Hargreaves Lansdown, the UK fund supermarket, has seen its share price take a hit following the launch of a rival retail fund platform from the investment giant Vanguard.

Shares in the FTSE 100 firm fell by more than 6% today on the back of predictions that Vanguard’s arrival to the fund platform market could pile pressure on established rivals, including the likes of Hargreaves and Fidelity Fundsnetwork, to slash charges in order to compete.