Hargreaves Lansdown Customers Locked Out Amid Market Turmoil
Customers of Hargreaves Lansdown, the UK's largest DIY investment platform, have been locked out of their accounts, leaving them unable to make transactions during a period of severe market volatility. Since Thursday evening, investors attempting to log on to the website have been unable to access cash savings, pensions, and investment accounts due to an IT failure.
Technical Issues Confirmed
The Bristol-based company confirmed that "technical issues" were affecting both its website and mobile app. In a statement, the firm, which manages more than £170 billion, assured customers that all data was secure and there was no evidence of a cyber attack. The statement read: "We're currently experiencing technical issues which are affecting some parts of our website and app. This is impacting clients' ability to transact on their accounts and some of our services are currently unavailable."
It added: "All clients' assets and data are secure and there is no evidence of any cyber incident data breach or system compromise. We're sorry for the inconvenience we know this will cause and are working to restore our service as soon as possible."
Market Volatility and Investor Concerns
The problems come as investors scramble to respond to the conflict in the Middle East, leaving them unable to trade amid soaring oil prices and wider volatility. Markets have been reacting to bombings of energy infrastructure across Iran, Qatar, and the UAE earlier this week. Additionally, the Bank of England's decision to hold interest rates at 3.75 percent in a rare unanimous vote on Thursday has raised concerns about potential rate rises later this year, with the FTSE tumbling to its lowest point this month.
Many investors are also in the process of organizing their financial affairs as the end of the tax year approaches, adding to the urgency of the situation.
Customer Outrage and Previous Incidents
Hargreaves Lansdown customers have expressed anger at the situation, responding to a social media post from the firm detailing the issue. Some accused the company of a lack of diligence, while others threatened to switch to alternative providers once the problem is resolved. One customer called for the financial watchdog to investigate the incident, labeling it unacceptable and questioning whether compensation will be offered.
This is not the first technical problem for the firm. Last September, a glitch on the Hargreaves Lansdown website caused panic for thousands of investors after it briefly displayed incorrect account balances. The incident is part of a broader trend of technical issues affecting financial firms, with Lloyds experiencing a significant glitch earlier this month that caused customers to see other users' transactions.
Broader Context and Competition
The outage occurs as Hargreaves Lansdown faces increasing competition in the investment platform market. The firm recently overhauled its fees, cutting annual account and share dealing fees while adding a charge for fund trading in its first pricing overhaul in over a decade. This move is expected to cost the company tens of millions of pounds.
Hargreaves Lansdown was acquired by a consortium of private equity firms, including CVC Capital Partners, Nordic Capital, and Abu Dhabi's Platinum Ivy, in a deal completed in March 2025. The fee changes will take effect from March, with the firm claiming that eight in ten customers will pay either lower fees or the same amount.
Meanwhile, MPs on the Treasury Select Committee have written to Lloyds CEO Charlie Nunn, asking about compensation for customers affected by its recent technical glitch, highlighting growing scrutiny on financial service providers' reliability.
