Vanguard has knocked Hargreaves Lansdown off its top spot perch in an annual customer satisfaction investment platform survey.

According to consumer group Which?, which surveyed 1,170 of its members, Vanguard had the best customer satisfaction score with at 76% while Hargreaves Lansdown scored 74%.

This is the first time since the survey began in 2013 that Hargreaves Lansdown has not been in first place.

Since entering the space in 2017, Vanguard has accumulated around £1.35bn assets and 55,000 customers.

Tom Wilson, senior researcher at Which? and author of the report, commented: “It will not be for everyone – it offers a limited range of own brand funds, so you will not have thousands of options.

“But if you want a simple way to invest, at a fraction of the cost of its rivals, it could be for you. Platform fees are a mere 0.15% a year, and fees are only charged on the first £500,000, if you are fortunate enough to be investing more.”

AJ Bell’s YouInvest platform came third with a 71% customer satisfaction score while the bottom three were Santander, Barclays and BestInvest.

Vanguard