It is hard to overstate the resentment many asset managers feel towards Hargreaves Lansdown. They hate the way the leading fund supermarket uses its muscle to demand big fee discounts from funds while, as they see it, charging high fees itself for doing not very much. “We produce the alpha and they extract the value,” grumble the managers.

It is no surprise then that many fund managers are relishing Hargreaves’ embarrassment over the closure of Neil Woodford’s £3.7bn Equity Income fund. With investors dumping the fund supermarket’s stock and regulators taking a keen interest in its role, critics reckon Hargreaves may finally get its comeuppance.