FCA ordered shareholder compensation scheme launches today, administered by KPMG
Around 10,000 Tesco shareholders are entitled to compensation following the financial reporting mis-statements of 2014 at the rate of 24.5p per share plus interest of 4% for retail investors.
Tesco announced in March 2017 that it would launch a compensation scheme, administered by KPMG LLP, and today that scheme has opened.
Investors who have been affected must make a claim – compensation is not paid automatically.
Stock brokers including Hargreaves Lansdown have been working with KPMG to facilitate a claims process that is easier and simpler for their clients. The opportunity to have your broker help with your claim in this way has now closed and investors must now claim directly through the claims portal KPMG have put in place.
Hargreaves Lansdown has been able to help 1,711 investors (724 SIPP and 987 non-SIPP claims) with their compensation claims.
Danny Cox, Chartered Financial Planner, Hargreaves Lansdown:
“Compensating investors is the final chapter in the accounting saga and Tesco is keen to put this episode behind them, especially as CEO Dave Lewis has got the business moving in the right direction despite challenging market conditions. Stronger trading, particularly in the UK, means that after a 2 plus year absence, Tesco is planning to restore its dividend this year.
“Investors who have not yet made a compensation claim are now on the clock to submit their claims or receive nothing.”