Hargreaves Lansdown has added a new range of low-cost tracker funds to its Vantage service.

The firm has teamed up with Scottish Widows Investment Partnership to launch the SWIP FTSE All Share Index, known as SWIP Foundation Growth.

This will have a total expense ratio of 0.11 per cent and an annual management charge of 0.07 per cent.

These figures make it one of the cheapest tracker funds currently available on the market.

Danny Cox, head of advice at Hargreaves Lansdown, said: “Our aim is to be the best place to buy any investment directly in the UK. We recently improved our share dealing tariff and service. Extending our coverage of tracker funds and offering a wider choice is therefore complementary and important.”

Another new addition is 12 funds from IFP-sponsor Vanguard on the Vantage platform including equity funds, fixed income funds and blended index funds.

Tom Rampulla, managing director of Vanguard Asset Management, said: “We are pleased that investors will be able to access our range of low-cost funds on the Hargreaves Lansdown platform.

“As more people focus on value for money, investors have increasingly asked us how they can access our funds. A number of new platform models have emerged which mean that more investors can access low-cost funds such as ours, which have not paid rebates to platform and have, therefore, not previously been available to investors.”

The news comes just two weeks after the firm was criticised for introducing monthly fees on its Vantage platform.

The complete range of index-tracker funds is available for HL customers to view at www.hl.co.uk/funds/index-tracker-funds