roger Perkin was a member until he 
stepped down from the Board on 8 December 2023. 
Ongoing training is provided to assist Committee members in 
performing their duties. This year this included briefing sessions 
on wind down planning, complex products and vulnerable clients. 
The Committee met six times in the period under review. 
The attendance of members is set out in the table on page 67. 
Other individuals attend Committee meetings at the request 
of the Committee Chair. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
117 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
Governance 
RISK COMMITTEE REPORT 
DRIVE FOR CONTINUOUS IMPROVEMENT CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Overview of the Committee’s activities 
in the year to 30 June 2024 
28% 
Risk maturity, 
management and 
framework 
11% 
Governance 
and other 
9% 
ICARA
12% 
Consumer 
Duty 
40% 
Risk exposures 
and reporting 
Areas of focus during 2023/2024 
Consumer Duty 
• To support the delivery of good client outcomes, regular 
updates on embedding activities related to the Consumer 
Duty were reviewed. 
• Progress of the embedding plan and delivery of key 
elements, including ongoing monitoring frameworks, were 
monitored to ensure all aspects of the regulations had been 
considered prior to completion of the annual assessment 
by 31 July 2024. This included oversight of the ongoing 
development of data to ensure monitoring and assurance 
is in
  place. 
 
Operational resilience 
• In its role overseeing operational resilience, the Committee 
scrutinised the completeness of the Operational Risk Self-
Assessment, including Important Business Service coverage 
and thresholds as well as management plans to address 
outstanding actions, prior to recommending this for approval 
by the Board. 
Information Security, Data and fraud risk 
• To provide visibility of risk exposure and activities underway 
to address and mitigate risks, a deep dive review of the data 
risk environment was carried out. This covered the regulatory 
compliance position, including GDPR. 
• The update on cyber security and the cyber risk control 
environment included a specific focus on the risk 
management approach to Artificial Intelligence. 
• Regular updates on enhancements made within the Group’s 
financial crime framework and controls were received, 
including a new anti-money laundering (AML) screening tool 
which will further aid the detection and prevention of fraud. 
• The annual report from the Money Laundering Reporting 
Officer (MLRO) took into account the FCA’s findings from its 
recent assessment of compliance with AML regulations and 
was subsequently approved by the Board. 
Risk assessment of strategy 
• The Committee continued to oversee any risks associated 
with the strategy through second line assessments of 
mobilisation and prioritisation activities and the risk profile 
associated with any change execution risks. 
• Projects to address regulatory requirements, including those 
requiring technology enhancements, were reviewed and the 
GCRO provided updates on change management progress. 
Committee activities during the period under review 
Risk management oversight 
• Reviewed and challenged the risk appetite statements in 
support of consistent risk-informed decision-making aligned 
with HL’s strategic aims. 
• Received regular updates on the status of the Group’s risk 
profile supported by reference to the approved risk appetite, 
reviews undertaken of risk and compliance events and the 
status of control effectiveness and remediation activities. 
• Reviewed and challenged reporting for evidence of the 
continued evolution of risk management capabilities in the 
first line and monitored the response of management to 
issues identified, including root cause analysis. 
• Continued to encourage the Group’s Risk function to further 
focus on oversight through the increased transfer of risk 
management activities to the first line operational teams. 
• Received and challenged an assessment of the Group’s 
emerging risks and the principal risks and uncertainties the 
Group faces as set out on pages 56 to 58. 
• Reviewed and monitored progress of the second line 
assurance plan and oversaw the ongoing prioritisation of risk 
management activity across the Group. 
• Received reports from the Compliance Monitoring function on 
the effectiveness of measures designed to ensure compliance 
with the Group’s regulatory risk and control framework. 
• Oversaw the activity of the Compliance function which 
ensures adequate oversight of the regulatory obligations and 
compliance with them. The adequacy and effectiveness of 
the function was confirmed as part of the annual review. 
• Received regular updates from the GCRO on the resource 
capacity and capability in the Risk function. 
• Reviewed a summary of the GCRO’s paper to the 
Remuneration Committee relating to risk events or issues 
including compliance and audit findings that impacted, or 
could have impacted, the Group or clients and which were 
taken into account when determining Executive remuneration. 
ICARA 
• As part of ensuring HL has sufficient capital for its growth 
strategy, the Committee kept the ICARA under periodic 
review via quarterly updates. 
• The ICARA results in October 2023 were recommended 
to the Board for approval, following review and challenge 
to ensure they were proportionate to the nature, scale and 
complexity of HL. The review covered the key assumptions 
and methodologies used to assess the material risks of harm 
to ensure the results continued to reflect the risk profile of 
the Group. The Committee oversaw the scenarios used such 
as regulatory compliance, technology and severe market 
movements to validate the results and also reviewed the 
annual regulatory disclosures. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
118 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
RISK COMMITTEE REPORT 
DRIVE FOR CONTINUOUS IMPROVEMENT CONTINUED 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance  
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Operational risk 
• The Committee has focused on change management and the 
action plans in place to reduce operational risk through the 
programmes being prioritised as part of the transformation. 
• A joint meeting was held with the Audit Committee to 
oversee progress against management actions identified 
by second line and Internal Audit reviews. 
• The assurance reviews carried out by the newly formed 
Model Risk team were also reviewed to oversee any risks 
resulting from using insufficiently accurate models to 
make decisions. 
Risk maturity 
• The Committee oversaw the implementation of a Group Risk 
Maturity Assessment Framework as part of the continued 
enhancement of the Group’s risk maturity, aligned to the 
scale and complexity of a financial services organisation 
the size of HL. 
• The Group Risk and Compliance tool continues to provide 
a central system of record for key risk data including risk 
events and issues, which provides greater insights on 
risk management. 
Risk management and internal controls 
• In order to monitor and maintain the Group’s internal 
controls systems on behalf of the Board, the Audit and Risk 
Committees carried out an annual review of the adequacy 
and effectiveness of the risk management systems and 
the internal control environment which included key 
financial, operational and compliance controls and the 
risk management framework. 
• The Committee reviewed the disclosures and statements 
in the Report and Financial Statements relating to 
risk management prior to review and approval by 
the Audit Committee. 
• The Committee also reviewed the risk self-assessment 
process run in accordance with the Director’s risk attestation 
process which provided assurance by the CEO and GCRO 
of HL’s adherence to the requirement to maintain sound risk 
management and internal control systems. 
Committee performance 
• In line with its terms of reference, the Committee is required 
to undertake a review of its performance on an annual basis 
to ensure it is operating effectively. 
• The review was undertaken in April and this year included 
the completion of an effectiveness questionnaire by 
the members. 
• The review confirmed that activities during the period had 
been in line with the Committee’s remit. Minor amendments 
to the Terms of Reference, which included the Committee’s 
role in overseeing and challenging the design and 
execution of stress and scenario testing and reviewing 
and recommending the annual self-assessment of client 
outcomes, were approved by the Board. 
Committee priorities for 2024/25 
Looking ahead to the next financial year, it is anticipated that 
the Committee’s focus in particular will be to: 
• Ensure the Group Risk Maturity Framework enhancements 
focus on Risk Maturity elaboration, finalisation and 
embedding of risk appetite measures and monitoring and 
escalation processes; 
• Ensure actions taken in relation to the implementation of 
the Consumer Duty regulations are embedded and ongoing 
assurance is in place; 
• Continue to oversee change execution risk whilst legacy 
systems are transformed as part of HL’s strategy; and 
• Oversee the further development of the emerging risk profile. 
Andrea Blance 
Chair of the Risk Committee 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
119 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance  
Committee Report 
112 
Risk Committee Report 
117 
 
Directors’ Report 
120 
Section 172 Statement 
124 
 
Statement of Directors’ Responsibilities 
127 
 
Financial statements 
128 
Other information 
173 
Governance 
DIRECTORS’ REPORT 
The Directors present their report on the affairs of the Group, 
together with the audited consolidated financial statements for 
the year ended 30 June 2024. 
 
The Company is the holding company for the Group. The 
Group’s regulated operating subsidiaries carry out its business 
of providing financial products and services, principally to 
retail clients. The Group operates predominantly in the United 
Kingdom, with one operating subsidiary (HL Tech) located 
in Poland that provides IT development services to the rest 
of the Group. 
The Directors’ Report for the period under review comprises 
pages 120 to 123 of the Report and Financial Statements, 
as well as other sections incorporated by reference. 
As permitted by legislation, certain information required to 
be included in the Directors’ Report has instead been included 
in the Strategic Report, on the basis that the Board consider 
those matters to be of strategic importance. Commentary on 
the development and performance of the Group’s business, 
including in the field of research and development, and an 
indication of likely future developments can be found on pages 
1 to 30 of the Strategic Report. Disclosures relating to the 
Group’s greenhouse gas emissions, energy consumption and 
the measures being taken to increase energy efficiency can 
be found on pages 43 to 50 of the Strategic Report. 
Details of how the Group engages with its key stakeholders, 
including its shareholders, can be found on pages 22 to 23 
of the Strategic Report and on pages 69 to 70 of the Corporate 
Governance Report. Details of how the interests of stakeholders 
are considered in the Board’s decision making can be found 
in the Section 172 Statement on pages 124 to 126. 
The Strategic Report and the Directors’ Report together 
form the Management Report for the purposes of DTR 4.1.8R. 
For the purposes of DTR 7.2.1R: 
• A statement as to the Company’s compliance with the Code 
and details of where the Code is publicly available can be 
found in the Chair’s Introduction to Corporate Governance 
on page 61; 
 
• A description of the main features of the Group’s internal 
control and risk management systems in relation to the 
financial reporting process can be found on pages 79 to 80; 
• Information regarding significant shareholders, special rights 
regarding control of the Company, restrictions on voting 
rights, the appointment and replacement of Directors and 
changes to the Company’s articles of association, and the 
powers of the Directors can be found on pages 120 to 122; 
• A description of the composition and operation of the Group’s 
corporate governance framework can be found on pages 70 
to 71 and 
• A description of the Group’s Diversity and Inclusion Policy, 
its objectives, how it has been implemented and the results 
in the period under review can be found on pages 38 to 42 
and 115 to 116. 
Information to be disclosed under LR 9.8.4R 
Listing Rule 9.8.4R requires listed companies to include in 
their annual financial report all information required under 
Listing Rule 9.8.4R in a single identifiable section, or otherwise 
in a cross reference table indicating where that information 
is set out. The following cross reference table sets out where 
the relevant disclosures can be found in the Report and 
Financial Statements. 
Listing rule 
Disclosure 
Page reference 
LR 9.8.4R (1) 
to (11) 
Not applicable Not applicable 
LR 9.8.4R (12) Current year 
dividend waiver 
agreements 
Note 3.2 to consolidated 
financial statements on 
page 154 
 
LR 9.8.4R (13) Future dividend 
waiver 
agreements 
Note 3.2 to consolidated 
financial statements on 
page 154 
LR 9.8.4R (14) Information 
regarding 
controlling 
shareholder 
The Company does not 
have a Controlling 
Shareholder. Details of the 
ongoing relationship with 
the Company’s former 
Controlling Shareholder 
can be found under the 
heading Shareholder 
Agreement on page 121 
Share capital structure 
The Company’s share capital consists of a single class of 
ordinary shares of 0.4p each. As at 30 June 2024 and the 
date of this report, there were 474,318,625 ordinary shares in 
issue, each of which is fully paid up, amounting to an aggregate 
nominal share capital of £1,897,274.50. Each ordinary share is 
listed on the Official List maintained by the FCA and admitted 
to trading on the Main Market of the London Stock Exchange. 
Further details of the Company’s share capital can be found in 
note 3.1 to the consolidated financial statements on page 154. 
There were no changes to the Company’s share capital during 
the period under review. 
Rights attaching to shares and restrictions on transfer 
The ordinary shares have attached to them full voting, dividend 
and capital distribution rights, and rank pari passu in all respects. 
Save for deadlines for voting by proxy, there are no restrictions 
on voting rights attaching to, or on the transfer of, the 
Company’s ordinary shares. Full details regarding the exercise 
of voting rights at the 2024 AGM, whether in person or by 
proxy, will be set out in the Notice of AGM. To be valid, the 
appointment of a proxy to vote at a general meeting must be 
received not less than 48 hours before the time of the meeting. 
The Company is not aware of any agreements between the 
holders of ordinary shares that may restrict their transfer or 
the voting rights attaching to them. 
None of the Company’s ordinary shares carry any special rights 
regarding control of the Company. 
Authority to allot or buy back shares 
The Company was granted authority at the 2023 AGM to 
purchase in the market its own shares up to an aggregate 
nominal value of 10% of its issued ordinary share capital. 
No shares were purchased under this authority in the year 
to 30 June 2024 and up to the date of this report. This 
authority expires at the end of the 2024 AGM, at which a 
special resolution will be proposed for its renewal. This is 
a standard authority that the Directors have no present 
intention of exercising. 
The Directors were granted authority at the 2023 AGM to 
allot relevant securities up to an aggregate nominal amount 
of £632,424.83, representing approximately one third of the 
Hargreaves Lansdown 
Report and Financial Statements 2024 
120 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REPORT 
CONTINUED 
Company’s issued ordinary share capital. No shares were 
allotted under this authority in the year to 30 June 2024 and up 
to the date of this report. This authority expires at the end of 
the 2024 AGM, at which an ordinary resolution will be proposed 
for its renewal. This is a standard authority that the Directors 
have no present intention of exercising. 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Shares held in trust for employee share schemes 
Hargreaves Lansdown EBT Trustees Limited (the EBT Trustee) 
holds ordinary shares in the Company in trust under the 
terms of the Hargreaves Lansdown Employee Benefit Trust 
(the EBT) to satisfy the exercise of options granted to the 
Group’s employees under its approved and unapproved share 
option schemes. Under the rules of the EBT, the EBT Trustee 
has discretion as to the exercise of voting rights attaching 
to ordinary shares held within the EBT. As at 30 June 2024, 
the EBT Trustee held 163,348 ordinary shares, equating 
to approximately 0.03% of the Company’s issued ordinary 
share capital. 
 
 
Hargreaves Lansdown Trustee Company Limited (the SIP 
Trustee) holds ordinary shares in the Company in trust under 
the terms of the Hargreaves Lansdown plc Share Incentive 
Plan (the SIP) to satisfy the exercise of options granted to the 
Group’s employees under the SIP. Save where the Company 
notifies it that such waiver does not apply, the SIP Trustee 
must refrain from exercising the voting rights attaching to 
ordinary shares held in the SIP trust that have been allocated 
to employees. The SIP Trustee has no express power under the 
terms of the SIP to exercise voting rights attaching to ordinary 
shares held in the SIP trust that have not been allocated to 
employees. As at 30 June 2024, the SIP Trustee held 20,725 
ordinary shares, equating to approximately 0.004% of the 
Company’s issued ordinary share capital. 
Substantial shareholdings 
Notifications received by the Company in accordance with 
DTR 5 are published on a Regulatory Information Service and 
on the Company’s website. As at 30 June 2024 the following 
shareholders have notified the Company in accordance with 
DTR 5 of their interest in 3% or more of the Company’s issued 
share capital: 
Name 
Ordinary 
shares 
% holding 
Peter Hargreaves
93,838,474
19.78% 
Lindsell Train Limited 
56,874,459
11.99% 
Stephen Lansdown
27,087,419 
5.71% 
Blackrock, Inc Note * 
27,082,571
5.71% 
Baillie Gifford 
23,517,973
4.96% 
Note * 
On 8 August 2024, the Company received a notification from BlackRock, Inc. in 
accordance with DTR 5 that it held voting rights in respect of 27,056,870 ordinary 
shares, equal to 5.70% of the Company’s total voting rights. In the period between 
30 June 2024 and the date of this report, the Company received no notifications 
pursuant to DTR 5. 
 
 
 
 
 
 
 
 
 
 
 
Shareholder Agreement 
 
The Company announced on 7 February 2020 that Peter 
Hargreaves had reduced his shareholding to 24.35% 
and therefore ceased to be a controlling shareholder of 
the Company. Peter Hargreaves has since reduced his 
shareholding further and now holds 19.78%. 
In October 2020, the Board announced that in order to reflect 
Peter Hargreaves’ continuing interest in the Company whilst 
respecting the strong independent governance principles of 
the Board, the Company had agreed with Peter Hargreaves to 
enter into a new shareholder agreement (the Agreement) to 
govern their ongoing relationship. Pursuant to the Agreement, 
Peter Hargreaves is entitled to nominate one Non-Independent, 
Non-Executive Director for appointment to the Board, subject 
to the applicable regulatory and governance framework that is 
observed by the Company. Peter Hargreaves exercised this right 
and Adrian Collins was appointed to the Board on 2 November 
2020. This Agreement and nomination right shall remain in place 
for so long as Peter Hargreaves and his Associates’ (as such 
term is defined in the Listing Rules) control or are entitled to 
control the exercise of at least 10 per cent of the Company’s 
voting rights. 
The Agreement intends to ensure that any transactions or 
arrangements with him are conducted at arm’s length and 
on commercial terms, and that neither he nor his associates 
would prevent the Company complying with its obligations 
under the Listing Rules or propose or procure a shareholder 
resolution intended to circumvent the proper application of 
the Listing Rules. In February 2023, the Company shared 
protocols for interactions with Peter Hargreaves and also with 
his shareholder representative to codify relevant obligations 
of each par
 
ty under the shareholder agreement, relevant 
legislation and the Code to ensure a common understanding 
of how interactions will take place. 
Dividends 
The Board recommends a final ordinary dividend of 30.0 
pence per ordinary share to be paid in respect of the period 
ending 30 June 2024. Subject to shareholder approval at 
the 2024 AGM, it is proposed that this ordinary dividend is 
paid on 1 November 2024 to all shareholders on the register 
at close of business on 4 October 2024. 
For further information on the dividend see page 30 of the 
Strategic Report. 
Board of Directors 
Powers of the Directors 
The Company’s articles of association (the Articles) set out the 
powers of the Directors. Subject to company law, the Articles 
and any directions given by special resolution of the Company, 
the Directors have been granted authority to exercise all the 
powers of the Company. 
The Articles may only be amended by special resolution 
at a general meeting of the Company’s shareholders. 
Appointment and replacement of Directors 
The appointment and replacement of Directors is governed 
by the Articles, the Code and the Companies Act 2006 and 
related legislation. 
Under the Articles, Directors may be appointed, either to fill 
a vacancy or as an  addition to the existing Board, by ordinary 
resolution of the Company or by resolution of the Board. 
If appointed by the Board, a Director must retire and, if willing 
to act, seek election at the next AGM following appointment. 
In addition, the Articles require all Directors to retire at each 
AGM and, if willing to do so, offer themselves for re-election. 
This aligns to the requirements of provision 18 of the Code. 
Further details can be found on page 69 of the Corporate 
Governance Report. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
121 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
In addition to the powers set out in the Companies Act 2006, 
the Articles provide for the removal of a Director before the 
expiration of their period of office by ordinary resolution 
of the Company. 
The Board 
The names of the Directors of the Company as at the date 
of this report, along with their biographies, are set out on 
 
pages 62 to 64. 
Appointments to and departures from the Board during the 
period under review are set out in the table below. 
Name 
Role 
Date of  
appointment/departure 
Michael Morley 
Independent 
Non-Executive 
Director 
Appointed 
1 August 2023 
Chris Hill 
CEO 
Resigned 
7 August 2023 
Dan Olley 
CEO 
Appointed 
7 August 2023 
Roger Perkin 
Independent 
Non-Executive 
Director 
Resigned 
8 December 2023 
Deanna 
Oppenheimer 
Independent 
Non-Executive 
Director 
Resigned 
8 December 2023 
Alison Platt 
Independent 
Non-Executive 
Director 
Appointed 6 February 
2024 
Directors’ interests 
Details of the Directors’ interests in the Company’s ordinary 
shares can be found on pages 102 to 108 of the Annual Report 
on Remuneration. 
During the period under review, no Director had any material 
interest in a contract to which the Company or any of its 
subsidiary undertakings was a party (other than their own 
service contract) that required disclosure pursuant to the 
Companies Act 2006. 
Directors’ indemnities 
As permitted by the Articles, the Directors have the benefit 
of an indemnity which is a qualifying third-party indemnity 
provision as defined by Section 234 of the Companies Act 
2006. The indemnity was in place throughout the period under 
review and remains in place as at the date of this report. 
The Company also maintains Directors’ and Officers’ liability 
insurance cover to protect the Directors from loss resulting from 
claims against them in relation to the discharge of their duties. 
This cover was in place throughout the period under review 
and remains in place as at the date of this report. 
Compensation for loss of office 
There are no agreements in place between the Company and 
its Directors or employees for compensation for loss of office 
or employment as a result of a takeover bid.
 
Financial instruments and financial risk management 
Details of the Group’s financial risk management policies 
and objectives in relation to the use of financial instruments, 
and its exposure to market, liquidity and credit risk, can be 
found in note 5.7 to the consolidated financial statements 
on pages 160 to 165. 
Change of control 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
DIRECTORS’ REPORT 
CONTINUED 
The Company’s RCF contains a statement that it will fall away on 
a change of control. Other than the RCF, there are no significant 
agreements to which any member of the Group is a party that 
take effect, alter or terminate upon a change of control of the 
Company following a takeover bid.  
Employee engagement and involvement 
The Group is committed to engaging and communicating 
with colleagues to ensure they understand the Group’s purpose, 
vision and priorities and how they each play their part in the 
development of its business. Information on action taken to 
ensure colleagues are provided with information on matters 
that concern them and to promote awareness of the factors 
affecting the Group’s performance can be found on page 42 
of the Strategic Report. Details of how the Group engages 
with colleagues and how their interests are considered in 
decision making can be found on pages 23 and 42 of the 
Strategic Report and in the Group’s Section 172 Statement 
on pages 124 to 126. 
Further details of how we encourage colleague involvement 
in the Group’s performance, including by way of participation 
in share schemes, can be found on page 41 of the 
Strategic Report. 
Details of the Group’s policies for the recruitment, continuing 
employment and career development of disabled persons 
can be found on page 38 of the Strategic Report. 
Post-balance sheet events 
Details of important events affecting the Group that have 
occurred since the end of the period under review can be found 
in note 5.5 to the consolidated financial statements on page 159. 
Political donations 
The Group did not make any political donations or contributions 
or incur any political expenditure during the period under review. 
Environment and climate 
Climate related financial disclosures including SECR can be 
found in the Strategic Report on pages 43 to 50. 
Annual General Meeting 
The Board looks forward to welcoming shareholders to the 
Company’s AGM which will be held later this year with details 
available at www.hl.co.uk/investor-relations/agm in due course. 
Further information, along with details of all resolutions to be 
proposed to the Company’s shareholders and how to vote, will 
be set out in the Notice of AGM that will be circulated ahead 
of the meeting. 
Electronic communications and dividend payments 
Shareholder communications are only sent in paper format 
to shareholders who have elected to receive documents 
in this way. This approach enables the Company to reduce 
printing and distribution costs and the impact of the documents 
on the environment. Shareholders who wish to receive 
email notification instead of paper copies can register 
online at www.shareview.co.uk.
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
122 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
DIRECTORS’ REPORT 
CONTINUED 
Shareholders can also request that dividends are paid directly 
into their bank or building society account via Shareview. This 
saves time and is more secure than receiving dividends by 
cheque, which could arrive late or be lost in the post. 
Going concern 
In adopting the going concern basis for preparing the financial 
statements, the Directors have considered the Group’s business 
activities, together with the factors likely to affect its future 
development, performance and position, including current 
market conditions, the increase in inflation and the associated 
cost-of-living crisis. This includes the Group’s principal risks and 
uncertainties, details of which can be found in the Strategic 
Report. The Operating and Financial Review on pages 24 to 30 
of the Strategic Report describes the Group’s robust balance 
sheet, managed to internal risk appetite and regulatory capital 
limits, and a business with a high conversion of operating profit 
to cash and a strong net cash position. 
Having regard to the Company and Group’s financial, liquidity 
and capital position, the Board has concluded that it remains 
appropriate to adopt the going concern basis of accounting in 
preparing the Company and Group’s financial statements. 
Long-term viability 
In accordance with Provision 31 of the Code, the Directors 
have assessed the prospects of the Group over a longer period 
than the 12 months required by the going concern provision. 
Details of this assessment can be found on page 55 of the 
Strategic Report. 
Disclosure of information to external auditor 
Each of the persons who are Directors at the time when this 
report is approved confirms that: 
• So far as they are aware, there is no relevant audit 
information of which the Company’s external auditor 
is unaware; and 
• They have taken all the steps that they ought to have taken 
as a Director to make themselves aware of any relevant audit 
information and to establish that the Company’s external 
auditor is aware of that information. 
This confirmation is given and should be interpreted in 
accordance with Section 418 of the Companies Act 2006. 
Approved by and signed by order of the Board. 
Claire Chapman 
Group Company Secretary 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
123 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
Governance 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
SECTION 172 STATEMENT 
In their discussions and decisions during FY24, the Directors 
have acted in the way that they consider, in good faith, would 
be most likely to promote the success of the Company for the 
benefit of its stakeholders as a whole and the matters set out in 
sub-sections 172(1)(a)–(f) of the Companies Act 2006, including 
as below. Aligned with exercising their duties to promote the 
success of HL, the Directors also have regard to the interests 
of HL’s stakeholders. These include shareholders, clients, 
colleagues, suppliers, the environment and the communities 
within which the Company operates, as well as the relative 
impacts of any decision on each group within its stakeholder 
base, acting fairly between members of the Company and 
ensuring the Company’s ongoing reputation for a high standard 
of business conduct. 
The likely consequence of any decision in 
the long term: 
The Board is keenly aware of the relative impact its decisions 
have on stakeholders. By understanding their duties and 
stakeholder interests, the Directors make decisions that 
promote long-term sustainable value for shareholders. The 
Board integrates stakeholder interests and the Group’s 
success in
 to its strategy, values and policies, delegating 
day-to-day decisions appropriately under its corporate 
governance framework. 
The Board, well-versed in HL’s business and operating 
environment, recognises the importance of today’s decisions 
on the Group’s future success. This year, strategic discussions 
balanced current and future business needs while considering 
HL’s risk profile. Regular updates on strategy implementation 
and Group performance are received by the Board, which sets 
the strategy, culture and values and oversees the Group’s 
governance, risk management and internal controls to ensure 
long-term success. HL’s strategy focuses on client proposition 
development, and you can read more about this in the 
Strategic Report. 
Operating in a highly regulated environment, the Group 
prioritises effective risk management to underpin the 
effective delivery of its strategy. More on risk evaluation 
and management, including principal and non-financial 
risks, is available on pages 51 to 58 of the Strategic Report. 
The interests of the Group’s employees: 
The Board emphasises understanding the needs of Group 
employees to foster a workplace where they can thrive, 
ensuring long-term success. The HL Colleague Forum, 
our workplace advisory panel, comprises representatives 
chosen by colleagues and facilitates direct feedback on 
matters of operational importance. This year, the Forum was 
revamped to enhance forward-looking insights into proposed 
initiatives and other relevant issues, with outcomes reported 
to the Remuneration Committee (Nomination & Governance 
Committee for FY25) and escalated to the Board as needed. 
Monthly Colleague Updates led by the CEO and senior 
management, both in-person and online, reinforce our purpose 
and engage employees in dialogue, fostering a supportive 
environment for questions and suggestions. Regular surveys 
and departmental forums further gather colleague input, with 
results shared with the Executive and Senior Leadership Teams, 
as well as sharing across the Company with key themes brought 
to the Board’s attention. 
The HL platform is for everyone and we are committed 
to inclusion an
 
d diversity. This year, initiatives coordinated 
by the Group included: 
• Colleague networks represent different colleague groups 
and look to embed an inclusive culture at HL. Each network 
is sponsored by an Executive Leadership Team member who 
supports each network in developing a deep awareness of 
challenges and issues which they, alongside the Network, 
can then amplify and support. Progress on inclusion and 
diversity, along with the networks’ activities and focus areas, 
is shared annually in the I&D update to the Nomination and 
Governance Committee. 
• The award-winning Strive Internship programme, 
launched by HL in 2020, which offers paid work experience 
placements to Black, Asian and minority ethnic university 
students across organisations in the West of England. 
 
• Speed networking events to connect female employees with 
management and senior leaders from across the business to 
aid their understanding of career progression opportunities. 
 
 
• A Line Manager Inclusion Series was launched with 
six mandatory workshops delivered to all line managers, 
continuing our commitment to focus on inclusion at the 
core of HL’s culture. 
You can read more about how we engage with colleagues and 
the actions we have taken as a result of that engagement on 
page 23 of the Strategic Report. 
 
The need to foster business relationships with the 
Group’s suppliers, clients and others: 
 
The Board prioritises strong supplier relationships to ensure 
effective and efficient client service over the long term. The 
Group continues to enhance and embed its supplier manager 
framework in line with business, market and regulatory 
expectations. Soon, supplier dashboards will provide visibility 
for contract managers on supplier performance, risk and 
governance. Prompt payment is a priority and in the six 
months to 30 June 2024 HLAM averaged 27.6 days and 
HLFM 37.2 days. 
Client interests are central to HL’s strategy and a key 
consideration in everything HL does. Throughout HL’s 40 year 
history, we have always been about offering great value to 
clients as we make it easy for them to save and invest for a 
better future. Demonstrating this, the Board approved a recent 
new offer which saw all clients, new and existing, get £100 
back on online trading charges. 
Regular updates on client proposition and service metrics 
inform Board and Executive Leadership Team decisions and the 
Group’s innovation and strategy is driven by current and future 
client needs. You can read more about how we engage with our 
clients and the actions we have taken as a result on page 22 of 
 
the Strategic Report. 
The Group regularly engages with the FCA and the Board is 
regularly briefed on regulatory developments and expectations 
and the Group’s continued compliance with regulatory 
obligations and the Risk, Audit and Remuneration Committees 
receive detailed insights into specific areas such as CASS and 
Consumer Duty. The Board considers the interests and views of 
the FCA in its decision making and receives updates in relation 
to specific matters such as operational resilience which are 
of interest to the FCA. 
The Group also engages in regular exchange with HM 
Government and its various departments, trade bodies and 
industry associations and local stakeholders such as MPs and 
authorities, charity partners and community organisations. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
124 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
SECTION 172 STATEMENT 
CONTINUED 
The impact of the Group’s operations on the community 
and the environment: 
The Board is conscious of the impact of the Group’s operations 
on the community and environment and understands the 
importance of being a good corporate citizen. 
The Board monitors HL’s corporate social responsibility primarily 
through reporting from senior management. The Board regularly 
reviews the strategy to ensure that this remains appropriate and 
in line with good practice, serving needs of the environment 
generally and the communities that HL serves. Progress 
updates are reported to the Board throughout the year. The 
Board has oversight of the processes and procedures put in 
place to improve ESG reporting including to meet the required 
TCFD disclosures this year. 
More information on HL’s ESG Strategy can be found on page 44. 
The desirability of the Group maintaining a reputation 
for high standards of business: 
The Board is responsible for setting and monitoring the 
culture, values and reputation of HL. Maintaining a reputation 
for high standards of business conduct is an essential aspect 
of this responsibility. 
The Board receives regular updates including issues raised 
through Speak Up, our confidential whistleblowing hotline, 
and our internal controls and risk management framework. 
Stakeholder engagement and metrics such as NPS scores 
and supplier payment practices are important tools to ensure 
HL’s good corporate reputation is maintained. 
The Board supports the CEO in embedding a culture that 
encourages HL colleagues to live our values and help 
the Group deliver on its strategic objectives. The Group 
encourages colleagues to ‘do the right thing’ to ensure that, 
as a business, we act with integrity in all our dealings and 
decisions with the aim of being clear, fair and transparent. You 
can read more about HL’s purpose and values on page 10 of 
the Strategic Report. 
The Board also approves and oversees the Group’s adherence 
to policies that promote high standards of conduct and receives 
regular updates on the Group’s culture through KPIs that form 
part of the CEO’s business performance update. 
The need to act fairly as between the 
Company’s shareholders: 
The views and interests of shareholders are key considerations 
when the Board determines the level of dividend payments and 
when setting the Group’s strategy and business priorities. 
HL’s Investor Relations team hold regular meetings with 
investors, including seminars and presentations, and attend 
investor conferences throughout the year to provide investors 
the opportunity to discuss their views on matters including HL’s 
financial and operational performance. 
This year, presentations and question and answer sessions 
were held alongside our results announcements which included 
comprehensive information and updates regarding our business. 
The Board offers regular engagement with its Founder 
shareholders, with meetings taking place with the Chair, as well 
as management. The Shareholder Agreement between Peter 
Hargreaves and the Company executed in 2020 continues to 
govern the key elements of the relationship, providing assurance 
to other stakeholders that the relationship remains balanced 
and independent. In particular, this allows the appointment 
by Peter Hargreaves of a representative to the Company’s 
Board. Adrian Collins has held the role since November 2020. 
During 2023 protocols which provided additional clarity were 
put in place which again provide assurance to the Company, 
shareholders and to the regulator that codify operational 
elements of the relationship arising under the Shareholder 
Agreement and relevant companies and other legislation. 
In accordance with its obligations, the Company has looked 
to consult with all shareholders regarding any AGM resolution 
which did not have support from shareholders of 80% or more 
and is satisfied that any concerns that pertain to a voting 
position have been appropriately discussed. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
125 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
Governance 
SECTION 172 STATEMENT 
CONTINUED 
Decisions made during the year 
The following are some of the decisions made by the Board this year which demonstrate how 
section 172 matters have been taken into account as part of Board discussions and decision-making: 
What Happened 
Decision 
Embedding of 
Consumer Duty 
The Board has further embedded Consumer Duty principles into its business decisions and priorities and the Group has made significant progress 
in embedding these standards and remains compliant with its obligations. 
Annually the Board receives a report considering whether HL is delivering good outcomes and highlighting areas where further work is required to 
address any potential misalignments. Efforts to address any misalignments include strategic programmes and continuous improvements, especially 
in the service transformation programme. Client surveys and third party research show HL ranks highest in nine out of ten client perceptions and its 
service Net Promoter Score (NPS) improved to over 50 in May 2024, up from 38.5 in December 2023. 
HL offers high-quality products well-aligned with the target market’s needs, including solutions for basic investors. These products provide value 
and are expected to continue doing so. HL’s strategy, driven by client-focused values, aligns with Consumer Duty obligations and emphasises  
a client-centric culture, with systems to oversee good outcomes. 
HL has developed seven core frameworks, aligned with FCA rules and publications, closing critical gaps through product reviews and introducing 
new client harm metrics and a Product and Client Outcomes Committee. HL understands the evolving needs of its clients and will address any 
misalignments identified in its 3-year plan. 
3 Year Plan 
Following the appointment of Dan Olley as CEO and Alison Platt as Chair, the Board has taken the opportunity to review the Company’s 3-year plan  
and process that supports preparation of that plan. 
The Board recently approved a detailed 3-year plan which includes strategic investment and longer-term capital investment. Client outcomes 
are an integral part of this strategy and aligned to Consumer Duty and the Board is focused on the Group continuing to give clients the 
support needed. The proposed investment projects span all offerings including trading, financial advice and workplace solutions and include 
technology improvements. 
The Board recognises evolving client needs and the associated solutions and products which are designed for good client outcomes. The evolution 
of HL’s strategy continues to be informed by stakeholders and regular engagement to understand clients’ evolving needs is reflected in the Board’s 
decision-making processes. 
HL’s value proposition focuses on products and propositions for every life stage of our clients, an industry leading service continuum and deeper 
engagement with existing clients. From an operational standpoint, HL is considering scalability, efficiency and the value offered to clients and how 
it can demonstrate this on a more personalised basis and the Board remains focused on protecting vulnerable clients. 
For more information on our strategy and purpose, please see page 6 of the Strategic Report. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
126 

 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governance 
STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS 
Strategic report 
1 
Governance 
Chair’s Introduction 
60 
Board of Directors 
62 
Corporate Governance Report 
65 
Audit Committee Report 
74 
Directors’ Remuneration Report 
81 
Nomination & Governance 
Committee Report 
112 
Risk Committee Report 
117 
Directors’ Report 
120 
Section 172 Statement 
124 
Statement of Directors’ Responsibilities 
127 
Financial statements 
128 
Other information 
173 
The Directors are responsible for preparing the Report and 
Financial Statements 2024 and the financial statements in 
accordance with applicable law and regulation. 
Company law requires the directors to prepare financial 
statements for each financial year. Under that law the directors 
have prepared the group financial statements in accordance 
with UK-adopted international accounting standards and the 
parent company financial statements in accordance with United 
Kingdom Generally Accepted Accounting Practice (United 
Kingdom Accounting Standards, comprising FRS 101 “Reduced 
Disclosure Framework”, and applicable law). 
Under company law, directors must not approve the financial 
statements unless they are satisfied that they give a true and fair 
view of the state of affairs of the Group and Parent Company and 
of the profit or loss of the Group for that period. In preparing the 
financial statements, the directors are required to: 
• select suitable accounting policies and then apply 
them consistently; 
• state whether applicable UK-adopted international 
accounting standards have been followed for the group 
financial statements and United Kingdom Accounting 
Standards, comprising FRS 101 have been followed 
for the parent company financial statements, subject 
to any material departures disclosed and explained 
in the financial statements; 
• make judgements and accounting estimates that are 
reasonable and prudent; and 
• prepare the financial statements on the going concern basis 
unless it is inappropriate to presume that the Group and 
Parent Company will continue in business. 
The Directors are responsible for safeguarding the assets 
of the group and parent company and hence for taking 
reasonable steps for the prevention and detection of fraud 
and other irregularities. 
The Directors are also responsible for keeping adequate 
accounting records that are sufficient to show and explain the 
Group’s and Parent Company’s transactions and disclose with 
reasonable accuracy at any time the financial position of the 
Group and parent company and enable them to ensure that 
the financial statements and the Directors’ Remuneration Report 
comply with the Companies Act 2006. 
The Directors are responsible for the maintenance and 
integrity of the parent company’s website. Legislation in the 
United Kingdom governing the preparation and dissemination 
of financial statements may differ from legislation in 
other jurisdictions. 
Directors’ confirmations 
Each of the Directors, whose names and functions are listed in 
Board of Directors profiles on pages 62 to 64 confirm that, to 
the best of their knowledge 
• the Group financial statements, which have been prepared 
in accordance with UK-adopted international accounting 
standards, give a true and fair view of the assets, liabilities, 
financial position and profit of the Group; 
• the Parent Company financial statements, which have been 
prepared in accordance with United Kingdom Accounting 
Standards, comprising FRS 101, give a true and fair view 
of the assets, liabilities and financial position of the Parent 
Company; and 
• the Strategic Report includes a fair review of the 
development and performance of the business and the 
position of the Group and Parent Company, together with 
a description of the principal risks and uncertainties that 
it faces. 
In the case of each Director in office at the date the Directors’ 
Report is approved: 
• so far as the Director is aware, there is no relevant audit 
information of which the group’s and Parent Company’s 
auditors are unaware; and 
• they have taken all the steps that they ought to have taken 
as a Director in order to make themselves aware of any 
relevant audit information and to establish that the Group’s 
and Parent Company’s auditors are aware of that information. 
Amy Stirling 
Chief Financial Officer 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
127 

  
 
 
 
 
 
 
 
 
  
 
 
 
 
 
Hargreaves Lansdown 
Report and Financial Statements 2024 
Financial statements 
FINANCIAL 
STATEMENTS 
Independent Auditors’ Report 
129 
 
 
 
 
 
 
Section 1: Results for the year 
136 
Section 2: Assets and liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated statement 
of cash flows 
155 
Section 5: Other notes 
157 
Section 6: Company financial statements 166
128 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC 
Report on the audit of the financial statements 
Opinion 
In our opinion: 
• Hargreaves Lansdown plc’s group financial statements and parent company financial 
statements (the “financial statements”) give a true and fair view of the state of the group’s and 
of the parent company’s affairs as at 30 June 2024 and of the group’s profit and the group’s 
cash flows for the year then ended; 
• the group financial statements have been properly prepared in accordance with UK-adopted 
international accounting standards as applied in accordance with the provisions of the 
Companies Act 2006; 
• the parent company financial statements have been properly prepared in accordance with 
United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting 
Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and 
• the financial statements have been prepared in accordance with the requirements of the 
Companies Act 2006. 
We have audited the financial statements, included within the Report and Financial Statements 
2024 (the “Annual Report”), which comprise: the consolidated statement of financial position and 
the parent company statement of financial position as at 30 June 2024; the consolidated income 
statement, the consolidated statement of comprehensive income, the consolidated statement 
of changes in equity, the consolidated statement of cash flows and the parent company 
statement of changes in equity for the year then ended; and the notes to the financial statements, 
comprising material accounting policy information and other explanatory information. 
Our opinion is consistent with our reporting to the Audit Committee. 
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) 
and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ 
responsibilities for the audit of the financial statements section of our report. We believe that the 
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Independence 
We remained independent of the group in accordance with the ethical requirements that are 
relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical 
Standard, as applicable to listed public interest entities, and we have fulfilled our other ethical 
responsibilities in accordance with these requirements. 
To the best of our knowledge and belief, we declare that non-audit services prohibited by the 
FRC’s Ethical Standard were not provided. 
Other than those disclosed in the Audit Committee report, we have provided no non-audit 
services to the parent company or its controlled undertakings in the period under audit. 
Material uncertainty related to going concern 
In forming our opinion on the financial statements, which is not modified, we have considered 
the adequacy of the disclosure made in note 5.1 to the financial statements concerning the 
group’s and the parent company’s ability to continue as a going concern. As explained in note 5.1, 
on 9 August 2024 the Board of Hargreaves Lansdown plc received a firm offer for Hargreaves 
Lansdown plc from a consortium comprising CVC Advisers Limited (‘CVC’), Nordic Capital 
XI Delta, SCSP (acting through its general partner Nordic Capital XI Delta GP SARL) (‘Nordic 
Capital’), and Platinum Ivy B 2018 RSC Limited (‘Platinum Ivy’), a wholly-owned subsidiary of Abu 
Dhabi Investment Authority (‘ADIA’) managed by the Private Equities investment department of 
ADIA (together, the ‘Consortium’) which the Board has announced will be recommended to the 
shareholders for approval. As a result the Directors do not have certainty on the future plans for 
the business, including whether the offer will be approved by the shareholders and the FCA, 
the potential timing for transfer to the potential new owners or their future plans, including any 
financing arrangements. These conditions, along with the other matters explained in note 5.1 
to the financial statements, indicate the existence of a material uncertainty which may cast 
significant doubt about the group’s and the parent company’s ability to continue as a going 
concern. The financial statements do not include the adjustments that would result if the group 
and the parent company were unable to continue as a going concern. 
In auditing the financial statements, we have concluded that the directors’ use of the going 
concern basis of accounting in the preparation of the financial statements is appropriate. 
Our evaluation of the directors’ assessment of the group’s and the parent company’s ability to 
continue to adopt the going concern basis of accounting included: 
• Obtaining, evaluating and challenging management’s going concern assessment (specifically 
covering operational resilience, current and projected capital and liquidity positions, and 
the appropriateness of downside scenarios) using our knowledge of the group’s business 
performance and its regulatory capital and liquidity requirements; 
• Agreeing cash flow forecasts to the Board approved operating plan (which is used in 
management’s assessment) and performing lookback testing over budgeted versus actual 
results for the previous year to assess the historical accuracy of management’s forecasting; 
• Considering information obtained through review of regulatory correspondence, minutes of 
meetings of the Board, Group Audit and Group Risk Committees, as well as publicly available 
market information to identify any evidence that would contradict management’s assessment; 
• Substantiating the group and parent company liquid resources, and borrowing facilities; and 
• Reviewing of materials in relation to the offer from the Consortium, including the firm 
offer received. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
129 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial statements 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC CONTINUED 
In relation to the directors’ reporting on how they have applied the UK Corporate Governance 
Code, other than the material uncertainty identified in note 5.1 to the financial statements, 
we have nothing material to add or draw attention to in relation to the directors’ statement in 
the financial statements about whether the directors considered it appropriate to adopt the 
going concern basis of accounting, or in respect of the directors’ identification in the financial 
statements of any other material uncertainties to the group’s and the parent company’s ability 
to continue to do so over a period of at least twelve months from the date of approval of the 
financial statements. 
Our responsibilities and the responsibilities of the directors with respect to going concern are 
described in the relevant sections of this report. 
Our audit approach 
Overview 
Audit scope 
• The group financial statements comprise the consolidation of 19 individual components, 
each of which represents a legal entity within the group, as well as group level 
consolidation adjustments. 
• We assessed each component and considered the contribution it made to the group’s 
performance in the year, whether it displayed any significant risk characteristics and/or 
whether it contributed a significant amount to any individual financial statement line item. 
• The above assessment resulted in us identifying two financially significant components that 
required audit procedures for the purpose of the audit of the consolidated financial statements. 
• The financially significant components are based in the UK and were audited by the PwC UK 
audit team. 
• By performing audit procedures on these components, the consolidation adjustments and 
by audit of specific balances in the components with large individual balances, we achieved 
coverage greater than 65% of each material financial statement line item within the group’s 
financial statements. 
Key audit matters 
• Material uncertainty related to going concern (group and parent company) 
• Revenue Recognition (group) 
• Carrying value of investments in subsidiaries (parent company) 
Materiality 
• Overall group materiality: £19,800,000 (2023: £20,139,000) based on 5% of consolidated profit 
before tax.  
• Overall parent company materiality: £6,670,000 (2023: £3,375,000) based on 1% of total assets. 
• Performance materiality: £14,900,000 (2023: £15,100,000) (group) and £5,000,000 
(2023: £2,500,000) (parent company). 
The scope of our audit 
As part of designing our audit, we determined materiality and assessed the risks of material 
misstatement in the financial statements. In particular, we looked at where the directors made 
subjective judgements, for example in respect of significant accounting estimates that involved 
making assumptions and considering future events that are inherently uncertain. 
Key audit matters 
Key audit matters are those matters that, in the auditors’ professional judgement, were of most 
significance in the audit of the financial statements of the current period and include the most 
significant assessed risks of material misstatement (whether or not due to fraud) identified by 
the auditors, including those which had the greatest effect on: the overall audit strategy; the 
allocation of resources in the audit; and directing the efforts of the engagement team. These 
matters, and any comments we make on the results of our procedures thereon, were addressed in 
the context of our audit of the financial statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters. 
In addition to going concern, described in the Material uncertainty related to going concern 
section above, we determined the matters described below to be the key audit matters to be 
communicated in our report. This is not a complete list of all risks identified by our audit. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
130 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
Financial statements 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC CONTINUED 
The key audit matters below are consistent with last year. 
Key audit matter 
How our audit addressed the key audit matter 
Revenue recognition (group) 
Revenue is material to the group and is an important 
determinant of the group’s results. Revenue may be 
misstated due to errors in system datasets, calculations 
and/or manual processes, for example, arising from 
incorrect securities’ prices or levels of assets held used 
in such calculations and/or processes. 
Further, there are incentive schemes in place for 
Directors and staff which are in part based on the 
group’s results, and therefore impacted by the reported 
revenue amount. Where there are incentives based on 
financial performance, there is an inherent risk of fraud 
in revenue recognition in order to overstate revenue. 
Our assessment in this regard in respect of each of the 
group’s revenue streams concluded that the relevant 
area of risk related to the posting of inappropriate 
journal entries to increase reported revenue for 
the group. 
 
In order to address these areas, including the risk of fraud in revenue recognition, we evaluated the design and implementation of key 
controls as well as performing the following procedures: 
We tested relevant IT controls over the administration system, as well as the front end systems which capture and transmit customer 
transactions to the administration system. We identified and tested relevant IT dependencies (for example the interface between the front 
end systems and the administration system) in the revenue reporting process. We identified a number of exceptions from our testing of the 
IT controls and therefore performed additional work to address these including consideration of mitigating controls, with no further issues 
 
arising. 
We tested relevant controls over the accuracy of relevant data in the administration system (for example over the recording of customer 
holdings, and matching of transactions to third party records), with no exceptions being noted from this testing. 
We tested samples of key data inputs held and used in the administration system for revenue calculation purposes to supporting 
documentation, with no exceptions being noted from this testing. 
We used our data analytics software to reperform the platform fees and stockbroking commission calculations, using source data extracted 
from the administration system. We then compared our independent recalculations to the amounts reported. 
We tested a risk-based sample of revenue related journals as part of our overall response to the risk of management override of controls. 
With respect to the revenue recalculations, we noted differences which required further investigation and testing. We obtained further 
evidence to address those, and we evaluated the residual differences. Based on the evidence obtained we did not consider the differences 
to require adjustment. 
For the gross interest received balance, which is non-system generated revenue; we have performed an independent manual recalculation 
of the interest received from third party banks and performed sample-based testing over the inputs ( for example deposit amounts and 
interest rates to external deposit confirmations) with no exceptions noted from this testing. Specifically regarding interest expense, we 
have performed tests over the automated calculation including tests over of the system configuration and performed a recalculation of this 
process to ensure the accuracy of the system calculation. 
 
There were no issues noted in our testing of key data inputs and journals. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
131 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC CONTINUED 
Key audit matter 
How our audit addressed the key audit matter 
Carrying value of investments in subsidiaries (parent company) 
The carrying value of investments in subsidiaries is £108.7m as at 30 June 2024 
(2023: £90.8m). The investments in subsidiaries are recorded at cost less any 
provision for impairment. 
Management is required by IAS 36 ‘Impairment of assets’ to perform an annual 
review and consider if there are any impairment indicators following which 
impairment reviews were performed for two subsidiaries (Hargreaves Lansdown 
Savings Limited (“HLS”) and Hargreaves Lansdown Advisory Services Limited 
(“HLAS”) whereby the recoverable amount of HLS was determined using a value-
in-use approach and the recoverable amount of HLAS was determined using a fair 
value less cost to sell approach. 
For HLS, the recoverable amount determined by management was in excess of the 
current carrying value, and in excess of the historical cost of the investment (which 
had been previously impaired). As such management recognised an impairment 
reversal of £5m to increase the carrying value to the recoverable amount. 
For HLAS, the recoverable amount determined by management was in excess 
of the current carrying value (which had been previously impaired). As such 
management recognised an impairment reversal of £3m t
 
o increase the carrying 
value to the recoverable amount. 
The determination of recoverable values requires judgement, and recognising 
the changes in circumstances identified, the carrying value of investments in 
subsidiaries was classified as a significant risk for the audit. 
We evaluated the design and implementation of key controls as well as performing the following procedures: 
For HLS, we agreed the cash flow forecasts used by management in the value-in-use calculations for the first 
three years of the forecast period to approved business plans. We also assessed the key revenue and cost 
assumptions within the business plans and subsequent period and corroborated those to external data where 
available. 
We evaluated the historical accuracy of cash flow forecasts, including a comparison of the current year actual  
results with those forecast. 
We obtained and understood management’s sensitivity calculations over the carrying value assessments, as 
well as performing further sensitivity scenarios ourselves. 
For HLAS, we agreed the revenue forecasts used by management in the fair value less costs to sell calculations 
to financial information for the current year and to approved business plans for the three years of the forecast 
period. 
We have agreed revenues from future strategic initiatives to approved board plans and determined that their 
inclusion is appropriate under IAS 36. 
We evaluated the key assumptions made by management in determining the recoverable value and 
corroborated those to external data where available. These included the forecast growth in assets under 
management and revenues and multiples applied based on the identification of comparable companies. 
Overall we are satisfied that there is sufficient evidence to support the key assumptions made by management 
within the updated assessments and that these are compliant with IAS 36. We therefore concur with the 
impairment reversals recognised for HLS and HLAS. 
How we tailored the audit scope 
We tailored the scope of our audit to ensure that we performed enough work to be able to give an 
opinion on the financial statements as a whole, taking into account the structure of the group and the 
parent company, the accounting processes and controls, and the industry in which they operate. 
The group operates primarily in the UK, and has one Polish based subsidiary. There were 
5 key operating subsidiaries during the year. We considered two legal entities to be financially 
significant components, Hargreaves Lansdown Asset Management Limited and the parent 
entity, Hargreaves Lansdown plc, for which we performed an audit of their complete financial 
information. Together these two components represent 95% of the group’s consolidated profit 
before tax (before considering the impact of intercompany eliminations) and 89% of the group’s 
consolidated revenue. A component was considered to be financially significant if it contributed 
more than 15% of consolidated profit before tax or otherwise met relevant risk or other criteria. 
Specific audit procedures were also performed over consolidation adjustments, balances 
that could be tested centrally which included share-based payment expenses, intercompany 
transactions and balances, and material movements through the consolidated statement of 
changes in equity. All of the audit work was performed by the group engagement team in the UK. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
The impact of climate risk on our audit 
In planning our audit, we considered the extent to which climate change is impacting the 
group and how it impacted our risk assessment for the audit of the group’s financial statements. 
In making these considerations we: 
a) Enquired of management in respect of their own climate change risk assessment and obtained 
their completed Climate-related risk questionnaire, including associated governance processes 
and understood how these have been implemented. 
b) Obtained the latest Task Force for Climate Related Financial Disclosures (“TCFD”) report 
for the group and checked it for consistency with our knowledge of the group based on our 
audit work. 
c) Considered management’s risk assessment and the TCFD report in light of our knowledge 
of the wider asset management and wealth management industries. 
Our conclusion was that the impact of climate change does not give rise to a key audit matter for 
the group and it did not impact our risk assessment for any material financial statement line item 
or disclosure. 
132 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial statements 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC CONTINUED 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Materiality 
The scope of our audit was influenced by our application of materiality. We set certain quantitative 
thresholds for materiality. These, together with qualitative considerations, helped us to determine 
the scope of our audit and the nature, timing and extent of our audit procedures on the individual 
financial statement line items and disclosures and in evaluating the effect of misstatements, both 
individually and in aggregate on the financial statements as a whole. 
Based on our professional judgement, we determined materiality for the financial statements 
as a whole as follows: 
Financial statements – group 
Financial statements – parent company 
Overall 
materiality 
£19,800,000 (2023: £20,139,000). 
£6,670,000 (2023: £3,375,000). 
How we 
determined it 
5% of consolidated profit before tax 
1% of total assets 
Rationale for 
benchmark 
applied 
Based on the benchmarks used 
in the Annual Report, profit before 
tax is a key measure used by 
the shareholders in assessing 
the financial performance of the 
group, and is a generally accepted 
auditing benchmark. Our approach 
is consistent with that used in the 
prior year. 
The parent company operates primarily 
as a holding company for investments 
in the group’s subsidiaries, with limited 
other operating activities. Accordingly, 
we consider that Total assets is an 
appropriate benchmark for materiality. 
Our approach is consistent with that 
used in the prior year. 
For each component in the scope of our group audit, we allocated a materiality that is less 
than our overall group materiality. The range of materiality allocated across components was 
£6,670,000 to £18,800,000. Certain components were audited to a local statutory audit materiality 
that was also less than our overall group materiality. 
We use performance materiality to reduce to an appropriately low level the probability that the 
aggregate of uncorrected and undetected misstatements exceeds overall materiality. Specifically, 
we use performance materiality in determining the scope of our audit and the nature and extent 
of our testing of account balances, classes of transactions and disclosures, for example in 
determining sample sizes. Our performance materiality was 75% (2023: 75%) of overall materiality, 
amounting to £14,900,000 (2023: £15,100,000) for the group financial statements and £5,000,000 
(2023: £2,500,000) for the parent company financial statements. 
 
In determining the performance materiality, we considered a number of factors – the history 
of misstatements, risk assessment and aggregation risk and the effectiveness of controls – 
and concluded that an amount at the upper end of our normal range was appropriate. 
We agreed with the Audit Committee that we would report to them misstatements identified 
during our audit above £1,000,000 (group audit) (2023: £1,000,000) and £330,000 (parent 
company audit) (2023: £168,000) as well as misstatements below those amounts that, 
in our view, warranted reporting for qualitative reasons. 
 
Reporting on other information 
The other information comprises all of the information in the Annual Report other than the 
financial statements and our auditors’ report thereon. The directors are responsible for the other 
information. Our opinion on the financial statements does not cover the other information and, 
accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly 
stated in this report, any form of assurance thereon. 
In connection with our audit of the financial statements, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent 
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be 
materially misstated. If we identify an apparent material inconsistency or material misstatement, 
we are required to perform procedures to conclude whether there is a material misstatement of 
the financial statements or a material misstatement of the other information. If, based on the work 
we have performed, we conclude that there is a material misstatement of this other information, 
we are required to report that fact. We have nothing to report based on these responsibilities. 
With respect to the Strategic report and Directors’ Report, we also considered whether the 
disclosures required by the UK Companies Act 2006 have been included. 
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires 
us also to report certain opinions and matters as described below. 
Strategic report and Directors’ Report 
In our opinion, based on the work undertaken in the course of the audit, the information given in 
the Strategic report and Directors’ Report for the year ended 30 June 2024 is consistent with the 
financial statements and has been prepared in accordance with applicable legal requirements. 
In light of the knowledge and understanding of the group and parent company and their 
environment obtained in the course of the audit, we did not identify any material misstatements 
in the Strategic report and Directors’ Report. 
Directors’ Remuneration 
In our opinion, the part of the Directors’ Remuneration Report to be audited has been properly 
prepared in accordance with the Companies Act 2006. 
Corporate governance statement 
The Listing Rules require us to review the directors’ statements in relation to going concern, 
longer-term viability and that part of the corporate governance statement relating to the parent 
company’s compliance with the provisions of the UK Corporate Governance Code specified for 
our review. Our additional responsibilities with respect to the corporate governance statement 
as other information are described in the Reporting on other information section of this report. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
133 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC CONTINUED 
Based on the work undertaken as part of our audit, we have concluded that each of the following 
elements of the corporate governance statement, included within the Strategic Report and 
Directors’ Report is materially consistent with the financial statements and our knowledge 
obtained during the audit, and, except for the matters reported in the section headed ‘Material 
uncertainty related to going concern’, we have nothing material to add or draw attention to 
in relation to: 
• The directors’ confirmation that they have carried out a robust assessment of the emerging 
and principal risks; 
• The disclosures in the Annual Report that describe those principal risks, what procedures 
are in place to identify emerging risks and an explanation of how these are being managed 
or mitigated; 
• The directors’ statement in the financial statements about whether they considered it 
appropriate to adopt the going concern basis of accounting in preparing them, and their 
identification of any material uncertainties to the group’s and parent company’s ability to 
continue to do so over a period of at least twelve months from the date of approval of the 
financial statements; 
• The directors’ explanation as to their assessment of the group’s and parent company’s 
prospects, the period this assessment covers and why the period is appropriate; and 
• The directors’ statement as to whether they have a reasonable expectation that the parent 
company will be able to continue in operation and meet its liabilities as they fall due over the 
period of its assessment, including any related disclosures drawing attention to any necessary 
qualifications or assumptions. 
Our review of the directors’ statement regarding the longer-term viability of the group and parent 
company was substantially less in scope than an audit and only consisted of making inquiries and 
considering the directors’ process supporting their statement; checking that the statement is in 
alignment with the relevant provisions of the UK Corporate Governance Code; and considering 
whether the statement is consistent with the financial statements and our knowledge and 
understanding of the group and parent company and their environment obtained in the course 
of the audit. 
In addition, based on the work undertaken as part of our audit, we have concluded that each 
of the following elements of the corporate governance statement is materially consistent with 
the financial statements and our knowledge obtained during the audit: 
• The directors’ statement that they consider the Annual Report, taken as a whole, is fair, 
balanced and understandable, and provides the information necessary for the members to 
assess the group’s and parent company’s position, performance, business model and strategy; 
• The section of the Annual Report that describes the review of effectiveness of risk 
management and internal control systems; and 
• The section of the Annual Report describing the work of the Audit Committee. 
We have nothing to report in respect of our responsibility to report when the directors’ statement 
relating to the parent company’s compliance with the Code does not properly disclose a departure 
from a relevant provision of the Code specified under the Listing Rules for review by the auditors. 
Responsibilities for the financial statements and the audit 
Responsibilities of the directors for the financial statements 
As explained more fully in the Statement of Directors’ responsibilities, the directors are responsible 
for the preparation of the financial statements in accordance with the applicable framework and 
for being satisfied that they give a true and fair view. The directors are also responsible for such 
 
internal control as they determine is necessary to enable the preparation of financial statements 
that are free from material misstatement, whether due to fraud or error. 
In preparing the financial statements, the directors are responsible for assessing the group’s and 
the parent company’s ability to continue as a going concern, disclosing, as applicable, matters 
related to going concern and using the going concern basis of accounting unless the directors 
either intend to liquidate the group or the parent company or to cease operations, or have no 
realistic alternative but to do so. 
Auditors’ responsibilities for the audit of the financial statements 
Our objectives are to obtain reasonable assurance about whether the financial statements as a 
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not 
a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material 
misstatement when it exists. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these financial statements. 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. 
We design procedures in line with our responsibilities, outlined above, to detect material 
misstatements in respect of irregularities, including fraud. The extent to which our procedures 
are capable of detecting irregularities, including fraud, is detailed below. 
Based on our understanding of the group and industry, we identified that the principal risks 
of non-compliance with laws and regulations related to breaches of UK regulatory principles, 
such as those governed by the Financial Conduct Authority, and we considered the extent 
to which non-compliance might have a material effect on the financial statements. We also 
considered those laws and regulations that have a direct impact on the financial statements 
such as Companies Act 2006. We evaluated management’s incentives and opportunities 
for fraudulent manipulation of the financial statements (including the risk of override of 
controls), and determined that the principal risks were related to bias in significant accounting 
estimates, and posting inappropriate journal entries to increase reported revenue for the group. 
Audit procedures performed by the engagement team included: 
• Discussions with the Audit Committee, individual directors, the Risk and Compliance functions, 
Internal Audit and the parent company’s legal counsel, including consideration of known or  
suspected instances of non-compliance with laws and regulation and fraud; 
Hargreaves Lansdown 
Report and Financial Statements 2024 
134 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
INDEPENDENT AUDITORS’ REPORT 
TO THE MEMBERS OF HARGREAVES LANSDOWN PLC CONTINUED
• Performing an assessment of the susceptibility of the financial statements to be materially 
misstated from fraud and how fraud might occur; 
• Understanding and assessing management’s controls designed to prevent and detect 
irregularities and the policies and procedures on fraud risks; 
• Reading the Audit Committee papers in which whistle blowing matters are reported and 
considered the impact of these matters on the group’s compliance with laws and regulations; 
• Reading key correspondence with and making enquiries of the Financial Conduct Authority 
in relation to compliance with laws and regulations; 
• Reviewing relevant meeting minutes including those of the Board, Risk and Audit Committees; 
• Reviewing data regarding customer complaints, litigation and claims, in so far as they related 
to potential non-compliance with laws and regulations and fraud; 
• Identifying and testing journal entries, in particular any journal entries posted with unusual 
account combinations increasing reported revenues of the group; 
• Critically assessing for bias in significant accounting estimates; 
• Reviewing the Report and Financial Statements 2024 disclosures and testing to supporting 
documentation to assess compliance with applicable laws and regulations. 
There are inherent limitations in the audit procedures described above. We are less likely to 
become aware of instances of non-compliance with laws and regulations that are not closely 
related to events and transactions reflected in the financial statements. Also, the risk of not 
detecting a material misstatement due to fraud is higher than the risk of not detecting one 
resulting from error, as fraud may involve deliberate concealment by, for example, forgery 
or intentional misrepresentations, or through collusion. 
Our audit testing might include testing complete populations of certain transactions and balances, 
possibly using data auditing techniques. However, it typically involves selecting a limited number 
of items for testing, rather than testing complete populations. We will often seek to target 
particular items for testing based on their size or risk characteristics. In other cases, we will use  
audit sampling to enable us to draw a conclusion about the population from which the sample 
is selected. 
A further description of our responsibilities for the audit of the financial statements is located on 
the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 
auditors’ report. 
Use of this report 
This report, including the opinions, has been prepared for and only for the parent company’s 
members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for 
no other purpose. We do not, in giving these opinions, accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown or into whose hands it may 
come save where expressly agreed by our prior consent in writing. 
Other required reporting 
Companies Act 2006 exception reporting 
Under the Companies Act 2006 we are required to report to you if, in our opinion: 
• we have not obtained all the information and explanations we require for our audit; or  
• adequate accounting records have not been kept by the parent company, or returns adequate 
for our audit have not been received from branches not visited by us; or 
• certain disclosures of directors’ remuneration specified by law are not made; or 
• the parent company financial statements and the part of the Directors’ Remuneration Report 
to be audited are not in agreement with the accounting records and returns. 
We have no exceptions to report arising from this responsibility. 
Appointment 
Following the recommendation of the Audit Committee, we were appointed by the members 
on 25 October 2013 to audit the financial statements for the year ended 30 June 2014 and 
subsequent financial periods. The period of total uninterrupted engagement is 11 years, 
covering the years ended 30 June 2014 to 30 June 2024. 
Other matter 
The company is required by the Financial Conduct Authority Disclosure Guidance and 
Transparency Rules to include these financial statements in an annual financial report prepared 
under the structured digital format required by DTR 4.1.15R – 4.1.18R and filed on the National 
Storage Mechanism of the Financial Conduct Authority. This auditors’ report provides no 
assurance over whether the structured digital format annual financial report has been 
prepared in accordance with those requirements. 
Darren Meek (Senior Statutory Auditor) 
for and on behalf of PricewaterhouseCoopers LLP 
Chartered Accountants and Statutory Auditors 
London 
14 August 2024 
Hargreaves Lansdown 
Report and Financial Statements 2024 
135 

136
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 1: RESULTS FOR THE YEAR
CONSOLIDATED INCOME STATEMENT
For the year ended 30 June 2024
Note
Year ended  
30 June 2024 
£m
Year ended  
30 June 2023 
£m
Revenue
1.1
764.9
735.1
Operating costs
1.3
(398.2)
(350.7)
Operating profit
366.7
384.4
Finance and other income
1.6
30.2
19.0
Finance costs
1.7
(0.6)
(0.7)
Profit before tax
396.3
402.7
Tax
1.8
(103.1)
(79.0)
Profit for the financial year
293.2
323.7
Attributable to:
Owners of the parent
293.2
323.8
Non-controlling interest
–
(0.1)
293.2
323.7
Earnings per share
Basic earnings per share (pence)
1.9
61.9
68.3
Diluted earnings per share (pence)
1.9
61.7
68.2
The results relate entirely to continuing operations.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2024
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Profit for the financial year
293.2
323.7
Total comprehensive income for the financial year
293.2
323.7
Attributable to:
Owners of the parent 
293.2
323.8
Non-controlling interest
–
 (0.1)
293.2
323.7
The results relate entirely to continuing operations.

137
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
 
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 1: RESULTS FOR THE YEAR
NOTES TO THE GROUP FINANCIAL STATEMENTS
INCOME STATEMENT
1.1 Revenue
Revenue represents fees receivable from financial services provided to clients, net interest 
income on client money and management fees charged to clients. It relates to services provided 
in the UK and is stated net of value added tax.
Revenue is measured at the fair value of the consideration received or receivable and 
represents amounts receivable for services provided in the normal course of business, 
net of commission payable, discounts, VAT and other sales related taxes.
Ongoing revenue
The largest source of revenue for the Group encompasses ongoing revenue, which includes 
platform fees, fund management fees, net interest income on client money and ongoing advice 
charges and renewal commission. This is revenue predominantly earned over time.
Platform fees are received for the provision of custody and administration of products on 
the HL platform and are charged monthly in arrears for the service provided in the period, 
recognised on an accruals basis as they fall due. The consideration due is based on the 
value of clients’ underlying assets under administration.
Fund management fees are calculated as a proportion of the net asset value of the funds 
under management in each of the HL Multi-Manager, Select funds, building block funds and 
portfolio funds for the management services provided by the Group’s fund management 
subsidiary. They are charged monthly in arrears and are recognised on an accruals basis 
in the period during which the service is provided.
Active Savings revenue is earned on fees from partner banks and interest earned on cash held 
in the client hub account.
Net interest income on client money is the revenue earned on money held within Group 
products by clients. It represents amounts retained and received from clients for the 
administration of cash on the platform, after interest is received by clients. It is linked to 
the underlying interest rates and is recognised over time, based on the balances held in 
investment accounts under administration.
Renewal commission is earned on third-party agreements entered into by clients, as a result 
of advice provided to them, and is recognised on an accruals basis as it becomes due and 
payable to the Group.
Ongoing advice charges are levied monthly in arrears for the period during which the service 
is provided and are calculated as a percentage of the assets under management within the 
Group’s Portfolio Management Service.
The Portfolio Management Service is provided to clients who prefer a managed service. 
This service encompasses the HL platform custody and administration, fund management 
and ongoing advice services. All revenue streams are as described above. Additionally, initial 
advice charges are levied on taking the product up or on any advised deposit into the product, 
as described in transactional revenue below. Each stream is separately charged in relation 
to the product. Each stream can also be taken by HL clients who do not use the Portfolio 
Management Service, either as separate services or in any combination as required.
Although most ongoing revenue is based on the value of underlying assets, these are not 
considered to constitute variable income in which significant judgement or estimation is 
involved. The calculations are based on short timelines or point in time calculations that 
represent the end of a quantifiable period, in accordance with the contract. These are charged 
to and paid by the client on the same value, constituting the transaction price for the specified 
period. At any time during the period a client may choose to remove their assets from a service 
and no further revenue is received.
All obligations to the customer are satisfied at the end of the period in which the service is 
provided for ongoing revenue, with payment being due immediately.
Transactional
The other source is revenue earned on individual transactions and is primarily made up of 
fees on stockbroking transactions and advisory event driven fees, referred to as initial advice 
charges in the table on the next page. The price is determined in relation to the specific 
transaction type and are frequently flat fees. There is no variable consideration in relation to 
transactional revenue.
The Group earns fees on stockbroking transactions entered into on behalf of clients. The fee 
earned is recorded in the accounts on the date of the transaction, being the date on which 
services are provided to clients and the Group becomes entitled to the income.
Initial advice charges are made to clients for providing advice to clients on specific financial 
matters or in relation to amounts deposited into the Portfolio Management Service. This 
can take the form of ad hoc advice on a specific pool of assets or initial advice about taking 
managed services. The transaction price is determined at the point advice is accepted 
based on the final value of assets that are being advised upon. Revenue is recognised at 
the point at which acceptance of the advice is made by the client and payment is taken on 
the implementation of advice. The average time between acceptance and implementation is 
30 days, if advice is not accepted then no charge will be taken. If the client is advised to take 
a managed service, ongoing advice charges are levied separately.

138
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Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
 
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 1: RESULTS FOR THE YEAR
NOTES TO THE GROUP FINANCIAL STATEMENTS
INCOME STATEMENT CONTINUED
1.1 Revenue continued
Timing and judgements made in relation to revenue
As at year end, the Group has discharged all of its obligations in relation to contracts 
with customers, other than in relation to those services that are billed in advance or arrears. 
These amounts are not material and where an obligation still exists at year end and the 
payment exceeds the services rendered a contract liability is recognised as deferred income 
in trade payables and spread across the period of the transaction evenly. At the year end the 
longest period of liability in relation to deferred income is eleven months.
None of the revenue streams contain financing components.
There are no judgements made in relation to the timing or determination of transaction price of 
any revenue streams.
Year ended 
30 June 2024 
£m
Restated 
Year ended 
30 June 2023 
£m
Ongoing revenue
Platform fees*
278.4
268.4
Fund management fees
53.2
54.3
Ongoing advice charges
7.1
7.4
Active Savings revenue
19.9
8.7
Net interest income
260.7
268.7
Renewal commission
3.2
3.0
Transactional revenue
Fees on stockbroking transactions
133.9
116.9
Initial advice charges
4.5
4.7
Other transactional income*
4.0
3.0
Total revenue
764.9
735.1
* 
For the year ended 30 June 2023, we had previously offset £2.1 million in relation to discounts provided to clients on platform fees 
against other transactional income. These are now considered to be more appropriately classified against platform fees, as the 
discounts only relate to platform fees.
1.2 Segmental reporting
Under IFRS 8, operating segments are required to be determined based upon the way the Group 
generates revenue and incurs expenses and the primary way in which the Chief Operating 
Decision Maker (CODM) is provided with financial information. In the case of the Group, the 
CODM is considered to be the Executive Committee.
It is the view of the Board and of the Executive Committee that there is only one segment, being 
the direct wealth management service administering investments in ISA, SIPP and Fund & Share 
accounts, and providing cash management services for individuals and corporates in the United 
Kingdom. Given that only one segment exists, no additional information is presented in relation 
to it, as it is disclosed throughout these financial statements.
The Group does not rely on any individual customer and so no additional customer information 
is reported.
1.3 Operating costs
Operating costs
Operating costs represent those arising as a result of our operations and include depreciation 
and amortisation. All amounts are recognised on an accruals basis.
Activity costs
Activity costs comprise marketing costs, dealing related costs, and payment costs for client 
cash transferred onto the platform.
Support costs
Support costs comprise costs other than staff, activity and technology costs that are part 
of the underlying business of the Group. Calculated as the total cost, less staff, activity, 
technology, leasing and amortisation, depreciation and impairment costs.
Technology costs
Technology costs include software support fees and service subscriptions. As we build our 
digital capacity we utilise more third-party services that are cloud based.

139
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 1: RESULTS FOR THE YEAR
NOTES TO THE GROUP FINANCIAL STATEMENTS
INCOME STATEMENT CONTINUED
1.3 Operating costs continued
Operating profit has been arrived at after charging:
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Depreciation of owned plant and equipment and right-of-use 
assets (note 2.3)
8.3
8.5
Amortisation of other intangible assets (note 2.2) 
6.3
6.8
Impairment of intangible assets (note 2.2)
14.4
–
FSCS costs
5.0
6.1
Activity costs
– Marketing costs
26.2
20.7
– Dealing and financial services costs 
27.4
23.4
Technology costs
48.9
40.4
Support costs
– Legal and professional costs
34.0
40.9
– Office running costs
6.4
8.4
– Other operating costs
18.3
16.2
Staff (including contractors) costs (note 1.5)
203.0
179.3
Operating costs
398.2
350.7
1.4 Auditors’ remuneration
The analysis of auditors’ remuneration is as follows:
Year ended 
30 June 2024 
£m
Restated 
Year ended 
30 June 2023 
£m
Audit fees
Fees payable to the Company’s auditors and their associates for 
the audit of Parent Company and consolidated financial 
statements1
0.3
0.2
Fees payable to the Company’s auditors and their associates for 
the audit of Company’s subsidiaries
0.7
0.5
Audit related assurance services
0.7
0.5
Other assurance services
0.1
0.1
1.8
1.3
1 
In the current and prior period we have split the remuneration figure between the audit of the consolidated financial statements and 
the subsidiary audits. Previously, in the prior period fees payable to the Company’s auditors and its associates for the audit of Parent 
Company, Company’s subsidiaries and consolidated financial statements were shown in one line.
Audit and related services provided by the auditors are discussed further in the Audit Committee 
Report on page 79.

140
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Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
1.5 Staff costs
Staff costs represent amounts payable to employees, contractors and NEDs in respect of 
services provided in the year including wages and salaries, share-based payment expenses, 
bonuses, payments to a defined contribution retirement benefit scheme and related social 
security costs. Amounts are recognised as the services are provided.
Year ended 
30 June 2024 
No.
Year ended 
30 June 2023 
No.
The average monthly number of employees of the Group 
(including Executive Directors and contractors) was: 
Operating and support functions
1,668
1,558
Administrative functions
879
661
2,547
2,219
Their aggregate remuneration comprised:
£m
£m
Wages and salaries
163.0
149.9
Social security costs
17.2
14.4
Share-based payment expenses
9.2
8.2
Other pension costs
21.1
16.0
Total costs paid for staffing
210.5
188.5
Capitalised in the year
(7.5)
(9.2)
Staff costs (including contractors)
203.0
179.3
The staff (including contractors) costs of £203.0 million (2023: £179.3m) are net of costs 
capitalised under intangible assets as disclosed in note 2.2. In total, £7.2 million of wages and 
salaries (2023: £8.9m), social security costs of £0.2 million (2023: £0.1m) and pension costs 
of £0.1 million; (2023: £0.2m) were capitalised. See note 2.2 for further detail of the amounts 
capitalised.
There were 86 (2023: 143) contractors with a total cost of £14.3 million (2023: £17.7m).
1.6 Finance and other income
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Interest on bank deposits
29.9
15.8
Other income
0.3
3.2
30.2
19.0
1.7 Finance costs
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Commitment fees
0.3
0.3
Interest incurred on lease payables
0.3
0.4
Finance costs
0.6
0.7
The finance costs relate to the commitment fees paid in respect of a revolving credit facility 
available to the Group. The facility allows the Group to draw up to £75 million (2023: £75m) and is 
undrawn as at 30 June 2024. The facility incurs interest charges, consisting of a margin of 0.85% 
plus SONIA per annum when drawn.
The lease payments are discounted using the interest rate implicit in the lease. If that rate 
cannot be readily determined, which is generally the case for leases in the Group, the lessee’s 
incremental borrowing rate is used, being the rate that the individual lessee would have to pay to 
borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar 
economic environment with similar terms, security and conditions. The rates range between 2.5% 
and 4.4%, with a weighted average incremental borrowing rate of 2.5%. Lease payments are 
allocated between principal and finance cost. The finance cost is charged to profit or loss over 
the lease period so as to produce a constant periodic rate of interest on the remaining balance of 
the liability for each period.
SECTION 1: RESULTS FOR THE YEAR
NOTES TO THE GROUP FINANCIAL STATEMENTS
INCOME STATEMENT CONTINUED

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
SECTION 1: RESULTS FOR THE YEAR 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
INCOME STATEMENT CONTINUED 
1.8 Tax 
Taxation 
The tax expense represents the sum of the tax currently payable and deferred tax. The tax 
currently payable is based on taxable profit for the year. Taxable profit differs from net profit 
as reported in the Income Statement because it excludes items of income or expense that 
are taxable or deductible in other years and it further excludes items that are never taxable 
or deductible. The Group’s liability for current tax is calculated using tax rates that have been 
enacted or substantively enacted by the end of the reporting period. 
Deferred tax is the tax expected to be payable or recoverable on differences between the 
carrying amounts of assets and liabilities in the financial statements and the corresponding 
tax bases used in the computation of taxable profit, and is accounted for using the balance 
sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary 
differences and deferred tax assets are recognised to the extent that it is probable that 
taxable profits will be available against which deductible temporary differences can be utilised. 
Such assets and liabilities are not recognised if the temporary difference arises from the initial 
recognition of goodwill or from the initial recognition (other than in a business combination) of 
other assets and liabilities in a transaction that affects neither the tax profit nor the accounting 
profit nor are deferred tax liabilities recognized for taxable temporary differences arising on 
investments in subsidiaries and associates where the Group is able to control the reversal of 
the temporary difference and it is probably that the temporary difference will not reverse in the 
foreseeable future. 
Deferred tax is calculated at the tax rates that are expected to apply in the year when the 
liability is settled or the asset is realised. Deferred tax is charged or credited in the Income 
Statement, except when it relates to items charged or credited directly to equity, in which case 
the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when 
there is a legally enforceable right to set off current tax assets against current tax liabilities and 
when they relate to income taxes levied by the same taxation authority and the Group intends 
to settle its current tax assets and liabilities on a net basis. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Current tax: on profits for the year 
103.1 
80.0 
Current tax: adjustments in respect of prior years 
(2.9) 
(0.2) 
Deferred tax 
(1.0) 
(0.8) 
Deferred tax: adjustments in respect of prior years 
3.9 
– 
103.1 
79.0 
Corporation tax is calculated at 25% of the estimated assessable profit for the year to 30 June 
2024 (2023: 20.5%). 
In addition to the amount charged to the Consolidated Income Statement, certain tax amounts 
have been credited directly to equity as follows: 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Deferred tax relating to share-based payments 
2.0 
(0.2) 
Current tax relating to share-based payments 
(0.1) 
(0.1) 
1.9 
(0.3) 
Pillar Two – Global Minimum Tax 
The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework 
on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the 
tax challenges arising from the digitalisation of the global economy. 
These rules seek to ensure that UK-headquartered multinational enterprises pay a minimum tax 
rate of 15% on UK and overseas profits. Where a group has an effective tax rate below 15% in a 
jurisdiction, the group may still not be required to pay a top-up tax if the group maintains sufficient 
staff and assets in that jurisdiction. These rules have been enacted or substantively enacted in 
the jurisdictions in which the Group operates, however they are not in effect for the year ended 
30 June 2024. The Group has undertaken an assessment and does not reasonably believe these 
rules will affect the Group for the year ending 30 June 2025. As a result, the Group has not 
recognised any deferred tax liabilities in respect of Pillar Two. 
We have performed an assessment of the Group’s potential exposure to Pillar Two rules by 
simulating the impact of these rules using our consolidated financial statements for 2021, 2022, 
2023 and 2024. As a result of this simulation the Group does not reasonably believe these rules 
will materially affect the Group for the year ending 30 June 2025. The Group pays tax in the UK 
close to the prevailing rate of 25% and is expected to continue to do so. The Group’s effective 
tax rate in Poland may fall below 15%, however; no top-up tax is expected due to the Group’s 
expenditure on staff and assets in Poland. We will continue to assess the impact of Pillar Two 
throughout the year ending 30 June 2025. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
141 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
Financial statements 
SECTION 1: RESULTS FOR THE YEAR 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
INCOME STATEMENT CONTINUED
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Factors affecting tax charge for the year 
It is expected that the ongoing effective tax rate will remain at a rate approximating to the 
standard UK corporation tax rate in the medium term, except for the impact of deferred tax arising 
from the timing of exercising of share options which is not under  our control. The Group’s taxable 
profits for this accounting year are taxed at 25%. Deferred tax has been recognised at 25% as that 
is the rate expected to be in force at the time of the reversal of the temporary difference. 
The charge for the year can be reconciled to the profit per the Income Statement as follows: 
1.8 Tax continued 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Profit before tax 
396.3 
402.7 
Tax at the standard UK corporation tax rate of 25% (2023: 20.5%) 
99.1 
82.6 
Non-taxable income 
– 
(5.7) 
Items not allowable for  tax  
3.0 
2.3 
Additional deduction for tax purposes 
– 
(0.2) 
Adjustments in respect of prior years 
1.0 
0.1 
Foreign tax suffered 
– 
0.1 
Impact of the change in tax rate 
–
(0.2) 
Tax expense for the year 
103.1 
79.0
Effective tax rate 
26.0% 
19.7% 
The additional deduction for tax purposes only arises from enhanced capital allowances available 
from the super deduction on qualifying plant and machinery purchased within the financial year 
ended 30 June 2023. 
Factors affecting future tax charge 
Any increase or decrease to the share price of Hargreaves Lansdown plc will impact the amount 
of tax deduction available in future years on the value of shares acquired by staff under share 
incentive schemes. 
1.9 Earnings per share (EPS) 
Basic earnings per share is calculated by dividing the profit attributable to equity holders of 
the Company by the weighted average number of ordinary shares in free issue during the year, 
including ordinary shares held in the Hargreaves Lansdown Employee Benefit Trust (HL EBT) and 
Hargreaves Lansdown SIP Trust (SIP) reserve which have vested unconditionally with employees. 
 Diluted earnings per share is calculated by adjusting the weighted average number of ordinary 
shares outstanding to assume conversion of all potentially dilutive ordinary shares. 
The weighted average number of anti-dilutive share options and awards excluded from the 
calculation of diluted earnings per share was 640,804 at 30 June 2024 (2023: 1,285,599). 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m
Earnings 
Earnings for the purposes of basic and diluted EPS – net profit 
attributable to equity holders of parent company 
293.2 
323.8
Number of shares 
Weighted average number of ordinary shares 
474,318,625 474,318,625 
Weighted average number of shares held by HL EBT and SIP 
(454,269) 
(242,404) 
Weighted average number of shares held by HL EBT and SIP 
that have vested unconditionally with employees 
150,645 
 
89,116 
Weighted average number of ordinary shares for the purposes 
of basic EPS 
474,015,001 474,165,337 
Weighted average number of dilutive share options held by HL 
EBT and SIP that have not vested unconditionally with employees 
1,220,895 
686,256 
Weighted average number of ordinary shares for the purposes 
of diluted EPS 
475,235,896 474,851,593
Earnings per share 
Pence 
Pence 
Basic EPS 
61.9 
68.3 
Diluted EPS 
61.7 
68.2 
Hargreaves Lansdown 
Report and Financial Statements 2024 
142 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
Financial statements 
SECTION 1: RESULTS FOR THE YEAR 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
INCOME STATEMENT CONTINUED
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
1.10 Share-based payments 
The Group issues equity settled share-based payments to certain employees. Equity settled 
share-based payments are measured at fair value (excluding the effect of non-market based 
vesting conditions) at the date of grant. The awards are expensed on a straight-line basis over 
the vesting period, based on management’s best estimate of awards vesting and adjusted for 
the impact of non-market-based vesting conditions. Annual revisions are made to the estimate 
of awards vesting, based on non-market-based vesting conditions. The impact of the revision 
is recognised in the Income Statement such that the cumulative expense reflects the revised 
estimate, with a corresponding adjustment to reserves. 
Fair value is measured by use of the Black-Scholes model. The expected life used in 
the model has been adjusted, based on management’s best estimate, for the effects of 
non-transferability, exercise restrictions and behavioural considerations. 
Any gains or losses on the sale of the Company’s own shares held by the EBT are credited or 
debited directly to the EBT reserve. 
Equity settled share option schemes 
The Group seeks to facilitate equity ownership by employees, principally through schemes that 
encourage and assist the purchase of the Company’s shares. 
The Group operates six share option and share award plans: the Employee Savings Related 
Share Option Scheme (SAYE), the Hargreaves Lansdown plc Share Incentive Plan (SIP) and the 
Executive Option Scheme which includes the Hargreaves Lansdown Company Share Option 
Scheme, Sustained Performance Plan (SPP), Deferred Performance Bonus Plan (DPBP) and the 
Performance Share Plan (PSP). 
Options granted under the SAYE scheme vest over three years. 
Options granted under the Employee Share Incentive  Plan vest over a three-year period. 
Options granted under the Executive Option Scheme range between vesting at grant date and a 
maximum of five years. Options under the Hargreaves Lansdown Company Share Option Scheme 
are exercisable at a price equal to the market value of the Company’s shares on the date of grant. 
Options granted under the SPP, DPBP and the PSP are granted at nil cost. 
There are currently no performance conditions attached to any options granted under any of 
the schemes, with the exception of the Sustained Performance Plan (SPP) and the Performance 
Share Plan (PSP) – a part of the Executive Option Scheme, although options are forfeited (in most 
circumstances) if the employee leaves the Group before the options vest. 
Details of the share options outstanding during the year are as follows: 
Year ended 30 June 2024 
Year ended 30 June 2023 
Share  
options  
No. 
Weighted 
average 
exercise price 
Pence 
Share  
options  
No. 
Weighted 
average 
exercise price 
Pence 
SAYE 
Outstanding at beginning of the year 
1,284,981 
693.6 
978,323 
919.5 
Granted during the year 
913,206 
556.0 
993,039 
626.0 
Exercised during the year 
(3,512) 
626.0 
–
– 
Lapsed during the year 
(59,208) 
1,175.0 
(7,123) 
1,245.1 
Forfeited during the year 
(664,007) 
655.9 
(679,258) 
914.4 
Outstanding at the end of the year 
1,471,460 
609.3 
1,284,981 
693.6 
Exercisable at the end of the year 
23,874 
1,232.0 
–
–
Executive Option Scheme 
Outstanding at beginning of the year 
1,813,631 
278.0 
1,484,090 
358.5 
Granted during the year 
1,251,696 
– 
662,847 
– 
Exercised during the year 
(612,220) 
75.34 
(257,447) 
24.53 
Lapsed during the year 
(66,311) 
– 
–
– 
Forfeited during the year 
(166,928) 
– 
(75,859) 
– 
Outstanding at the end of the year 
2,219,868 
178.0 
1,813,631 
278.0 
Exercisable at the end of the year 
439,206 
888.4 
576,152 
875.0 
SIP 
Outstanding at beginning of the year 
20,725 
23.5 
33,475 
23.5 
Exercised during the year 
– 
23.5 
(12,750) 
23.5 
Outstanding at the end of the year 
20,725 
23.5 
20,725 
23.5 
Exercisable at the end of the year 
20,725 
23.5 
20,725 
23.5 
The weighted average market share price at the date of exercise for options exercised during the 
year was 829.3 pence (2023: 861.3 pence). 
Hargreaves Lansdown 
Report and Financial Statements 2024 
143 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
<:s 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
SECTION 1: RESULTS FOR THE YEAR 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
INCOME STATEMENT CONTINUED
1.10 Share-based payments continued 
The share options outstanding at the end of each year have exercise prices and expected 
remaining lives as follows: 
Year ended 30 June 2024 
Year ended 30 June 2023 
Share 
options 
No.
Weighted 
average options 
exercise price 
Pence 
Share  
options  
No. 
Weighted 
average options 
exercise price 
Pence 
Weighted average expected 
remaining life 
0–1 years 
1,115,029 
452.7 
1,085,774 
517.1 
1–2 years 
817,198 
341.3 
516,695 
423.4 
2–3 years 
1,614,636 
305.7 
1,215,280 
506.5 
3–4 years 
165,190 
–
74,193
– 
4–5 years 
– 
– 
227,394
– 
3,712,053 
343.8 
3,119,336 
447.5 
The fair value at the date of grant of options awarded during the year ended 30 June 2024 and 
the year ended 30 June 2023 has been estimated by the Black-Scholes methodology and the 
principal assumptions required by the methodology were as follows: 
At 30 June 2024 
At 30 June 2023 
Weighted average share price (pence) 
805.2
839.21 
Expected dividend yields 
2.43%
3.05% 
SAYE 
Weighted average exercise price 
5.56p 
6.26p 
Expected volatility 
52% 
38% 
Risk free rate 
4.33% 
3.68% 
Expected life 
3 years
3 years 
Fair value 
254.0p
223.0p 
Executive Option Scheme 
Weighted average exercise price 
0.00p 
0.00p 
Expected volatility 
35% 
38% 
Risk free rate 
3.25% 
3.23% 
Expected life 
2.8 years
3.8 years 
Fair value 
795.9p 
891.1p 
The expected volatility 
The expected Hargreaves Lansdown plc share price volatility was determined by calculating the 
historical volatility of the Group’s share price since flotation in May 2007. Prior to 15 May 2007, the 
Company’s shares were not listed on a stock exchange and therefore no readily available market 
price existed for the shares. Since 15 May 2007, a quoted market price has been available for the 
Company’s shares. 
The Group recognised total expenses related to equity settled share-based payment transactions 
as shown in note 1.5. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
144 

 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
<:s 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
SECTION 2: ASSETS AND LIABILITIES 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
As at 30 June 2024 
Note 
At 30 June 2024 
£m
At 30 June 2023 
£m 
ASSETS 
Non-current assets 
Goodwill 
2.1 
1.3 
1.3 
Other intangible assets 
2.2 
39.3 
50.4 
Property, plant and equipment 
2.3 
12.5 
17.4 
Deferred tax 
2.7 
0.5 
2.6
 53.6 
71.7 
Current assets
Investments 
2.4 
1.2 
0.5 
Trade and other receivables 
2.5 
824.6 
836.9 
Cash and cash equivalents 
2.6 
616.6 
373.3 
Current tax assets 
3.2
3.4 
1,445.6 
1,214.1 
Total assets 
1,499.2 
1,285.8 
LIABILITIES
Current liabilities
Trade and other payables 
2.8 
671.9
565.5 
671.9 
565.5 
Net current assets 
773.7 
648.6 
Non-current liabilities
Provisions 
2.9 
8.0 
3.0 
Non-current lease liabilities 
2.10 
4.2
7.6 
Total liabilities 
684.1 
576.1 
Net assets 
815.1 
709.7 
EQUITY
Share capital 
3.1 
1.9 
1.9 
Shares held by EBT 
(1.4) 
(6.4) 
EBT reserve 
2.9 
(1.0) 
Retained earnings 
811.7 
715.2 
Total equity, attributable to the owners of the parent 
815.1 
709.7 
Total equity 
815.1 
709.7 
The consolidated financial statements on pages 136 to 165 were approved by the Board and authorised for issue on 14 August 2024 and signed on its behalf by: 
Amy Stirling 
Chief Financial Officer 
Hargreaves Lansdown 
Report and Financial Statements 2024 
145 

Financial statements 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement  
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
SECTION 2: ASSETS AND LIABILITIES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED 
2.1  Goodwill 
Goodwill arising on consolidation represents the excess of the cost of acquisition over 
the Group’s interest in the fair value of the identifiable assets and liabilities of a subsidiary at 
the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently 
measured at cost less any accumulated impairment losses. For the purpose of impairment 
testing, goodwill acquired in a business combination is allocated to the cash generating unit 
expected to benefit from the synergies of the combination. 
The cash generating unit to which goodwill has been allocated is reviewed for impairment 
at least annually as a matter of course, and whenever an event or change in circumstances 
occurs which indicates potential impairment. The carrying value of goodwill is compared to the 
recoverable amount, which is the higher of value in use and the fair value less costs of disposal. 
Any impairment is recognised immediately in profit or loss and is not subsequently reversed. 
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination 
of the profit or loss on disposal. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Cost – at beginning and end of year 
1.5 
1.5 
Accumulated impairment losses 
At beginning and end of year 
0.2 
0.2 
Carrying amount – at end of year 
1.3 
1.3 
The net carrying value of goodwill relates entirely to the acquisition of Hargreaves Lansdown 
Pensions Direct Limited (HLPD) now named Hargreaves Lansdown Advisory Services Limited (HLAS). 
The Group has prepared financial forecasts for the cash generating unit to which the purchase 
and goodwill relates for the period to June 2027 that show the cash generating unit is expected 
to remain profitable and cash generative. Impairment has been assessed with respect to the 
underlying cash generating unit to which the goodwill relates and no issues are noted. 
2.2 Other intangible assets 
Other intangible assets comprise customer lists, computer software and the Group’s significant 
propositional systems, which are stated at cost less amortisation and any recognised 
impairment loss. Amortisation is provided, where material, on all intangible assets excluding 
goodwill at rates calculated to write off the cost or valuation, less estimated residual value, 
of each asset evenly using a straight-line method over its estimated useful life as follows: 
Customer list – eight years 
The customer list relates to acquired books of business and does not include internally 
generated client lists. The carrying value of the assets is reviewed for impairment at least 
every 12 months, or when events or changes in circumstances indicate that the carrying value 
may not be recoverable. 
Computer software – over three to eight years 
Computer software relates to purchases of licences and software, in line with the requirements 
of IAS 38. The carrying values of computer software are reviewed for impairment when events 
or changes in circumstances indicate that the carrying value may not be recoverable. The 
gain or loss arising on the disposal or retirement of an asset is determined as the difference 
between the sales proceeds and the carrying amount of the asset and is recognised in the 
Consolidated Income Statement. 
Internally developed software – eight years 
IT development costs are capitalised only to the extent that they have led to the creation 
of enduring assets, which deliver benefits at least as great as the amount capitalised and 
in accordance with the recognition criteria of IAS 38 intangible assets. 
When assessing projects for capitalisation we apply IAS 38’s recognition and measurement 
criteria for internally generated intangible assets to development expenditure that is both 
propositional in nature (as opposed to regulatory or administrative), and which is, or is 
expected to be, material over the life of the project. 
Development work has been undertaken in house by IT staff, management and contractors 
to develop new strategic solutions focused on improving our ability to serve clients, including 
improving our transfers, payment solutions, client experience and Advice and Guidance 
propositions as well as continued improvements to our key operating systems. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
146 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial statements 
SECTION 2: ASSETS AND LIABILITIES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement  
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
2.2 Other intangible assets continued 
In-house development work has also been undertaken in Hargreaves Lansdown Savings 
Limited to further develop digital cash savings products. Development commenced in the year 
to 30 June 2016 and continues to the current year. 
Costs relating to an asset that is not yet fully available for use by the business, are classified 
as internally developed software and are reviewed for impairment at least annually. During the 
period we impaired internally developed software for which there is no longer an intended future 
use. These assets have been written off in full and the net book value of £14.4 million (2023: 
£nil), equivalent to the cost, has been recorded in operating costs in the Income Statement. 
In accordance with the provisions of IAS 38 the costs are capitalised as an intangible asset 
and subsequently amortised over the estimated useful life of the systems of eight years, 
starting from the date at which the assets are put into use. 
Impairment of intangible assets excluding goodwill 
At the end of each reporting period, the Group reviews the carrying amounts of its tangible 
and intangible assets to determine whether there is any indication that those assets have 
suffered an impairment loss. If any indication exists, the recoverable amount of the asset 
is estimated in order to determine the extent of the loss. Where the asset does not generate 
cash flows, independent from other assets, the Group estimates the recoverable amount of 
the cash generating unit to which the asset belongs. Recoverable amount is the higher of fair 
value, less costs to sell, and value in use. 
If the recoverable amount of an asset is estimated to be less than its carrying amount, 
the carrying amount of the asset is reduced to its recoverable amount and an impairment 
loss is recognised as an expense immediately. 
Customer 
list 
£m 
Computer 
software 
£m 
Internally 
developed 
software 
£m 
Total 
£m
Cost
At 1 July 2022 
4.6 
18.8 
46.0 
69.4 
Additions 
–
– 
19.9 
19.9 
Disposal 
– 
(0.7) 
– 
(0.7) 
At 30 June 2023 
4.6 
18.1 
65.9 
88.6 
Additions 
– 
1.0 
8.6 
9.6
Impairment 
– 
– 
(14.4) 
(14.4) 
At 30 June 2024 
4.6 
19.1 
60.1 
83.8 
Accumulated amortisation 
At 1 July 2022 
1.8 
17.3 
13.0 
32.1 
Disposal 
– 
(0.7) 
– 
(0.7) 
Charge 
0.6 
– 
6.2 
6.8 
At 30 June 2023 
2.4 
16.6 
19.2 
38.2 
Charge 
0.6 
1.1 
4.6 
6.3 
At 30 June 2024 
3.0 
17.7 
23.8 
44.5 
Carrying amount 
At 30 June 2024 
1.6 
1.4 
36.3 
39.3 
At 30 June 2023 
2.2 
1.5 
46.7 
50.4 
At 30 June 2022 
2.8 
1.5 
33.0 
37.3 
 
 
During the period we impaired internally developed software for which there is no longer an 
intended future use as part of a detailed review of our technology roadmap. Two internally 
generated assets have been written off in full and both with a net book value of £7.2 million. In total, 
£14.4 million has been impaired and has been recorded in operating costs in the Income Statement. 
The amortisation charge above is included in operating costs in the Income Statement. 
The customer lists are a separately acquired intangible asset and do not include any internally 
generated element. The remaining amortisation period for these assets is five years. 
Computer software includes externally acquired licences and internally developed software 
relates entirely to in-house developed systems. Commitments in respect of intangible assets are 
shown in note 5.3. Internally developed software includes capitalised staff costs, as disclosed 
in note 1.5. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
147 

 
 
 
 
 
Financial statements 
SECTION 2: ASSETS AND LIABILITIES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement  
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
2.3 Property, plant and equipment 
Property, plant and equipment are stated at cost less accumulated depreciation and any 
recognised impairment loss. Cost includes the original purchase price of the asset and the 
costs attributable to bringing the asset to working condition for its intended use. 
Property, plant and equipment now includes both owned and leased assets. Owned assets 
are measured initially at cost and subsequently at cost less accumulated depreciation. Leased, 
or right-of-use assets are measured initially at the present value of all future lease payments, 
less any prepaid or accrued rent or incentives and any expected dilapidation cost being the 
initial value. 
Subsequently, leased assets are measured at initial value less accumulated depreciation. 
Depreciation is charged based on the estimates of useful economic lives and expected 
residual values, which are reviewed annually, for all plant and equipment, except for  leased 
assets which are depreciated on a straight-line basis over their economic lives. Management 
determines the useful lives and residual values for assets when they are acquired, based on 
experience with similar assets and taking into account other relevant factors, such as any 
expected changes in technology. The charge is calculated to write off the cost or valuation, 
less estimated residual value, of each asset evenly using a straight-line method over its 
estimated useful life as follows: 
Computer hardware – over three to ten years 
Office equipment (includes fixtures and leasehold improvements) – 
over three to ten years 
Right-of-use assets – over the term of the associated lease 
The carrying values of plant and equipment are reviewed for impairment when events or 
changes in circumstances indicate that the carrying value may not be recoverable. The 
gain or loss arising on the disposal or retirement of an asset is determined as the difference 
between the sales proceeds and the carrying amount of the asset and is recognised 
in the Income Statement. 
Property, plant and equipment 
Right-of-use 
assets 
£m 
Computer 
hardware 
£m 
Office 
equipment 
£m 
Total 
£m
Cost
At 1 July 2022 
20.4 
43.9 
13.0 
77.3 
Additions 
– 
2.1 
1.4 
3.5 
 
Disposals 
– 
(2.1) 
(1.4) 
(3.5) 
At 30 June 2023 
20.4 
43.9 
13.0 
77.3 
Additions 
0.1 
2.9 
0.4 
3.4 
Disposals 
– 
(7.0) 
(0.1) 
(7.1) 
At 30 June 2024 
20.5 
39.8 
13.3 
73.6 
Accumulated depreciation 
At 1 July 2022 
8.9 
36.0 
9.9 
54.8 
Charge 
3.1 
3.9 
1.5 
8.5 
Disposal 
– 
(2.0) 
(1.4) 
(3.4) 
At 30 June 2023 
12.0 
37.9 
10.0 
59.9 
Charge 
3.1 
3.8 
1.4 
8.3 
Disposal 
– 
(7.0) 
(0.1) 
(7.1) 
At 30 June 2024 
15.1 
34.7 
11.3 
61.1 
Carrying amount 
At 30 June 2024 
5.4 
5.1 
2.0 
12.5 
At 30 June 2023 
8.4 
6.0 
3.0 
17.4 
At 30 June 2022 
11.5 
7.9 
3.1 
22.5 
During the period we conducted a review for tangible assets that have nil net book value but 
are still active in our fixed asset register. It was identified that around £7.1 million of hardware 
assets were no longer in use and could therefore be disposed of. As these assets have all fully 
depreciated there is no loss on disposal as a result of this review. 
Leases recognised in property, plant and equipment 
At 
30 June 2024 
£m 
At 
30 June 2023 
£m 
Right-of-use assets 
Buildings 
5.4 
8.4 
Hargreaves Lansdown 
Report and Financial Statements 2024 
148 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial statements 
SECTION 2: ASSETS AND LIABILITIES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement  
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
2.3 Property, plant and equipment continued 
Amounts recognised in the Consolidated Income Statement 
Note 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Right-of-use assets – depreciation 
Buildings 
3.1 
3.1 
Lease expense recognised in finance costs 
1.7 
0.3 
0.4 
2.4 Investments 
Investments are recognised in the Group’s Statement of Financial Position, on trade date, 
when the Group becomes party to the contractual provisions of an instrument and are initially 
measured at fair value. 
Investments by default are designated as being held at fair value through profit or loss and 
are subsequently measured at fair value. Fair value being the quoted market price of the 
listed investment, with any gain or loss reported within the Income Statement. An investment 
is classified in this category if it is held principally for the purpose of selling in the short-term 
mandatorily, in accordance with IFRS 9. 
The Group derecognises financial assets only when the contractual rights to the cash flows, or 
substantially all of the risks and rewards of ownership from the asset are transferred or expire. 
On derecognition of a financial asset in its entirety, the difference between the asset’s carrying 
amount and the sum of the consideration received and receivable is recognised in profit or loss. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
At beginning of year 
0.5 
0.8 
Purchases 
2.7 
2.0 
Disposals 
(2.0) 
(2.3) 
At end of year 
1.2 
0.5 
Comprising: 
Current asset investment – UK-listed securities valued at quoted 
market price 
1.2 
0.5 
£1.2 million (2023: £0.5m) of investments are classified as held at fair value through profit and 
loss, being deal related short–term investments. Fair value movements on investments are 
included in support costs, as disclosed in note 1.3. 
Investment balances are short-term positions the Group takes as a result of deals placed either 
in error or due to having to take positions where clients are no longer able to hold an investment. 
The gross gains and losses in relation to fair value include movements where no investment 
position is taken and are as shown below: 
Fair value movements on investments 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Gross gains 
2.4 
0.6 
Gross losses 
(4.1) 
(2.1) 
(1.7) 
(1.5) 
2.5 Trade and other receivables 
Financial assets are recognised in the Group’s Statement of Financial Position when the Group 
becomes a party to the contractual provisions of the instrument and are initially measured at 
fair value. 
Trade and other receivables 
Trade and other receivables comprise fees due from clients and counterparty positions. They 
are subsequently measured at amortised cost using the effective interest method less any 
expected credit losses. The financial assets are held in order to collect the contractual cash 
flows and those cash flows are payments of interest and principal only. 
Term deposits 
Term deposits comprise cash deposits held by UK licensed banks for a period of greater than 
three months, over which there is no recall during the term of the deposit. The amounts are 
measured at amortised cost using the effective interest method in line with IFRS 9. 
Accrued income 
Accrued income relates to amounts earned by the Group, for which the Group has provided 
services, but balances are not invoiced and collected in arrears. The amount relates to fund 
management fees, interest on deposits and services direct to clients. 
Expected Credit Losses 
The Group recognises Expected Credit Losses (ECLs) relating to trade and other receivables, 
term deposits and accrued income in line with the simplified approach per IFRS 9 and are 
calculated based on the historic information available from the preceding years alongside 
factors impacting the individual debtors, economic conditions and forecast expectations. 
Impairment losses are recognised immediately in the Income Statement. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
149 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial statements 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement  
of Cash Flows 
155 
 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
SECTION 2: ASSETS AND LIABILITIES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED 
2.5 Trade and other receivables continued 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Financial assets: 
Trade receivables 
619.2 
510.3 
Term deposits 
20.0 
130.0 
Accrued income 
158.5 
169.0 
Other receivables 
8.4 
7.6 
806.1 
816.9 
Non-financial assets: 
Prepayments 
18.5 
20.0 
824.6 
836.9 
In accordance with market practice and accounting standards on trade date accounting, 
certain balances with clients, Stock Exchange member firms and other counterparties totalling 
£595.2 million (2023: £486.0m) are included in trade receivables. These balances are presented 
net where there is a legal right of offset and the ability and intention to settle net. The gross 
amount of trade receivables is £747.2 million (2023: £659.7m) and the gross amount offset in the 
Statement of Financial Position with trade payables is £169.7 million (2023: £186.6m). Other than 
counterparty balances, trade receivables primarily consist of fees and amounts owed by clients 
and renewal commission owed by fund management groups. There are no balances where 
there is a legal right of offset but not a right of offset in accordance with accounting standards, 
and no collateral has been posted for the balances that have been offset. 
Given the short-term nature of the Group’s receivables and the expectation of the Group 
in relation to its counterparties, there has been no material expected credit loss recognised 
in the year – see note 5.7 for further details. 
The Group does not have any contract assets in respect of its revenue contracts with customers 
(2023: £nil). 
2.6 Cash and cash equivalents 
The composition of cash and cash equivalents is explained in note 4.2. 
Term deposits held by the Group on unbreakable terms greater than three months are classified 
as financial assets and are shown in note 2.5. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Cash and cash equivalents: 
Group cash and cash equivalent balances 
616.3 
368.0 
Restricted cash – balances held by HL EBT 
0.3 
5.3 
616.6 
373.3 
At 30 June 2024, segregated deposit amounts held by the Group on behalf of clients in accordance 
with the client money rules of the Financial Conduct Authority amounted to £6,517 million (2023: 
£7,214m). In addition, there were pension trust and Active Savings cash accounts held on behalf of 
clients not governed by the client money rules of £6,322 million (2023: £6,224m). The client retains 
the ownership in both these deposit and cash accounts, and accordingly they are not included in 
the Statement of Financial Position of the Group. 
Restricted cash balances relate to the balances held within the HL Employee Benefit Trust. 
These are strictly held for the purpose of purchasing shares to satisfy options under the Group’s 
share option schemes. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
150 

151 
Hargreaves Lansdown 
Report and Financial Statements 2024 
Financial statements 
SECTION 2: ASSETS AND LIABILITIES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
2.7 Deferred tax 
Deferred tax assets/(liabilities) arise because of temporary differences only. The following are the 
major deferred tax assets/(liabilities) recognised and movements thereon during the current and 
prior reporting years. Deferred tax has been recognised at either 20.5% or 25% (2023: 20.5% or 
25%) depending upon the rate expected to be in force at the time of the reversal of the temporary 
difference. A deferred tax asset in respect of future share option deductions has been recognised 
based on the Company’s share price as at 30 June 2024. 
Fixed 
asset tax 
relief 
£m 
Share-based 
payments 
£m 
Other 
deductible 
temporary 
differences 
£m 
Total 
£m 
At 1 July 2022 
(0.5) 
1.5 
0.9 
1.9 
(Charge)/credit to income 
(0.2) 
1.0 
– 
0.8 
Charge to equity 
– 
– 
(0.1) 
(0.1) 
At 30 June 2023 
(0.7) 
2.5 
0.8 
2.6 
(Charge)/credit to income 
(3.0) 
0.2 
(0.1) 
(2.9) 
Credit/(charge) to equity 
– 
0.9 
(0.1) 
0.8 
At 30 June 2024 
(3.7) 
3.6 
0.6 
0.5 
Deferred tax expected to be 
recovered or settled: 
Within 1 year after reporting date 
(1.3) 
0.5 
0.3 
(0.5) 
>1 year after reporting date 
(2.4) 
3.1 
0.3 
1.0 
(3.7) 
3.6 
0.6 
0.5 
2.8 Trade and other payables 
Financial liabilities are classified according to the substance of the contractual arrangements 
entered into. 
Trade payables are measured at amortised cost using the effective interest method. 
In accordance with market practice, certain balances with clients, Stock Exchange member 
firms and other counterparties are included as creditors. 
Current elements of lease liabilities are included within other payables, being initially calculated 
in line with IFRS 16. On inception a lease liability is measured as the present value of future 
lease payments, discounted at the incremental borrowing rate implied within the lease. 
The future lease payments of the Group are fixed, except for those that relate to leases 
in a currency other than GBP, which may vary due to exchange rate movements. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Financial liabilities 
Trade payables 
597.7 
487.4 
Current lease liabilities 
4.4 
4.6 
Other payables 
31.7 
38.0 
633.8 
530.0 
Non-financial liabilities 
Deferred income 
0.3 
0.3 
Accruals 
27.0 
26.5 
Social security and other taxes 
10.8 
8.7 
671.9 
565.5 
In accordance with market practice, certain balances with clients, Stock Exchange member firms 
and other counterparties totalling £593.4 million (2023: £483.5m) are included in trade payables, 
similar to the treatment of trade receivables. As stated in note 2.5, where we have a legal right of 
offset and the ability and intention to settle net, trade payable balances have been presented net. 
Other payables principally comprise amounts owed to staff as a bonus and rebates due to the 
regulated funds operated by the Group. Accruals and deferred income respectively principally 
comprise amounts outstanding for trade purchases and receipts from clients, where cash is 
received in advance for certain services. 
All balances classified as deferred income in the prior year have been recognised in revenue 
in the current year. 

152
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
 
SECTION 2: ASSETS AND LIABILITIES
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONTINUED
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
2.9 Provisions
Provisions are recognised when the Group has a present obligation as a result of a past 
event, and it is probable that the Group will be required to settle that obligation. Provisions are 
measured at the Directors’ best estimate of the expenditure required to settle the obligation 
at the end of the reporting period, and are discounted to present value where the effect 
is material.
£m
Included within non-current liabilities
At 1 July 2022
2.6
Released in the year
(1.5)
Charged during the year
1.9
At 30 June 2023
3.0
Released in the year
(0.2)
Charged during the year
5.2
At 30 June 2024
8.0
The provision brought forward relates to property-related costs, including contractual obligations 
that arise on the surrendering of the leases, in relation to the offices in Bristol. In the year we 
increased these provisions by £0.2 million. Property provisions are not expected to be fully utilised 
until 2026.
In the current year we have recognised a provision of £5.0 million in relation to potential 
compensation claims. The figure represents the current most reliable estimate of the present 
obligation. It is probable, but not certain, that a level of payment will be made and work is ongoing 
to assess any liability. 
2.10 Non-current lease liabilities
Lease liabilities are included within current other payables and non-current lease liabilities, being 
initially calculated in line with IFRS 16. On inception a lease liability is measured as the present 
value of future lease payments, discounted at the incremental borrowing rate implied within the 
lease. The future lease payments of the Group are fixed, except for those that relate to leases 
in a currency other than GBP, which may vary due to exchange rate movements.
Interest expense is incurred in relation to these leases, based on the incremental borrowing rate 
implied in the contracts. This expense is recognised as a finance cost in the period to which 
payment relates, see note 1.7 for further details.
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Lease liabilities greater than 12 months
4.2
7.6
Finance costs and financing cash flows associated with the lease are reconciled below to show 
the movement in the year.
Reconciliation of lease liability changes to cash flows
Note
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Opening balance
12.2
16.5
Payment of principal in relation to lease liabilities
4.1
(3.9)
(4.7)
Interest incurred on lease payables
1.7
0.3
0.4
Current element of liability
2.8
(4.4)
(4.6)
Long-term liability
4.2
7.6

153
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
Financial statements 
SECTION 3: EQUITY 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
For the year ended 30 June 2024 
Attributable to the owners of the parent 
Non-
controlling 
interest 
£m 
Total 
equity 
£m 
Share 
capital 
£m 
Shares held 
by EBT 
£m 
EBT 
reserve 
£m 
Retained 
earnings 
£m 
Total 
£m 
At 1 July 2022
1.9
(3.6)
(2.4)
579.2
575.1
(1.6)
573.5 
Total comprehensive income Note 1 
–
–
–
323.8
323.8
(0.1)
323.7 
Change in ownership
–
–
–
(1.7)
(1.7)
1.7
– 
Employee Benefit Trust 
Shares sold in the year
–
2.2
–
–
2.2
–
2.2 
Shares acquired in the year
–
(5.0)
–
–
(5.0)
–
(5.0) 
HL EBT share sale
–
–
(2.2)
–
(2.2)
–
(2.2) 
Reserve transfer on exercise of share options
–
–
3.6
(3.6)
–
–
– 
Employee share option scheme 
Share-based payments expense
–
–
–
8.2
8.2
–
8.2 
Current tax effect of share-based payments (note 1.8)
–
–
–
(0.1)
(0.1)
–
(0.1) 
Deferred tax effect of share-based payments (note 1.8)
–
–
–
(0.2)
(0.2)
–
(0.2) 
Dividend paid (note 3.2)
–
–
–
(190.4)
(190.4)
–
(190.4) 
At 30 June 2023
1.9
(6.4)
(1.0)
715.2
709.7
–
709.7 
Total comprehensive income Note 1 
–
–
–
293.2
293.2
–
293.2 
Employee Benefit Trust 
Shares sold in the year
–
5.0
–
–
5.0
–
5.0 
Shares acquired in the year
–
–
–
–
–
–
– 
HL EBT share sale
–
–
(4.7)
–
(4.7)
–
(4.7) 
Reserve transfer on exercise of share options
–
–
8.6
(8.6)
–
–
– 
Employee share option scheme 
Share-based payments expense
–
–
–
9.2
9.2
–
9.2 
Current tax effect of share-based payments (note 1.8)
–
–
–
(0.1)
(0.1)
–
(0.1) 
Deferred tax effect of share-based payments (note 1.8)
–
–
–
2.0
2.0
–
2.0 
Dividend paid (note 3.2)
–
–
–
(199.2)
(199.2)
–
(199.2) 
At 30 June 2024
1.9
(1.4)
2.9
811.7
815.1
–
815.1 
1 
Total comprehensive income includes profit for the year and the total comprehensive income presented is equal to profit in both years presented.

154
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
SECTION 3: EQUITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONTINUED
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
NOTES TO THE GROUP FINANCIAL STATEMENTS
3.1 Share capital 
At 
30 June 2024 
£m 
At 
30 June 2023 
£m 
Authorised: 525,000,000 (2023: 525,000,000) ordinary shares 
of 0.4p each
2.1
2.1 
Issued and fully paid: ordinary shares of 0.4p each
1.9
1.9 
Shares
Shares 
Issued and fully paid: number of ordinary shares of 0.4p each
474,318,625 
474,318,625 
The Company has one class of ordinary shares which carry no right to fixed income. 
The shares held by the EBT represents the cost of shares in Hargreaves Lansdown plc purchased 
in the market and held by the Hargreaves Lansdown EBT to satisfy options under the Group’s 
share option schemes. 
The EBT reserve represents the cumulative gain on disposal of investments held by the HL 
EBT. The reserve is not distributable by the Company as the assets and liabilities of the EBT are 
subject to management by the Trustees in accordance with the EBT trust deed. 
3.2 Dividends 
Dividend recognition 
Dividend distributions to the Company’s shareholders are recognised in the accounting period 
in which the dividends are declared and paid, or, if earlier, in the accounting period when the 
dividend is approved by the Company’s shareholders at the Annual General Meeting. 
Amounts recognised as distributions to equity holders in the year: 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
2023 final dividend of 28.8p (2022 final dividend: 27.44p) 
per share
136.6
130.2 
2024 interim dividend of 13.20p (2023: 12.70p) per share
62.6
60.2 
Total dividends paid during the year
199.2
190.4 
After the end of the reporting period, the Directors proposed a final ordinary dividend of 30.0 
pence per share, payable on 1 November 2024 to shareholders on the register on 4 October 
2024. Dividends are required to be recognised in the financial statements when paid, and 
accordingly the proposed dividend amounts are not recognised in these financial statements, but 
will be included in the 2025 financial statements as follows: 
£m 
2024 final dividend of 30.00p (2023 final dividend: 28.80p) per share
142.2 
Total dividends
142.2 
Under an arrangement dated 30 June 1997, the Hargreaves Lansdown Employee Benefit Trust, 
which held the following number of ordinary shares in Hargreaves Lansdown plc at the date 
shown, has agreed to waive all dividends. 
At 
30 June 2024 
No. of shares 
At 
30 June 2023 
No. of shares 
Number of shares held by the Hargreaves Lansdown 
Employee Benefit Trust
163,348
779,080 
Representing percentage of called-up share capital
0.03%
0.16%

 
155
Hargreaves Lansdown
Report and Financial Statements 2024
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
Financial statements 
SECTION 4: CONSOLIDATED STATEMENT OF CASH FLOWS 
CONSOLIDATED STATEMENT OF CASH FLOWS 
For the year ended 30 June 2024 
Note(s) 
Year ended 
30 June 2024 
£m 
Restated 
Year ended 
30 June 2023 
£m 
Net cash from operating activities 
Profit for the year after tax
293.2
323.7 
Adjustments for: 
Income tax expense
1.8
103.1
79.0 
Depreciation of plant and equipment
1.3/2.3
8.3
8.5 
Amortisation of intangible assets
1.3/2.2
6.3
6.8 
Impairment of intangible assets
1.3/2.2
14.4
– 
Interest income Note *
(30.2)
(15.8) 
Share-based payment expense
1.5
9.2
8.2 
Interest on lease liabilities
1.7/4.1
0.3
0.4 
Increase in provisions
5.0
0.4 
Operating cash flows before movements in working capital
409.6
411.2 
Increase in receivables
(97.6)
(203.4) 
Increase in payables
101.4
72.2 
Cash generated from operations
413.4
280.0 
Income tax paid
(101.4)
(80.5) 
Interest received Note * 
33.5
15.8 
Net cash generated from operating activities
345.5
215.3 
Investing activities 
Decrease/(increase) in term deposits
110.0
(110.0) 
Purchase of property, plant and equipment
2.3
(3.4)
(3.5) 
Cash capitalisation of intangible assets
2.2
(9.6)
(19.2) 
(Purchase)/Proceeds on disposal of investments
(0.8)
0.3 
Net cash generated from/(used in) investing activities
96.2
(132.4) 
Financing activities 
Purchase of own shares in EBT
–
(5.0) 
Proceeds on sale of own shares in EBT
4.7
2.2 
Payment of principal in relation to lease liabilities
2.10/4.1
(3.9)
(4.7) 
Dividends paid to owners of the parent
3.2
(199.2)
(190.4) 
Net cash used in financing activities
(198.4)
(197.9) 
Net increase/(decrease) in cash and cash equivalents
243.3
(115.0) 
Cash and cash equivalents at beginning of year
2.6
373.3
488.3 
Cash and cash equivalents at end of year (including restricted cash)
2.6/4.2
616.6
373.3 
* 
For year ended 30 June 2023, we 
previously did not show interest income 
and interest received separately. In 
the prior year there was no difference 
between the total income and cash 
amount. We have updated the prior 
year presentation and as per IAS 7 
now show interest income and interest 
received separately on the Consolidated 
Statement of Cash Flows.

 
  
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements  166 
Other information 
173 
Financial statements 
SECTION 4: CONSOLIDATED STATEMENT OF CASH FLOWS 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED 
4.1 Lease payments 
Cash flows in relation to lease payments, recorded under IFRS 16, are presented as follows in 
the Group Statement of Cash Flows: 
• Payments for the principal element of recognised lease liabilities are presented within cash 
flows from financing activities; and 
• The interest element of recognised lease liabilities are included within cash flows from 
operating activities. 
4.2 Cash and cash equivalents 
Cash and cash equivalents comprise cash on hand and demand deposits that are readily 
convertible to a known amount of cash, subject to insignificant changes in value and are 
considered to be holdings of less than three months or those over which the Group has an 
immediate right of recall. The carrying amount of these assets is approximately equal to their 
fair value. 
Included within cash and cash equivalents are amounts held by the Group which are subject 
to restrictions. Restricted cash balances relate to the balances held within the HL Employee 
Benefit Trust. They are strictly held for the purpose of purchasing shares to satisfy options 
under the Group’s share option schemes. These amounts held are not readily available to be 
used for other purposes within the Group and total £0.3 million (2023: £5.3m). 
Cash and cash equivalents are also referred to in note 2.6. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
156 

 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
SECTION 5: OTHER NOTES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
OTHER 
5.1 General information 
Hargreaves Lansdown plc (the Company and ultimate parent of the Group) is a company 
incorporated in England and Wales with company number 02122142 and domiciled in the United 
Kingdom under the Companies Act 2006 whose shares are publicly traded on the London Stock 
Exchange. The address of the registered office is One College Square South, Anchor Road, Bristol 
BS1 5HL, United Kingdom. The nature of the Group’s operations and its principal activities are set 
out in the Operating and Financial Review and Strategic Report. 
These financial statements are presented in millions of pounds sterling (£m) which is the currency 
of the primary economic environment in which the Group operates. 
Basis of preparation 
These financial statements have been prepared in accordance with UK-adopted international 
accounting standards and with the requirements of the Companies Act 2006 as applicable to 
companies reporting under those standards. 
The financial statements are presented to allow users to understand the primary statements 
and the related balances that make them up. It is our aim to ensure that the information provided 
is pertinent and indicates balances of most importance, whilst ensuring conformity with IFRS. 
In order to do this, we have aligned the notes to the financial statements with the relevant primary 
statements; where there is an associated accounting policy, it is denoted by a box presented 
at the beginning of the note. 
The preparation of financial statements in conformity with IFRS requires the use of certain 
significant accounting estimates. It also requires management to exercise its judgement in the 
process of applying the Company’s accounting policies. The areas involving a higher degree 
of judgement or complexity, or areas where assumptions and estimates are significant to the 
financial statements, if any, are disclosed in note 5.2. 
Going concern 
The financial statements are prepared on a going concern basis and in assessing this the Board 
has considered the Group’s and the Company’s ability to continue as a going concern for at least 
12 months from the date of signing and by reference to forecasts across the next three financial 
years based on the assumptions used in the Group’s planning process. This is in line with the 
approach taken in assessing the Group’s viability as stated on page 55. 
The Board expects the Group to remain profitable and has no intention or expectation of 
liquidating the Group or ceasing trading. In all scenarios and testing of future cash flows, including 
the most extreme, the Group and the Company maintains sufficient liquidity and capital to 
continue in business, within the timeframes outlined above. 
Material uncertainty in relation to going concern 
As announced on 9 August 2024, the Board has received a firm offer for the purchase of the 
company, subject to shareholder and other approvals including regulatory approval, which it 
intends to recommend to shareholders. As a result the Directors do not have certainty on the 
future plans for the business, including whether the offer will be approved by shareholders and 
Hargreaves Lansdown 
Report and Financial Statements 2024 
gain regulatory approval, the potential timing for transfer to the potential new owners or their 
future plans; including any financing arrangements. 
These conditions indicate the existence of a material uncertainty which may cast significant 
doubt about the Group’s ability to continue as a going concern. Accordingly, the financial 
statements do not include the adjustments that would result if the Group were unable to continue 
as a going concern. 
Notwithstanding this uncertainty, the Directors are satisfied that the going concern basis remains 
appropriate for the preparation of the financial statements. 
Basis of consolidation 
The consolidated financial statements incorporate the financial statements of the Company and 
subsidiary undertakings controlled by the Group made up to 30 June 2024. The Group controls 
a subsidiary when it has power over an investee, is exposed, or has rights, to variable returns 
from its involvement with the subsidiary and has the ability to affect those returns through its 
power over the investee. The Group reassesses whether it controls a subsidiary when facts and 
circumstances indicate that there are changes to one or more elements of control. 
The results of subsidiaries acquired or disposed of during the year are included in the 
Consolidated Income Statement from the effective date of acquisition or up to the effective date 
of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of 
subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-
Group transactions, balances, income and expenses are eliminated on consolidation. 
Business combinations 
The acquisition of subsidiaries is accounted for using the purchase method. The cost of the 
acquisition is measured at the aggregate of the fair values, at the date of exchange, of assets 
given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for 
control of the acquired entity. The acquired entity’s identifiable assets, liabilities and contingent 
liabilities that meet the conditions for recognition under IFRS 3 ‘Business Combinations’ are 
recognised at their fair value at the acquisition date. 
The Group recognises any non-controlling interest in the acquired entity at the non-controlling 
interest’s proportionate share of the recognised amounts of the acquired entity’s identifiable 
net assets. 
Application of new standards 
The following standards have been adopted in the current year, but do not have a material impact 
on these financial statements: 
• Narrow scope amendments to IAS 1, IAS 8 and IFRS Practice Statement 2 
• Amendments to IAS 12, ‘Taxation’ relating to deferred tax related to assets and liabilities arising 
from a single transaction 
• IFRS 17, ‘Insurance contracts’ 
• Amendments to IAS 12 – International tax reform – Pillar Two model rules 
• Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: 
Definition of Accounting Estimates 
157 

 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
SECTION 5: OTHER NOTES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
OTHER CONTINUED 
5.1 General information continued 
At the date of authorisation of these financial statements, the Group has not applied the following 
new and revised IFRS standards that have been issued but are not yet effective: 
• Amendment to IAS 1, ‘Presentation of financial statements’ on classification of liabilities 
• Amendments to IAS 1, ‘Presentation of financial statements’ on non-current liabilities with 
covenants 
• Amendment to IAS 7 and IFRS 7 – Supplier finance 
• Amendments to IAS 21 – Lack of Exchangeability 
• Amendment to IFRS 16, ‘Leases’ – Lease Liability in a Sale and Leaseback 
• IFRS 19, Subsidiaries without Public Accountability: Disclosures 
The Group has assessed the impact that the above noted standards and amendments will have 
on the Group’s results reported in the financial statements. The Directors do not expect that the 
adoption of the standards or amendments listed above will have a material impact on the financial 
statements of the Group in future periods. 
Certain amendments to accounting standards have been published that are not mandatory for the 
year ended 30 June 2024 reporting period and have not been early adopted by the Group: 
• IFRS S1 – General requirements for disclosure of sustainability-related financial information 
• IFRS S2 – Climate-related disclosures 
• IFRS 18, ‘Presentation and disclosure in financial statements’ 
The above amendments are continuing to be assessed for the impact on the Group for future 
reporting periods. 
Accounting policies 
The financial statements have been prepared on the historical cost basis, except for the 
revaluation of financial assets at fair value through profit and loss. The principal accounting 
policies adopted are set out at the start of each note to which they relate. 
5.2 Critical judgements and key sources 
of estimation uncertainty 
The preparation of the financial statements requires management to make estimates and 
assumptions that affect the reported amount of revenues, expenses, assets and liabilities and 
the disclosure of contingent liabilities. If, in the future, such estimates and assumptions, which 
are based on management’s best judgement at the date of preparation of the financial statements 
deviate from actual circumstances, the original estimates and assumptions will be modified as 
appropriate in the period in which the circumstances change. There are no assumptions made 
about the future, or any other major sources of estimation uncertainty at the end of the reporting 
period, that have a significant risk of resulting in a material adjustment to the carrying amounts of 
assets and liabilities within the next financial year. There are no critical judgements regarding the 
application of accounting policies or significant estimates in relation to the preparation of these 
financial statements. 
5.3 Contingencies and commitments 
Capital commitments 
At the end of the reporting period, the Group had no capital commitments (2023: £0.5m) 
for software development and IT hardware. 
Contingencies 
The Group operates in a highly regulated environment and, in the ordinary course of business, 
provides information to various regulators and authorities as part of informal and formal requests 
and enquiries. In addition, the Group receives complaints or claims in relation to its services from 
time to time brought by clients, investors or other third parties. These may be notified to the 
Group or directly to third parties, such as the Financial Ombudsman Service in the case of client 
and investor complaints investigated and not upheld by the Group. These include enquiries, 
complaints and a threatened claim relating to the LF Equity Income Fund (formerly the Woodford 
Equity Income Fund). 
The Company received a letter purporting to be a pre-action letter from a law firm in March 2021. 
In June 2021, the Company rejected all the claims made for lack of a substantive basis of claim. 
The Company is aware that the law firm has since filed a claim form with the court against both 
Link Fund Solutions Limited and Hargreaves Lansdown Asset Management Limited (“HLAM”) for 
an unspecified amount in October 2022. As at the date of issuing these financial statements, 
the law firm has not yet confirmed that it has secured sufficient funding to progress the claim, 
HLAM has not been served with the claim form and no timetable has been set for the conduct 
of any claim. 
All such matters are periodically reassessed, with the assistance of external professional advisers 
where appropriate, to determine the likelihood of the Group incurring a liability. There are inherent 
uncertainties in the outcome of such matters and it is not practicable to reliably estimate the 
financial impact, if any, on the Group’s results or net assets at the period end. 
These matters have been re-assessed throughout the financial year and the above statement is 
accurate as at the reporting date and up to the date of issue. 
5.4 Subsidiaries 
A list of the investments in subsidiaries included in the consolidated results of Hargreaves 
Lansdown plc is shown in note 6.5 to the parent company financial statements. Also included in 
the Group consolidated financial statements are ‘The Hargreaves Lansdown Employee Benefit 
Trust’ and ‘The Hargreaves Lansdown plc SIP Trust’. 
Hargreaves Lansdown 
Report and Financial Statements 2024 
158 

Financial statements 
SECTION 5: OTHER NOTES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
OTHER CONTINUED
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
5.5 Events after the reporting period 
On 9 August 2024 the Directors proposed a final ordinary dividend payment of 30.0 pence per 
ordinary share, payable on 1 November 2024 to all shareholders on the register at the close of 
business on 4 October 2024 as detailed in note 3.2. 
On 9 August 2024 as announced and highlighted in note 5.1 the Consortium has announced a firm 
offer for the acquisition of the Company and Group, subject to shareholder approval and other 
approvals, including regulatory approval. 
5.6 Related party transactions 
The Company has a related party relationship with its subsidiaries, its Directors and members of 
the Executive Committee (the ‘key management personnel’). Transactions between the Company 
and its key management personnel are disclosed below. Details of transactions between the 
Company and other related parties are also disclosed below. 
Trading transactions 
The Company entered into the following transactions with Directors within the Hargreaves 
Lansdown Group and related parties who are not members of the Group: 
During the years ended 30 June 2024 and 30 June 2023 the Company has been party to a lease 
with P K Hargreaves, a significant shareholder during the year and former Director, for rental of 
the old head office premises at Kendal House. A five-year lease was signed in April 2021 for a 
rental of part of the building, to be used for disaster recovery purposes at a market rate rent of 
£0.1 million per annum. No amount was outstanding at either year end.
During the years ended 30 June 2024 and 30 June 2023, the Group has provided a range of 
investment services in the normal course of business to shareholders on normal third-party 
business terms. These amounts are not material. 
Directors and staff are eligible for a discount on some of the services provided. These amounts 
are not material. 
Remuneration of key management personnel 
The remuneration of the key management personnel of the Group, being those personnel who 
were a member of the Board or Executive Committee during the relevant year shown, is set out 
below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m
Short-term employee benefits 
8.1 
8.1 
Post-employment benefits 
0.4 
0.4 
Other long-term benefits 
1.7 
0.5 
Termination benefits 
1.0 
0.9 
Share-based payments 
3.7 
2.1 
14.9 
12.1 
Non-Executive Directors’ fees 
1.1 
1.1 
In addition to the amounts above, nine key management personnel (2023: six) received gains of 
£2.3 million (2023: £1.0m) as a result of exercising share options. During the year, awards were 
made under executive option schemes for eleven key management personnel (2023: nine). 
Included within the previous table are the following amounts payable to Executive Directors of the 
Company who served during the relevant year. Full details of Directors’ remuneration, including 
numbers of share options exercised, are shown in the Directors’ Remuneration Report. 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Short-term employee benefits 
3.6 
2.7 
Post-employment benefits 
0.1 
0.1 
Other long-term benefits 
1.0 
0.2 
Share-based payments 
2.4
0.6 
7.1 
3.6 
In addition to the amounts above, Directors of the Company received gains of £0.8 million relating 
to the exercise of share options (2023: £0.3m). 
Hargreaves Lansdown 
Report and Financial Statements 2024 
159 

 
 
 
 
 
 
 
  
 
 
 
 
 
Strategic report 
1 
Governance 
59 
Financial statements 
Independent Auditors’ Report 
129 
Section 1: Results for the Year 
136 
Section 2: Assets and Liabilities 
145 
Section 3: Equity 
153 
Section 4: Consolidated Statement 
of Cash Flows 
155 
Section 5: Other Notes 
157 
Section 6: Company Financial Statements 166 
Other information 
173 
Financial statements 
SECTION 5: OTHER NOTES 
NOTES TO THE GROUP FINANCIAL STATEMENTS 
OTHER CONTINUED 
5.6 Related party transactions continued 
Year ended 
30 June 2024 
£m 
Year ended 
30 June 2023 
£m 
Emoluments of the highest paid Director 
3.8 Note 1 
2.51 
Number 
Number 
Number of Directors who exercised share options during the year 
2 
1 
Number of Directors who were members of money purchase 
pension schemes 
2 
2 
Note 1 
The highest paid Director was the Chief Executive Officer and full details of his emoluments can be found in the audited ‘Remuneration 
payable’ table in the Directors’ Remuneration Report 
Any amounts outstanding with related parties are unsecured and will be settled in cash. 
No guarantees have been given or received in respect of amounts outstanding. No provisions 
have been made for doubtful debts in respect of the amounts owed by the related parties. 
5.7 Financial instruments 
Financial instruments include both assets and liabilities. Financial assets principally comprise trade 
and other receivables, cash and cash equivalents and current asset listed investments. Financial 
liabilities comprise trade and other payables. 
Categories of financial assets and financial liabilities 
The categories and carrying value of the financial assets and financial assets held in the Group’s 
Statement of Financial Position are summarised in the table. The impact of climate change does 
not have a material impact on the fair values of the assets. 
At 30 June 
Financial assets and liabilities at 
fair value through profit and loss 
Financial assets  
at amortised cost 
Financial liabilities measured 
at amortised cost 
Total 
2024 
£m 
2023 
£m 
2024 
£m 
2023 
£m 
2024 
£m 
2023 
£m 
2024 
£m 
2023 
£m 
Financial assets 
Equity investments 
1.2 
0.5 
– 
– 
– 
– 
1.2 
0.5 
Cash and cash equivalents 
– 
– 
616.6 
373.3 
– 
– 
616.6 
373.3 
Trade and other receivables: 
Trade receivables 
– 
– 
619.2 
510.3 
– 
– 
619.2 
510.3 
Other receivables 
– 
– 
6.3 
7.6 
– 
– 
6.3 
7.6 
Accrued income 
– 
– 
158.5 
169.0 
– 
– 
158.5 
169.0 
Term deposits 
– 
– 
20.0 
130.0 
– 
– 
20.0 
130.0 
Total financial assets 
1.2 
0.5 
1,420.6 
1,190.2 
– 
– 
1,421.8 
1,190.7 
Financial liabilities 
Trade payables 
– 
– 
– 
– 
597.7 
487.4 
597.7 
487.4 
Other payables and current lease liabilities 
– 
– 
– 
– 
36.1 
42.6 
36.1 
42.6 
Lease liabilities 
– 
– 
– 
– 
4.2 
7.6 
4.2 
7.6 
Total financial liabilities 
– 
– 
– 
– 
638.0 
537.6 
638.0 
537.6 
Hargreaves Lansdown 
Report and Financial Statements 2024 
160 

161
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 5: OTHER NOTES
NOTES TO THE GROUP FINANCIAL STATEMENTS
OTHER CONTINUED
5.7 Financial instruments continued
Fair value hierarchy
The table below sets out the classifications of each class of financial asset and liability and their 
fair values.
Level 1 
Quoted prices 
for similar 
instruments 
£m
Level 2 
Directly 
observable 
market inputs 
other than 
Level 1 inputs 
£m
Level 3 
Inputs not 
based on 
observable 
market data 
£m
Total 
£m
At 30 June 2024
Financial assets at fair value through 
profit or loss – listed equities
1.2
–
–
1.2
1.2
–
–
1.2
At 30 June 2023
Financial assets at fair value through 
profit or loss – listed equities
0.5
–
–
0.5
0.5
–
–
0.5
There were no transfers between Level 1 and Level 2 assets during the year (2023: £nil). The fair 
value of financial instruments traded in active markets is based on quoted market prices at the 
end of the reporting period.
Instruments included in Level 1 comprise primarily equity investments and fund units entered into 
on a counterparty basis. As such there is no recurring valuation of financial instruments between 
reporting periods.
Nature and extent of risks arising from financial instruments
Financial risk management
The main risks arising from financial instruments are market risk (including interest rate risk, 
foreign exchange risk and price risk), liquidity risk and credit risk. Each of these risks is discussed 
in detail below.
The Group monitors financial risks on a consolidated basis. The Group’s financial risk management 
is based upon sound economic objectives and good corporate practice. No hedging transactions 
have taken place during the years presented. The Group has designed a framework to manage 
the risks of its business and to ensure that the Directors have in place risk management 
practices appropriate to a listed company. The management of risk within the Group is governed 
by the Board.
Market risk
• Interest rate risk 
Interest rate risk is the risk that the Group will sustain losses from adverse movements in rates 
associated with interest bearing assets and liabilities. There is an exposure to interest rates on 
banking deposits held in the ordinary course of business. At 30 June 2024, the value of financial 
instruments on the Group Statement of Financial Position exposed to interest rate risk was 
£636.6 million (2023: £503.3m) comprising cash, cash equivalents and term deposits. 
This exposure is continually monitored to ensure that the Group is maximising its interest earning 
potential within accepted liquidity and credit constraints. The Group has no external borrowings 
and as such is not exposed to interest rate or refinancing risk on borrowings. Cash at bank, 
including restricted cash, earns interest at floating rates based on daily bank deposit rates. 
Term deposits are also made for varying periods of between one day and 13 months, depending 
on the immediate cash requirements of the Group, and earn interest at the respective fixed term 
deposit rates.  
Given that a source of revenue is based on the value of client cash under administration, the 
Group has an indirect exposure to interest rate risk on cash balances held for clients, the balance 
of which was £12,839 million at 30 June 2024 (2023: £13,438m). These amounts are not included 
in the Group Statement of Financial Position. 
The below is an analysis of the impact of a change of 100bps (1.00%) in interest rates on 
the revenue received in relation to client cash. This calculation considers no other impacts on 
interest income, it is an isolated adjustment to one input to our revenue stream and as such is not 
indicative of a real change. The calculations assume the interest income has been earned evenly 
over the period and that rates have changed in isolation in the period. This does not consider any 
impact of pass through to clients. 100bps has been chosen, however it is not illustrative of single 
movements seen during the current or prior financial year from the Bank of England and it is not 
an expectation of actual changes. 
Change in margin
2024 
£m
Net interest income
+100bps (1.00%)
124.0
Net interest income
negative 100bps (1.00%) 
(124.0)

162
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 5: OTHER NOTES
NOTES TO THE GROUP FINANCIAL STATEMENTS
OTHER CONTINUED
5.7 Financial instruments continued
• Foreign exchange translation and transaction risk
Foreign currency risk is the risk that the Group will sustain losses through adverse movements 
in currency exchange rates. With substantially all of the Group’s businesses currently operating 
within the UK, and therefore with minimal net assets and transactions of the Group denominated 
in foreign currencies, the Group is not exposed to significant foreign exchange translation or 
transaction risk and as such does not hedge any foreign current assets or liabilities.
• Price risk
Price risk is the risk that a decline in the value of assets adversely impacts on the profitability of 
the Group as a result of an asset not meeting its expected value. The Group is exposed to price 
risk on investments, in corporate entities, held on the Group Statement of Financial Position.
At 30 June 2024, the fair value of investments recognised on the Group Statement of Financial 
Position was £1.2 million (2023: £0.5m). A 20% move in equity prices, in isolation, would have an 
impact of £0.2 million (2023: £0.1m).
As a main source of revenue is based on the value of client assets under administration, the Group 
has an indirect exposure to price risk on investments held on behalf of clients. These assets are 
not on the Group Statement of Financial Position. The risk of lower revenues is partially mitigated 
by asset class diversification. The Group does not hedge its revenue exposure to movements in 
the value of client assets arising from these risks, and so the interests of the Group are aligned to 
those of its clients.
In addition, the Group acts as a private client investment manager, unit trust manager and agency 
stockbroker on a matched basis so its exposure to market price movements in this capacity is 
limited to when there is a trade mismatch or error, or if one matched counterparty fails to fulfil its 
obligations. The impact of these risks is mitigated by limits and monitoring controls.
Liquidity risk
The Group is exposed to liquidity risk, namely the risk that it may be unable to meet its payment obligations as they fall due. The Group is highly cash generative and holds significant liquid assets. 
The Group actively maintains a proportion of cash balances on short-term deposit, as well as ensuring the Group has access to short-term revolving credit facilities, to help ensure that the Group has 
sufficient available funds for operations.
The table below analyses the maturities of the undiscounted cash flows relating to financial liabilities of the Group based on the remaining period to the contractual maturity date at the end of the 
reporting period.
At 30 June 2024
At 30 June 2023
0–3 months 
£m
3–12 months 
£m
Over 1 year 
£m
Total 
£m
0–3 months 
£m
3–12 months 
£m
Over 1 year 
£m
Total 
£m
Trade and other payables:
Trade payables
597.7
–
–
597.7
487.1
0.1
0.2
487.4
Other payables, including current lease liabilities
35.3
0.8
–
36.1
34.4
–
8.2
42.6
Non-current discounted lease liabilities
–
–
4.2
4.2
–
–
7.6
7.6
633.0
0.8
4.2
638.0
521.5
0.1
16.0
537.6
Balances due within twelve months, in the table above, equal their carrying balances as the impact of discounting is not significant. Included in the trade and other payables and the lease liabilities 
above are figures in respect of leases accounted for under IFRS 16. These include discounted cash flows in relation to leases over property as outlined in note 2.10. The undiscounted maturity profiles 
of these amounts are shown on the next page.

163
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report
1
Governance
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 5: OTHER NOTES
NOTES TO THE GROUP FINANCIAL STATEMENTS
OTHER CONTINUED
5.7 Financial instruments continued
The undiscounted liability in relation to leases is shown below.
At 
30 June 2024 
£m
At 
30 June 2023 
£m
Within one year
4.1
4.6
In the second to fifth years inclusive
4.2
8.3
Total minimum lease payments
8.3
12.9
The Group has access to a revolving credit facility, with a UK bank. The facility allows the Group 
to draw up to £75 million (2023: £75m) and is undrawn as at 30 June 2024. The facility incurs 
interest charges, consisting of a margin of 0.85% plus SONIA per annum when drawn.
Credit risk
The Group’s credit risk is spread over a large number of counterparties and customers.
The Group is exposed to credit risk from counterparties to securities transactions during the 
period between the trade date and the ultimate settlement date if the counterparty fails either 
to deliver securities or to make payment. Settlement risk is substantially mitigated as a result of 
the delivery versus payment mechanism whereby if a counterparty fails to make payment the 
securities would not be delivered to the counterparty. Therefore the risk exposure is to an adverse 
movement in market prices between the time of trade and settlement, which is generally two to 
four days. Conversely, if a counterparty fails to deliver securities, no payment would be made.
The trade receivables presented in the Statement of Financial Position are net of expected 
credit losses.
Also included within trade and other receivables in the Statement of Financial Position are term 
deposits. These are deposits with UK licensed banks for a period of three months or greater, 
where the Group does not have immediate recall on the cash. The maximum amount of time that 
these deposits are outstanding at year end is 12 months.
Cash is held with UK licensed banks. The credit risk on liquid funds is managed by only depositing 
with UK regulated banks and the Group takes a conservative approach to treasury management, 
carrying out regular reviews of all its banks’ and custodians’ credit ratings.
The following table discloses the Group’s maximum exposure to credit risk on financial assets.
At 
30 June 2024 
£m
At 
30 June 2023 
£m
Financial assets at amortised cost
Cash and cash equivalents (including restricted cash) 
616.6
373.3
Trade and other receivables
625.5
517.9
Accrued income
158.5
169.0
Term deposits
20.0
130.0
Financial assets at fair value through profit or loss
Financial investments
1.2
0.5
1,421.8
1,190.7

164
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Report and Financial Statements 2024
Financial statements
Strategic report
1
Governance
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 5: OTHER NOTES
NOTES TO THE GROUP FINANCIAL STATEMENTS
OTHER CONTINUED
5.7 Financial instruments continued
The following table contains an analysis of financial assets that are past due at the end of the 
reporting period. An asset is past due when the counterparty has failed to make a payment when 
contractually due and is considered to be a key indicator of risk.
The Group applies the simplified approach to providing for expected credit losses for receivables, 
allowing the use of lifetime expected loss provisions to be made. To determine expected credit 
losses, financial assets have been grouped based on shared credit risk characteristics, such as 
the counterparty and the number of days past due.
Within 
terms 
£m
0–3 
months 
past due 
£m
3–6 
months 
past due 
£m
6–12 
months 
past due 
£m
Over 12 
months 
past due 
£m
Total 
£m
At 30 June 2024 
Trade and other 
receivables:
Trade receivables
608.9
5.6
1.4
1.1
2.2
619.2
Other receivables
6.3
–
–
–
–
6.3
Accrued income
158.5
–
–
–
–
158.5
Term deposits
20.0
–
–
–
–
20.0
793.7
5.6
1.4
1.1
2.2
804.0
At 30 June 2023 
Trade and other 
receivables:
Trade receivables
501.6
3.3
1.8
1.8
1.8
510.3
Other receivables
7.6
–
–
–
–
7.6
Accrued income
169.0
–
–
–
–
169.0
Term deposits
130.0
–
–
–
–
130.0
808.2
3.3
1.8
1.8
1.8
816.9
During the year, the Group has recognised £1.2m of expected credit losses (2023: £0.1m) 
in respect of receivables that are not expected to be recovered. At the end of the reporting 
period, £0.2 million (2023: £0.2m) of expected credit losses are recognised in respect of trade 
receivables. These balances have been provided for in full against the value of aged receivables 
and are presented net in the table above and in the Statement of Financial Position. As a result, 
the carrying amount of those receivables is £nil (2023: £nil) at year end.
The expected credit loss in relation to receivables is considered to be immaterial, due to the 
short-term nature of the receivable balance and the small value of assets that are outstanding 
for long periods, without any potential recourse allowing the Group to reclaim the balance in full. 
The majority of balances are related to underlying investments that the Group can sell to reclaim 
losses and therefore, while they are susceptible to macroeconomic factors the potential impact 
is immaterial given their short-term nature, as market balances are generally settled in two to 
four days.
The table on the next page shows the credit quality of financial assets that are current and not 
outstanding using the following counterparty grading:
• Financial institutions 
In respect of trade receivables, £170.5 million (2023: £116.9m) is due from financial institutions 
regulated by the FCA or PRA in the course of settlement as a result of daily trading. Accrued 
income includes £124.8 million related to interest due from financial institutions regulated by the 
FCA and PRA. A further £4.9 million (2023: £10.9m) relates to revenue items due from financial 
institutions regulated by the FCA.
• Individuals 
In respect of trade receivables, the balance is related to amounts due from individual clients in the 
course of settlement as a result of daily trading. Daily trading balances generally settle in two to 
four days.

165
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 5: OTHER NOTES
NOTES TO THE GROUP FINANCIAL STATEMENTS
OTHER CONTINUED
5.7 Financial instruments continued
The table below shows the credit category of financial assets that are within terms and 
considered the lowest level of risk.
Financial 
institutions 
£m
Corporate 
clients 
£m
Individuals 
£m
Total 
£m
At 30 June 2024
Trade receivables
188.7
–
420.2
608.9
Other receivables
6.3
–
–
6.3
Accrued income
132.7
–
25.8
158.5
Term deposits
20.0
–
–
20.0
Investments held at fair value through 
profit and loss
1.2
–
–
1.2
348.9
–
446.0
794.9
At 30 June 2023
Trade receivables
133.3
0.4
367.9
501.6
Other receivables
7.6
–
–
7.6
Accrued income
146.0
–
23.0
169.0
Term deposits
130.0
–
–
130.0
Investments held at fair value through 
profit and loss
0.5
–
–
0.5
417.4
0.4
390.9
808.7
Other risks
Inflation risk
Inflation risk is the risk that the Group will sustain losses due to a high inflationary environment. 
Our exposure to inflation risk is considered to mostly impact staff costs and support costs. 
The current levels of inflation seen in the market do not have a material impact on the 
financial statements.
Climate risk
We have assessed our exposure to climate risks and opportunities and undertaken scenario 
analysis. At the present time there is no material impact of climate-related risks on the 
financial statements.
Capital management
The Group’s objectives when managing capital are: i) to safeguard the Group’s ability to continue 
as a going concern so that it can continue to provide returns for shareholders and benefits for 
other stakeholders; ii) to maintain a strong capital base and utilise it efficiently to support the 
development of its business; and iii) to comply with the regulatory capital requirements set 
by the FCA. Capital adequacy and the use of regulatory capital are monitored by the Group’s 
management and Board.
Capital management – Unaudited
Regulatory capital is determined in accordance with the requirements prescribed in the UK 
by the FCA. This is a two-step process requiring an assessment of the minimum capital 
requirements followed by an assessment of individual entity and Group risks of harm to ensure 
that an additional amount of capital is held above the minimum amount to accommodate the 
impact of any residual risk of harm.
Minimum capital requirements are calculated as the higher of certain baseline variables 
(depending on the specific requirements for the legal entity in question). In Hargreaves 
Lansdown Asset Management Limited (HLAM) this is calculated as the higher of the 
permanent minimum capital requirement, fixed overhead requirement and k-factor assessment 
(capital requirement based on the activities a firm undertakes), and in Hargreaves Lansdown 
plc it is the group capital test which is the book value that the parent company has invested in 
the underlying entities.
The second step requires investment firms to assess firm-specific and Group risk of harms, 
and costs of wind down, ensuring that they hold adequate capital over and above the amount 
set by the minimum capital requirements. The Group completes this assessment of regulatory 
capital requirements using its Group Internal Capital Adequacy and Risk Assessment process, 
which is a continuous and forward-looking exercise that includes stress testing on major risks, 
such as a significant market downturn, and identifying mitigating actions.
The Group manages its retained earnings and share capital which total £816.5 million (audited) 
as at 30 June 2024 (2023: £717.1m – audited). Consistent with FCA requirements, HLAM 
specifically is required to disclose regulatory capital information; this will be available on the 
Group’s website at www.hl.co.uk/investor-relations.

166
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 6: COMPANY FINANCIAL STATEMENTS
PARENT COMPANY STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
Note
At 
30 June 2024 
£m
At 
30 June 2023 
£m
ASSETS
Non-current assets
Investments in subsidiaries
6.5
108.7
90.9
108.7
90.9
Current assets
Trade and other receivables
6.6
232.7
133.8
Cash and cash equivalents
6.7
327.1
121.0
559.8
254.8
Total assets
668.5
345.7
LIABILITIES
Current liabilities
Trade and other payables
6.8
212.4
22.5
212.4
22.5
Net current assets
347.4
232.3
Total liabilities
212.4
22.5
Net assets
456.1
323.2
EQUITY
Called up share capital
6.9
1.9
1.9
Retained earnings
6.9
454.2
321.3
Total equity
456.1
323.2
The Company recorded a profit for the financial year ended 30 June 2024 of £322.2 million (2023: £265.7m).
The financial statements of Hargreaves Lansdown plc, registered number 02122142, on pages 166 to 172, were approved by the Board and authorised for issue on 14 August 2024.
Amy Stirling 
Chief Financial Officer

167
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 6: COMPANY FINANCIAL STATEMENTS
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2024
Share 
capital 
£m
Retained 
earnings 
£m
Total 
equity 
£m
At 1 July 2022
1.9
238.9
240.8
Profit and total comprehensive income
–
265.7
265.7
Increase in investment in subsidiaries
–
7.1
7.1
Dividend paid
–
(190.4)
(190.4)
At 30 June 2023
1.9
321.3
323.2
Profit and total comprehensive income
–
322.2
322.2
Increase in investment in subsidiaries
–
9.9
9.9
Dividend paid
–
(199.2)
(199.2)
At 30 June 2024
1.9
454.2
456.1
Details of the Company’s dividends are as set out in note 3.2 to the consolidated financial statements.

168
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 6: COMPANY FINANCIAL STATEMENTS
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
6.1 General information
Hargreaves Lansdown plc (the Company) is a company incorporated and domiciled in the 
United Kingdom under the Companies Act 2006 whose shares are publicly traded on the 
London Stock Exchange. The address of the registered office is One College Square South, 
Anchor Road, Bristol BS1 5HL, United Kingdom. The Company is the parent company of the 
Group, and the nature of the Group’s operations and its principal activities are set out in the 
Operating and Financial Review.
The Company financial statements are presented in millions of pounds sterling which is the 
currency of the primary economic environment in which the Company operates.
Basis of preparation
The Company financial statements of Hargreaves Lansdown plc have been prepared in 
accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (‘’FRS 
101’’). The financial statements have been prepared under the historical cost convention and in 
accordance with the Companies Act 2006. The Company is a qualifying entity under FRS101, as 
it is a member of a group where the parent of that group prepares publicly available consolidated 
financial statements which are intended to give a true and fair view (of the assets, liabilities, 
financial position and profit or loss) and that member is included in the consolidation. The 
Company prepares and is itself included in the consolidated statements on pages 136 to 165. 
The Company has moved to preparing the financial statements under FRS 101 to take advantage 
of reduced disclosure requirements, as the activity of the Company is limited in comparison to 
that of the Group.
In the prior year, year ended 30 June 2023, the Company financial statements were prepared 
in accordance with UK-adopted International Financial Reporting Standards (IFRS) and with the 
requirements of the Companies Act 2006 as applicable to companies reporting under those 
standards. No restatements are required and there is no change in accounting policies.
The preparation of financial statements in conformity with FRS 101 requires the use of certain 
significant accounting estimates. It also requires management to exercise its judgement in the 
process of applying the Company’s accounting policies. The areas involving a higher degree 
of judgement or complexity, or areas where assumptions and estimates are significant to the 
financial statements, if any, are disclosed in note 6.3.
Financial Reporting Standard 101 – reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101:
• the requirements of paragraphs 45(b) and 46–52 of IFRS 2 Share based payments
• the requirements of IFRS 7 Financial Instruments: Disclosures
• the requirements of paragraphs 91–99 of IFRS 13 Fair Value Measurement
• the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present 
comparative information in respect of:
– paragraph 79(a)(iv) of IAS 1
• the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 
and 134–136 of IAS 1 Presentation of Financial Statements
• the requirements of IAS 7 Statement of Cash Flows
• the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting 
Estimates and Errors
• the requirements in IAS 24 Related Party Disclosures to disclose related party transactions 
entered into between two or more members of a group, provided that any subsidiary which is a 
party to the transaction is wholly owned by such a member
• the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)–134(f) and 135(c)–135(e) of IAS 36 
Impairment of Assets. 
The Company financial statements are prepared on a going concern basis. The Directors believe 
that they have a reasonable expectation that the Company has adequate resources to continue 
in operational existence for 12 months from the date the financial statements are adopted. 
Please see note 5.1 to the consolidated financial statements on page 158.
The financial statements have been prepared on the historical cost basis. Accounting policies 
have been applied consistently throughout the current and prior financial year.
6.2 Significant accounting policies
The accounting policies of the Company are the same as those of the Group which are set out in 
the relevant notes to the consolidated financial statements, except that it has no policy in respect 
of consolidation and investments in subsidiaries are carried at historical cost, less any provisions 
for impairment.
6.3 Critical judgements and key sources of estimation 
uncertainty
As noted in note 5.2 to the Group financial statements, the preparation of the financial statements 
requires management to make estimates and assumptions that affect the reported amount of 
revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. There are no 
critical judgements used in the preparation of the Company’s financial statements.
The estimates on the following page are made in respect of the Company financial statements only.
Investments in subsidiaries
The Company made significant investments in Hargreaves Lansdown Savings Limited to assist in 
the development of the Active Savings proposition and Hargreaves Lansdown Advisory Services 
Limited to support the development of the Advice proposition. The parent company holds these 
investments at cost less accumulated impairment. An assessment is made of the recoverable 
amounts, which requires estimation of future cash flows and fair values at appropriate discount 
rates and multiples for the purpose of calculation; the uncertainty comes mainly from the discount 
rates and fair value multiples used in the recoverable amount valuations. A sensitivity analysis of 
this estimate is presented in note 6.5.

169
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 6: COMPANY FINANCIAL STATEMENTS
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
6.4 Profit for the year
As permitted by Section 408 of the Companies Act 2006, no Income Statement or Statement 
of Comprehensive Income is presented for the Company. The Company recorded a profit for the 
financial year ended 30 June 2024 of £322.2 million (2023: £265.7m).
The auditors’ remuneration for audit and other services is disclosed in note 1.4 to the consolidated 
financial statements.
6.5 Investment in subsidiaries
Investments in subsidiaries are held at cost less impairment, being the fair value of 
consideration paid and capital contributions made to the subsidiaries less impairment.
Impairment assessments are performed at least on an annual basis for all subsidiaries 
to assess whether the valuation is still appropriate. A comparison is made between the 
recoverable amount and the carrying value. This requires the calculation of either the fair 
value, less costs to sell of each subsidiary or the value in use. Value in use is calculated as 
the present value of discounted cash flows over an appropriate period at a discount rate 
appropriate for each subsidiary, fair value is calculated based on a multiple of revenues. 
Any losses are recognised immediately in the Income Statement.
Year ended 
30 June 2024 
£m
Year ended 
30 June 2023 
£m
Investments in subsidiaries
At beginning of year
90.9
68.9
Capital contribution to subsidiaries
9.8
16.9
Reversal of impairment in subsidiary valuation
8.0
15.9
Impairment of subsidiary valuation
–
(10.8)
At end of year
108.7
90.9
Comprising
Non-current investments – investments in subsidiaries valued 
at cost less impairment
108.7
90.9
In the financial year ended 30 June 2020, the Company impaired its holding in Hargreaves 
Lansdown Savings Limited (HLS) and subsequent impairment has also taken place. Changes 
in the interest rate environment have led to profitability in the current period and for the future 
forecast period that significantly changes the valuation determined. The amount was determined 
by calculation of the recoverable amount, using future cash flows at a pre-tax discount rate of 
14.7%. The carrying amount after reversing the impairment was £45.0 million (2023: £39.9m).
The Company has also invested in Hargreaves Lansdown Advisory Services Limited and in the 
prior year impaired its investment by £10.8 million. In the current year we have reviewed the 
forecast cash flows and future revenues of the business on both a discounted cash flow basis 
and a fair value less costs to sell basis, in accordance with IAS 36. The recoverable amount, 
considered the higher of value in use or fair value has been determined to be £9.0 million and 
as a result we have reversed impairment of £3 million. The fair value is determined with reference 
to a fair value using appropriate multiples with reference to relevant peers. 
Sensitivity analysis
The valuations for HLS are performed over a range of pre-tax discount and growth rates, 
between 10.4% and 14.7% for HLS with value in use calculations providing support for the new 
valuations. The assessment of the company takes place over a maximum of five years in line 
with the requirements of IAS 36, the forecast cash flows are determined with reference to the 
Board approved operating plans for the company. Growth for revenue and costs is in line with the 
forecasts of the Group and a range of growth rates has been considered with 2% being chosen 
as appropriate. 
Over the range of inputs and assumptions as outlined above the valuations arrived at have been 
considered for their appropriateness for recoverable amount and it is considered appropriate to 
use the valuations as outlined in the previous section. Valuation of Hargreaves Lansdown Savings 
Limited has a lower limit that exceeds the valuation of £45.0 million, being equivalent to cost. 
Sensitivity analysis is provided below:
Discount rate
Valuation
+0.1%
(1.3)
negative 0.1%
1.3
For Hargreaves Lansdown Advisory Services Limited the fair value method has been prepared 
over a range of multiples of revenue and assets under administration, across both transactional 
and recurring revenue streams. Multiples between 0.5 and 1.5 times revenues have been 
considered and 0.5% of assets under administration have been considered. We have determined 
the appropriate valuation is the average of our current year range, less costs to sell ranging 
between 2.5% and 5.0%. The range of valuations considered is between £8.0 million and 
£10.8 million. This highlights there is not a material sensitivity to the inputs.

170
Hargreaves Lansdown
Report and Financial Statements 2024
Financial statements
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement  
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
SECTION 6: COMPANY FINANCIAL STATEMENTS
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
6.5 Investment in subsidiaries continued
A list of the investments in subsidiaries is shown below, along with their country of incorporation and principal activity. Unless otherwise disclosed below, all subsidiaries have one ordinary class of 
share only and all shares are held by Hargreaves Lansdown plc.
Subsidiary 
company name
Country of 
incorporation 
and principal 
place of business
Company 
purpose/function
Percentage 
ownership
Voting 
rights
Hargreaves Lansdown Advisory Services Limited
UK Note 1 
Advisory services
100%
100%
Hargreaves Lansdown Asset Management Limited
UK Note 1 
Unit trust and equity broking, investment fund 
management, life and pensions consultancy
100%
100%
Hargreaves Lansdown Fund Managers Ltd.
UK Note 1 
Unit trust management
100%
100%
Hargreaves Lansdown Stockbrokers Ltd
UK Note 1 
Dormant company Note * 
100%
100%
Hargreaves Lansdown (Nominees) Limited  
(100% shares held by Hargreaves Lansdown Asset Management Limited)
UK Note 1 
Nominee services Note * 
100%
100%
Hargreaves Lansdown Insurance Brokers Limited
UK Note 1 
Dormant company Note * 
100%
100%
Hargreaves Lansdown Investment Management Limited  
(100% shares held by Hargreaves Lansdown Fund Managers Ltd)
UK Note 1 
Dormant company Note * 
100%
100%
Hargreaves Lansdown Savings Limited
UK Note 1 
Cash services
100% – Ordinary
100%
UK Note 1 
100% – Class A
Hargreaves Lansdown Savings (Nominees) Limited  
(100% shares held by Hargreaves Lansdown Savings Limited)
UK Note 1 
Nominee services Note * 
100%
100%
Hargreaves Lansdown Pensions Limited  
(100% shares held by Hargreaves Lansdown Advisory Services Limited)
UK Note 1 
Dormant company Note * 
100%
100%
Hargreaves Lansdown Pensions Trustees Limited
UK Note 1 
Trustee of the HL SIPP Note * 
100%
100%
Hargreaves Lansdown EBT Trustees Limited
UK Note 1 
Trustee of the Employee Benefit Trust Note † 
100%
100%
Hargreaves Lansdown Trustee Company Limited
UK Note 1 
Trustee of the Share Incentive Plan Note † 
100%
100%
HL Tech Sp. Z O. O  
(100% shares held by Hargreaves Lansdown Asset Management Limited)
Poland Note 2 
Service company
100%
100%
* 
Exempt from the requirements for audit under s394A and s448A of the Companies Act 2006.
Note † 
Exempt from the requirement for audit under s479A of the Companies Act 2006.
1 
Registered address One College Square South, Anchor Road, Bristol, BS1 5HL.
2 
Registered address Pl Europejski, 1 Warsaw 00-844, Poland.

171
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Report and Financial Statements 2024
Financial statements
SECTION 6: COMPANY FINANCIAL STATEMENTS
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements 166
Other information 
173
6.6 Trade and other receivables
At 
30 June 2024 
£m
At 
30 June 2023 
£m
Financial assets
Amounts receivable from subsidiaries and EBT
212.1
1.2
Term deposits
20.0
130.0
232.1
131.2
Non-financial assets
Prepayments
0.6
2.6
232.7
133.8
Movement in amounts receivable from subsidiaries and EBT relates to Group cash management.
Term deposits are held by the Company on unbreakable terms greater than three months and are 
classified as financial assets.
The Company applies the simplified approach to providing for expected credit losses for 
receivables, allowing the use of lifetime expected loss provisions to be made. To determine 
expected credit losses, financial assets have been grouped based on shared credit risk 
characteristics, such as the counterparty and the number of days past due. The value of 
expected credit losses on the assets subject to credit risk is immaterial.
6.7 Cash and cash equivalents
At 
30 June 2024 
£m
At 
30 June 2023 
£m
Cash and cash equivalents
Company cash and cash equivalent balances
327.1
121.0
Cash and cash equivalents comprise cash and institutional cash funds with near instant access.
No disclosures for financial instruments have been made in respect of the Company as the only 
significant financial instruments held by the Company are cash and term deposit balances as 
shown above.
6.8 Trade and other payables
At 
30 June 2024 
£m
At 
30 June 2023 
£m
Financial liabilities
Amounts payable to subsidiaries 
211.8
22.1
Other payables
–
0.1
211.8
22.2
Non-financial liabilities
Accruals
0.6
0.3
212.4
22.5
Amounts payable to subsidiaries comprise short-term borrowing from subsidiaries, repayable on 
demand. The fair values of amounts owed to subsidiaries are equal to their carrying amounts.
6.9 Called up share capital
Details of the Company’s share capital are as set out in note 3.1 to the consolidated financial 
statements. The Company has a share premium account that represents the difference between 
the issue price and the nominal value of shares issued and was unchanged at £8,000 throughout 
the 2023 and 2024 financial years.
The Company has a capital redemption reserve that relates to the repurchase and cancellation 
of the Company’s own shares and was unchanged at £12,000 throughout the 2023 and 2024 
financial years.
Details of the movements in retained earnings are set out in the Parent Company Statement of 
Changes in Equity.

172
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Report and Financial Statements 2024
Financial statements
SECTION 6: COMPANY FINANCIAL STATEMENTS
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS CONTINUED
Strategic report 
1
Governance 
59
Financial statements 
Independent Auditors’ Report 
129
Section 1: Results for the Year 
136
Section 2: Assets and Liabilities 
145
Section 3: Equity 
153
Section 4: Consolidated Statement 
of Cash Flows 
155
Section 5: Other Notes 
157
Section 6: Company Financial Statements  166
Other information 
173
6.10 Related party transactions 
The key management personnel of the Company are the Directors of Hargreaves Lansdown plc. 
The relevant disclosures are given in note 5.6 to the consolidated financial statements. These 
are the only staff costs incurred by the Company in the year. The Company has two employees 
(2023: two), being the Executive Directors. The cost of providing share scheme benefits to the 
employees of the subsidiaries is not charged directly to the subsidiaries. Instead, the Company 
provides a capital contribution to its subsidiaries in respect of these schemes.
Any amounts outstanding with related parties are unsecured and will be settled in cash.
No guarantees have been given or received in respect of amounts outstanding. Immaterial expected 
credit losses have been recognised in respect of the amounts owed by the related parties.
6.11 Events after the reporting period
Events after the reporting period are shown in note 5.5 of the consolidated financial statements 
on page 159.

173
Hargreaves Lansdown 
Report and Financial Statements 2024
Other information 
OTHER 
INFORMATION 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 

174
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
DIRECTORS, COMPANY SECRETARY, ADVISERS AND SHAREHOLDER INFORMATION 
Executive Directors 
Dan Olley  
Amy Stirling 
Non-Executive Directors 
Andrea Blance 
Adrian Collins  
Penny James  
Moni Mannings  
Michael Morley  
Alison Platt 
Darren Pope  
John Troiano 
Company Secretary 
Claire Chapman 
Independent auditors 
PricewaterhouseCoopers LLP, London 
Solicitors 
Freshfields Bruckhaus Deringer LLP, London 
Principal bankers 
Lloyds Bank Plc,  
Bristol 
Brokers 
Barclays Bank PLC  
Numis Securities Limited 
Registrars 
Equiniti Limited 
Registered office 
One College Square South  
Anchor Road  
Bristol BS1 5HL 
Website 
www.hl.co.uk 
Company number 
02122142

175
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
FIVE-YEAR SUMMARY 
2024  
£m 
2023  
£m 
2022  
£m 
2021  
£m 
2020  
£m 
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited 
Revenue
764.9
735.1
583.0
631.0
550.9 
Fair value gains on derivatives
–
–
–
0.6
1.7 
Operating costs
(398.2)
(350.7)
(313.0)
(266.0)
(214.9) 
Operating profit
366.7
384.4
270.0
365.6
337.7 
Finance income
30.2
19.0
–
1.4
2.8 
Finance costs
(0.6)
(0.7)
(0.8)
(1.0)
(1.0) 
Other gains Note 1 
–
–
–
–
38.8 
Profit before tax
396.3
402.7
269.2
366.0
378.3 
Tax
(103.1)
(79.0)
(53.4)
(69.7)
(65.1) 
Profit after tax
293.2
323.7
215.8
296.3
313.2 
Non-controlling interests
–
0.1
0.5
 0.4 
(0.1) 
Profit for the financial year attributable to owners of the parent company
293.2
323.8
216.3
296.7
313.1 
Equity shareholders’ funds
815.1
709.7
575.1
593.5
558.3 
Weighted average number of shares for the purposes of diluted EPS (million)
475.2
474.6
474.5
474.5
475.70 
Pence
Pence
Pence
Pence
Pence 
Equity dividends per share paid during year
42.00
40.1
50.8
55.6
42.9 
Basic earnings per share
61.9
68.3
45.6
62.6
66.1 
Diluted earnings per share
61.7
68.2
45.6
62.5
65.9 
Underlying basic earnings per share
71.2
74.4
50.4
62.6
57.9 
Underlying diluted earnings per share
71.0
74.3
50.4
62.5
57.8 
1 
Relates to a one-off gain on the disposal of Funds Library in the year ended 30 June 2020. 

176
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
GLOSSARY OF ALTERNATIVE FINANCIAL PERFORMANCE MEASURES 
Measure
Definition
Why we use this measure 
Underlying activity costs
Underlying cost related to stockbroking, financial services costs and marketing 
costs on a transactional basis related to the volume of activity undertaken by 
our clients. 
This has been amended in the period to provide visibility of the costs that 
are associated with both client numbers and transactional volumes, to allow 
comparison from year to year. 
Dividend per share 
(pence per share) 
Total dividend payable relating to a financial year divided by the total number 
of shares eligible to receive a dividend. Note: ordinary shares held in the 
Hargreaves Lansdown Employee Benefit Trust have agreed to waive all 
dividends (see note 3.2 to the consolidated financial statements). 
Dividend per share is pertinent information to shareholders and investors 
and provides them with the ability to assess the dividend yield of Hargreaves 
Lansdown plc shares. 
Underlying people costs
Underlying cost related to staff, the main driver of cost in our business.
People costs are our largest cost category and our people are the key driver of 
our business and our strategy. 
Platform growth
The net value of new assets brought onto the platform less assets leaving the 
platform, excluding cash placed with Active Savings. 
Provides the most useful measure of tracking, over time, the element of net 
new business that is made up of assets brought onto the platform. 
Net movement to Active Savings 
The net value of assets moving from the HL platform to Active Savings.
Separated out from platform growth to highlight the change in asset mix within 
the business and the retention provided by Active Savings. 
Active Savings growth
The net value of new cash placed with Active Savings.
Provides the most useful measure of tracking, over time, the element of net 
new business that is made up of cash brought into Active Savings. 
Market growth and other
The underlying market movement and other retained investment income, 
including dividends reinvested on behalf of clients. 
Provides the best measure for highlighting changes in the AUA that are not 
directly impacted by client activity. 
Net interest margin (bps)
Revenue from cash divided by the average value of cash under administration, 
net of interest received by clients. 
Provides the most comparable means of tracking, over time, the margin 
earned on the cash under administration after considering the amount 
received by clients. 
Revenue margin (bps)
Total revenue divided by the average value of assets under administration 
which includes the Portfolio Management Services assets under management 
held in funds on which a platform fee is charged. 
Provides the most comparable means of tracking, over time, the margin 
earned on the assets under administration and is used by management to 
assess business performance. 
Revenue margin from cash (bps) 
Revenue from cash (net interest earned on the value of client money held on 
the platform divided by the average value of assets under administration held 
as client money). 
Provides a means of tracking, over time, the margin earned on cash held by 
our clients. 
Revenue margin from funds (bps) 
Revenue derived from funds held by clients (platform fees, initial commission 
less loyalty bonus) divided by the average value of assets under administration 
held as funds, which includes the Portfolio Management Services assets under 
management held in funds on which a platform fee is charged. 
Provides the most comparable means of tracking, over time, the margin 
earned on funds held by our clients. 
Revenue margin from HL Funds 
(bps) 
Management fees derived from HL Funds (but excluding the platform fee) 
divided by the average value of assets held in the HL Funds. 
Provides a means of tracking, over time, the margin earned on HL Funds. 
Revenue margin from shares 
(bps) 
Revenue from shares (stockbroking commissions, management fees where 
shares are held in a SIPP or ISA, less the cost of dealing errors) divided by the 
average value of assets under administration held as shares. 
Provides a means of tracking, over time, the margin earned on shares held by 
our clients.

177
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
GLOSSARY OF ALTERNATIVE FINANCIAL PERFORMANCE MEASURES
CONTINUED
Measure
Definition
Why we use this measure 
Strategic investments costs
The total cost (excluding capitalisation), of the Strategic Investment 
Programme including staff and professional fees relating to the planning, 
commencement and undertaking of the digital technology strategy, strategic 
growth initiatives and the cost of expanding associated compliance, 
infrastructure and support functions. 
Costs relating to the planning and commencement and undertaking of the 
digital technology strategy and core growth initiatives, which include staff 
costs, professional fees and technology costs, that are considered separately 
to reflect the impact on the results of the Group. 
Underlying support costs
Underlying support costs includes costs previously known as legal and 
professional fees and office running costs, including operating lease rentals. 
Also included in underlying support costs are depreciation of owned plant and 
equipment, amortisation of other intangible assets and impairment. 
Provides an assessment of our other costs. 
Underlying technology costs
Costs associated with the use of third-party software and data feeds used in 
the performance of daily business. 
Provides a means of understanding the impact that increasing or changing our 
proposition has on our costs. 
Assets under administration 
(AUA) 
This is the value of all assets administered or managed by Hargreaves 
Lansdown on behalf of its clients. 
Assets under administration provides a measure of the growth and strength 
of the business on a comparable basis. It is also a key driver of revenue, 
especially with respect to ongoing revenue. 
Net new business (NNB)
Represents subscriptions, cash receipts, cash and stock transfers in less cash 
withdrawals, cash and stock transfers out. 
Net new business provides a clear indication of how assets under 
administration changes over time it separates those movements in AUA that 
are related to client movements and those that are market related. 
Underlying basic earnings 
per share 
Underlying profit after tax divided by the weighted average number of ordinary 
shares for the purposes of basic EPS. 
The calculation of basic earnings per share using statutory profit after 
tax adjusted for those costs that are related specifically to our strategic 
investments. 
Underlying costs
Operating costs less strategic investment costs, intangible impairment and 
restructuring costs. 
In the prior year this also excluded “dual running costs”, this phrasing is no 
longer used, but there is no change in calculation. 
Provides relevant information on the year-on-year cost of the underlying 
business as we go through a period of significant strategic investment. 
Underlying diluted earnings 
per share 
Underlying profit after tax divided by the weighted average number of ordinary 
shares for the purposes of diluted EPS. 
The calculation of diluted earnings per share using statutory profit after 
tax adjusted for those costs that are related specifically to our strategic 
investments. 
Underlying profit after tax
Profit after tax attributable to equity holders of the parent company excluding 
Strategic investment costs, intangible impairment and restructuring costs. 
In the prior year this also excluded “dual running costs”, this phrasing is no 
longer used, but there is no change in calculation. 
Profit after tax includes costs that are part of strategic planning and 
development. This measure helps to provide clarity between the profit of the 
business from period to period when those costs are not considered. This is 
important as we go through a period of significant strategic investment. 
Underlying profit before tax
Profit before tax excluding strategic investment costs, intangible impairment 
and restructuring costs. 
In the prior year this also excluded “dual running costs”, this phrasing is no 
longer used, but there is no change in calculation. 
Provides the best measure for comparison of profit before tax of the 
underlying business performance as we go through a period of significant 
strategic investment.

178
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
GLOSSARY OF ALTERNATIVE FINANCIAL PERFORMANCE MEASURES
CONTINUED
Measure 
Measure per 
Operating 
and Financial 
Review 
£m 
Measure per 
Financial 
Statements 
£m 
Difference 
£m 
Explanation 
Underlying activity costs
53.6
53.6
– 
This measure is the same as the activity costs figures within note 1.3. 
Underlying people costs
179.9
203.0
23.1 
Equivalent to staff costs figure within note 1.3, less strategic investment costs and restructuring costs totalling 
£23.1 million. 
Underlying support costs
51.8
87.7
35.9 
The measure is the same as support costs, within note 1.3, plus depreciation, amortisation and impairment and 
excluding strategic investment costs of £21.5 million and impairment costs of £14.4 million 
Underlying technology costs
48.2
48.9
0.7 
Technology costs per note 1.3, less strategic investment costs of £0.7 million. 
Underlying costs
338.5
398.2
59.7 
Operating costs per note 1.3 less £59.7 million of strategic investment costs, intangible impairment and restructuring 
costs. 
Underlying profit after tax
337.4
293.2
44.2 
Profit after tax per the Statement of Comprehensive Income after adding back strategic investment costs, impairment 
of intangible assets, restructuring costs and adjusting for a tax shield effect, as shown on page 25. 
Underlying profit before tax
456.0
396.3
59.7 
Profit before tax per the Statement of Comprehensive Income after adding back strategic investment costs, 
impairment of intangible assets and restructuring costs as shown on page 25.

179
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
GLOSSARY OF TERMS 
A 
AGM Annual General Meeting 
AIFMD Alternative Investment Fund Managers 
Directive 
Asset retention rate Based on the monthly lost 
AUA as a percentage of the opening month’s 
AUA and averaging for the year 
AUM Assets Under Management is the value of 
all assets managed by Hargreaves Lansdown 
Fund Managers 
AWS Amazon Web Services 
B 
Basic EPS Basic earnings per share 
Board The Board of Directors of Hargreaves 
Lansdown plc 
BRC Board Risk Committee 
C 
CASS Client Assets Sourcebook 
CDP Carbon Disclosure Project 
Client retention rate Based on the monthly lost 
clients as a percentage of the opening month’s 
total clients and averaging for the year. A lost 
client is deemed as one who falls below a 
holding of £100 
CMD Capital Markets Day 
CODM Chief Operating Decision Maker 
Company Hargreaves Lansdown plc 
Corporate Schemes This related to HL 
Workplace Solutions which allow employers 
to offer the benefits of the Hargreaves 
Lansdown Vantage service to employees via 
the workplace 
CSR Corporate Social Responsibility 
D 
D2C Direct-to-consumer 
DEFRA Department for Environment, Food & 
Rural Affairs 
Diluted EPS Diluted earnings per share 
DR Disaster Recovery 
DTR The FCA’s Disclosure Guidance and 
Transparency Rules sourcebook 
E 
EBT Employee Benefit Trust 
ERC Executive Risk Committee 
ESG Environmental, social and governance 
ExCo Executive Committee 
F 
FATCA Foreign Account Tax Compliance Act 
FCA Financial Conduct Authority, regulator of 
the UK financial services industry 
FRC Financial Reporting Council 
FSCS Financial Services Compensation 
Scheme 
FTE Full-time equivalent employees 
G 
GAAP Generally Accepted Accounting 
Principles 
GAYE Give As You Earn 
GCRO The Group Chief Risk Officer 
Group Hargreaves Lansdown plc and its 
controlled entities 
H 
HL Hargreaves Lansdown 
HMRC His Majesty’s Revenue and Customs 
I 
IAS International Accounting Standards 
IBS Important Business Services 
ICAAP Internal Capital Adequacy Assessment 
Process 
ICARA Internal Capital Adequacy and 
Risk Assessment 
IFPR Investment Firm Prudential Regime 
IFRS International Financial Reporting 
Standards 
IPO Initial Public Offering 
ISA Individual Savings Account 
ISSB International Sustainability 
Standards Board 
IT Information Technology 
K 
KPI Key Performance Indicator

180
Hargreaves Lansdown
Report and Financial Statements 2024
Other information
Strategic report 
1 
Governance 
59 
Financial statements 
128 
Other information 
Directors, company secretary, 
advisers and shareholder information 
174 
Five-year summary 
175 
Glossary of alternative financial 
performance measures 
176 
Glossary of terms 
179 
GLOSSARY OF TERMS
CONTINUED
L 
LISA Lifetime ISA 
Listing Rules Regulations subject to the 
oversight of the FCA applicable to companies 
listed on a UK stock exchange 
Loyalty bonus A reward to customers for 
holding certain collective investments within 
the Vantage wrapper. This is paid on a regular 
basis as a percentage of qualifying assets 
LTIP Long-term incentive plan 
M 
Material Risk Takers Persons identified 
as meeting the criteria of ‘material risk 
takers’ as set out in the European Banking 
Authority regulatory technical standard and 
consequently subject to the requirements of 
the Remuneration Code. 
MGC Model Governance Committee 
MLRO Money Laundering Reporting Officer 
Multi-Manager funds A range of funds offered 
by Hargreaves Lansdown which are managed 
under the Fund of Funds format 
N 
NED Non Executive Director 
Net new clients Represents the net of new 
clients less lost clients in the period 
Net revenue Total revenue less commission 
paid, which is primarily the Loyalty Bonus paid 
to clients 
Nominated Director The non-independent 
Non-Executive Director appointed to the 
Board by Peter Hargreaves pursuant to his 
shareholder agreement with the Company 
NPS Net Promoter Score 
Number of new clients Unique number of 
clients holding at least one account (PMS, ISA, 
SIPP or Fund and Share Account) with a value 
greater than £100 at the year end 
O 
ONS Office for National Statistics 
ORC Operational Risk Committee 
Organic growth Growth in assets under 
administration can be attributed to two 
main causes. The first is growth due to the 
appreciation in the value of existing assets 
and the second is organic growth through 
additional contributions 
P 
Pillar 1 and 2 capital requirements The Basel 
Committee on Banking Supervision set out 
certain capital requirements which must be met 
by qualifying financial institutions 
Pillar 3 A set of disclosure requirements which 
enable the market to assess information on 
a firm’s risks, capital and risk management 
procedures 
Platforum The advisory and research business 
specialising in investment platforms which 
compiles the Direct Platform Guide 
PMS Portfolio Management Service 
R 
RDR Retail Distribution Review 
S 
SASB Sustainability Accounting 
Standards Board 
SAYE scheme Save As You Earn scheme 
SDR Sustainability Disclosure Requirements 
SID Senior Independent Director 
SIPP Self-invested Personal Pension 
SMCR Senior Managers and Certification 
Regime 
SPP Sustained Performance Plan 
SREP The FCA’s supervisory review 
and evaluation process 
T 
TCFD Task Force for Climate-related 
Financial Disclosures 
U 
UCITS Undertakings for Collective Investment 
in Transferable Securities 
UK Corporate Governance Code A code 
published by the FRC which sets out standards 
for best boardroom practice with a focus 
on board leadership and effectiveness, 
remuneration, accountability and relations 
with shareholders 
UNSDG United Nations Sustainable 
Development Goals 
Y 
Year end/financial year Our financial year 
starts on 1 July and ends on 30 June

Cautionary statement concerning  
forward-looking statements 
This document comprises the Report and Financial 
Statements for the year ended 30 June 2024 
for Hargreaves Lansdown plc (the ‘Company’) 
and its subsidiaries. 
It contains certain forward-looking statements with 
respect to the financial condition and the results of the 
Company, including statements about the Company’s 
beliefs and expectations and including, without limitation, 
statements containing the words ‘may’, ‘will’, ‘should’, 
‘continue’, ‘aims’, ‘estimates’, ‘projects’, ‘believes’, ‘intends’, 
‘expects’, ‘plans’, ‘seeks’ and ‘anticipates’, and words 
of similar meaning, are forward-looking statements. 
These statements are based on plans, estimates and 
projections as at the time they are made, and therefore 
undue reliance should not be placed on them. By their 
nature, all forward-looking statements involve risk and 
uncertainty because they relate to events and depend 
upon circumstances that may occur in the future. 
The forward-looking statements are based on current 
assumptions and estimates by the management of the 
Company. Past performance cannot be relied upon as a 
guide to future performance and should not be taken as 
a representation that trends or activities underlying past 
performance will continue in the future. Such statements 
are subject to numerous risks and uncertainties that 
could cause actual results to differ materially from any 
expected future results in forward-looking statements. 
These risks may include, for example: changes in the 
global economic situation; a lack of alignment between 
the Company’s propositions and activities and its 
strategic objectives; poor performance of markets 
adversely affecting the Company’s revenue and 
impacting strategic expectations; a failure to effectively 
manage and maintain existing technological architecture, 
environment or components that are key to operational 
delivery; a failure to design or implement appropriate 
policies, processes or technology; a failure to comply 
with regulatory and legal standards or expectations; a 
failure to design or implement frameworks to counter 
financial crime risks; a failure to design or implement 
appropriate frameworks to manage data and data 
storage risk; a failure of the Company’s culture and 
values to support appropriate client-focused conduct 
leading to poor client outcomes; a failure to establish 
robust operational resilience solutions; and a failure to 
attract, retain, develop and motivate people who are 
aligned to the Company’s values. Further information 
on all these risks is provided on pages 51 to 58 of the 
Strategic Report section of this document. The Company 
provides no guarantee that future development and 
future results actually achieved will correspond to the 
forward-looking statements included here and accepts 
no liability if they should fail to do so. Neither the 
Company nor any member of its group undertakes any 
obligation to update these forward-looking statements, 
which speak only as at the date of this document and will 
not publicly release any revisions that may be made to 
these forward-looking statements, which may result from 
events or circumstances arising after the date of this 
document, except as required under applicable laws and 
regulations. Nothing in this document constitutes, nor 
should it be construed as, a profit forecast or estimate. 
Additional cautionary statement: 
The information contained in this document does not 
constitute an offer to sell or otherwise dispose of or 
any invitation or solicitation of any offer to purchase 
or subscribe for any securities in any jurisdiction 
whether pursuant to the formal final offer for HL by 
the Consortium or otherwise. This document does 
not constitute a prospectus, prospectus equivalent 
document or an exempted document. 
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Hargreaves Lansdown 
Report and Financial Statements 2024

Hargreaves Lansdown plc  
One College Square South  
Anchor Road 
Bristol BS1 5HL 
Tel: 0117 900 9000 
Registered number: 02122142 
www.hl.co.uk