Hargreaves Lansdown shares fall 5% after firm scraps special dividend

Shares were trading 4.6% lower at £13.20 by 10.24am on 4 August following the news. In a note to investors, the firm said it needed to reassess its regulatory capital requirements, which meant it would be unable to pay a special dividend, despite its progressive dividend policy. The announcement is the first time since its IPO in 2007 the firm, led by Christopher Hill, has been unable to pay a special dividend. The decision resulted from higher regulatory capital requirements by the Financial Conduct Authority (FCA), which have forced the firm to hold an extra £50m on its books due...