City stockbrokers are considering lodging an official complaint after the government's decision to reject the majority of applications for Royal Mail shares cost them millions in lost commissions.
The brokers argue that the decision to reject orders rather than scale them back was unfair on them as well as on investors. They plan to lodge their complaint with Vince Cable, the Business Secretary, or the business minister, Michael Fallon, the Sunday Telegraph reports. Both ministers will today review the launch of Royal Mail's historic share offer, the allocation of shares and the conditional trading so far. After being priced at 330p a share, the stock rose 38% on the first day of trading. Applications for shares by 500 institutional investors were rejected, along with any indiv...
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