Peter Hargreaves, the billionaire co-founder of Hargreaves Lansdown, is staging a surprise return to the board of the investment platform following its private equity takeover last year.

Setting up the firm in 1981 and departing from his director role a decade ago, Hargreaves will rejoin the board in a non-executive capacity, as reported by City AM.

Additionally, he has put forward his son Robert for the position of board observer, according to individuals close to the development speaking with the Financial Times.

Criticism was previously levelled at the former management by Hargreaves for the "shambles" that led to a plummet in the company's stock price, from a high of £24 to £7, amidst rising costs and dwindling consumer inflows.

Subsequently, the retail investment firm accepted a buyout valued at £5.4 billion by a consortium of private equity entities which included CVC Capital Partners, Nordic Capital and Abu Dhabi's Platinum Ivy, last year, pricing the shares at £11.40 each at the time of purchase.

The appointment of Peter Hargreaves in his new executive role is slated to take place within the coming weeks, an insider disclosed to the Financial Times.