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Hargreaves will not pay special dividend on FCA notification
August 4, 2017 / 6:45 AM / 2 months ago

Hargreaves will not pay special dividend on FCA notification

Aug 4 (Reuters) - Hargreaves Lansdown Plc on Friday said it will not pay a special dividend for the financial year ended June 30, after a notification from UK’s Financial Conduct Authority(FCA) that the regulator intends to reassess the company’s capital requirements due to strong recent growth in scale and complexity.

Hargreaves, which helps retail customers invest in a range of products through its online platform, said it had cancelled the special dividend payout as it needs to retain an additional 50 million pounds ($65.71 million) to ensure capital remains above its regulatory risk threshold.

The company also said net assets under administration rose 28 percent to 79.2 billion pounds, for the year ended June 30. Pre-tax profit for the period also rose 21 percent to between 265-266 million pounds.

Hargreaves announced key figures early to let investors assess the results. It was expected to report on Aug. 15. ($1 = 0.7610 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru, editing by Anjuli Davies)

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