Are you one of them?
Around 10,000 Tesco shareholders are entitled to compensation from the accounting scandal of 2014. At the rate of 24.5p per share plus interest of 4% for retail investors, compensation is expected to average £400 (based on Hargreaves Lansdown retail investors).
Tesco is launching a compensation scheme and the administrators are KPMG LLP. Investors who have been affected can claim direct. Alternatively, stock brokers including Hargreaves Lansdown are able to make the process easier and simpler and help their clients with their claims.
Danny Cox, Chartered Financial Planner, Hargreaves Lansdown;
“Tesco needs to repair the reputational damage from the accounting scandal and will hope that this compensation scheme will help draw a line under the matter. The claims process is a little clunky but important to follow as it’s a simple equation: no claim, no compensation.
Investors should check whether their broker offers help with the claims process. They will still receive the same amount of compensation, but the exercise will be much simpler. If people would like to use this service they will need to supply their authorisation to their brokers quickly, in HL’s case this is by noon on Thursday 13 July 2017. KPMG will then issue login details to them before the claims website opens in early August.”
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