Brokers prepare official complaint over Royal Mail float

Stockbrokers across the City are considering lodging an official complaint after many were excluded from the Royal Mail float last week.

The huge demand for Royal Mail shares led the government to reject any application made for more than £10,000 worth of shares, with 500 institutional investors who applied getting no shares at all, according to reports. The brokers who failed to get any shares in the Royal Mail - which saw its share price jump 38% on the first day of grey market trading - have argued the decision to reject their orders outright was unfair. They plan to lodge a complaint with Vince Cable, the business secretary, or the business minister, Michael Fallon. Both ministers will today review the launch of...