Since the retention of ionizable compounds is very sensitive to the mobile phase pH, it is necessary to control the pH of the mobile phase by the addition of a buffer. A buffer maintains the pH when a small amount of acid or base is added.
Have a look to the following homepage: http://www.hplc.eu/Downloads/ACE_Guide_BufferSelection.pdf
most stationary HPLC phases based on silica particles are much more stable during longer time periods when the mobile phase is slightly acidic. As Biswapriya described , 0.1 % TFA is best for HPLC only - if you want to do ESI, you need to add formic acid to get a sufficient amount of ions to the detector.
I attached a link where they describe the function of TFA in HPLC analysis.
by accident I found a nice link, which is even better then the one I send you 2 days ago. btw: You can always uprate our contributions if you like them ;-)
I don't known how good is the modern LC column stationary phase end capping of the silca silanol group. Normal pka of the silanol is around 4, pH below 4 will prevent the hydroxy group from extesive ionization. Polar ion groups in hydrophobic C8,C18 column is not desired.