Hargreaves Lansdown has reported a surge in new clients signing up to its cash savings service following government-backed NS&I slashing its rates in September.

The Active Savings product had £2.3bn in assets as of 30 September, up from £1.3bn last September.

The cash savings service was launched in 2018 and was struggling to get far off the ground due to more attractive rates on offer from NS&I.

Net new business was £0.8bn, which the firm described in its trading update as “a pleasing result given the period has seen weakening investor sentiment arising from Covid-19 and the re-emergence of Brexit uncertainty.”

However, not all is sunny for the fund platform giant with its share price continuing to underperform.

Hargreaves’ share price is down around 20% so far in 2020, with many pundits blaming the fallout from HL's support for the Woodford Equity Income fund before its collapse.

The fund platform’s Wealth 50 list was recently overhauled following market criticism of its continued inclusion of the Woodford Equity Income fund amid dire performance before its collapse.

Former research director Mark Dampier came under criticism in June last year, when it emerged that he and his wife had sold £6.1m in Hargreaves Lansdown shares prior to the share price suffering falls following the suspension of the Woodford Equity Income fund. He retired from his role at the end of August. There was no suggestion of any wrong-doing.