Critics may cavil that Hargreaves Lansdown’s answer to the pivotal question posed by Nicky Morgan, chairman of the House of Commons Treasury Select Committee, about the nature of the relationship between Hargreaves Lansdown (HL) and Woodford Investment Management (WIM) is at best delphic and worst evasive.

But a close reading of the very detailed and candid answers provided by the Bristol-based firm to Mrs Morgan’s written questions suggests that any relationship between the two firms was certainly not insidious or deliberately designed to favour Woodford, the portfolio manager of the £3.7 billion suspended LF Woodford Equit...