Hargreaves Lansdown offers to run Lloyds share sale

Added 28th October 2016

Hargreaves Lansdown has offered to run the sale of the government's Lloyds Banking Group shares to the public for free.

Hargreaves Lansdown offers to run Lloyds share sale

The company said it will waive the commission Lloyds as the issuing company would normally be obliged to pay a firm running a share sale on it behalf.

The fund supermarket also said a petition it launched asking the government to reconsider its halting of the planned share sale has already reach 26,500 signatures.   

With the petition having exceeded 10,000 signatures the government is required to respond. Should 100,000 signatures be obtained, the issue must be considered for parliamentary debate.

Some 374,000 people have registered their interest in the Lloyds Banking Group shares through Hargreaves Lansdown, the company said.

Hargreaves Lansdown noted that further sales of the taxpayer stake in Lloyds are still being made to City institutions.

Hargreaves Lansdown CEO Ian Gorham said: "It's easy to see why so many people are unhappy with the decision to cut out the retail investor. The taxpayer owned stake in Lloyds is being sold to City institutions when the man in the street has to pay full price. We urge the government to rethink. Money from taxpaying working people bailed out Lloyds Plc and they should be given the opportunity to participate in its sale. This share sale is an ideal opportunity for the government to encourage people to invest in their future.”

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Alex Sebastian

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Alex joined Portfolio Adviser in April 2014 and has been a financial journalist since 2008. He has previously held editorial positions at the Financial Times Group and Euromoney Institutional Investor. Alex is NCTJ qualified and has a degree in economics from the University of Sussex.

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