Financial services group Hargreaves Lansdown has written to thousands of clients advising them that it is reducing fund fees from March 1, as it changes its pricing structure to comply with the government’s retail distribution review.

A new tiered pricing structure has been introduced for clients holding funds, ranging from 0.45% per annum for the first £250,000 of funds in an account to zero charge for those with funds in excess of £2 million.