Beaufort customer information

This page is for Customers of Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services Limited (BACSL) who were placed into Special Administration in March 2018.

This page was last updated on 09 August 2018 - We will continue to update this page with the latest developments. You can also get notification of the latest updates by following FSCS on Twitter and Facebook.

The Financial Services Compensation Scheme (FSCS) is glad to announce that the vast majority of clients of Beaufort Asset Clearing Services will get back all their cash and assets.

The distribution plan was agreed by Beaufort’s creditors’ committee on 13th July, and was approved by the High Court on 26 July 2018, and became effective on 27 July 2018.

It lays out how the administrators working with FSCS, plan to return BACSL customers’ money and assets. 

Further details of the distribution plan can be found on PwC’s website

PwC have confirmed that customers holding the vast majority of client money and client assets are engaged in the process, with most agreeing with the company's books and records. Any clients not yet engaged in the agreement process should  log into the portal  or contact the helpline 08000639283 / client.services@beaufortsecurities.com as soon as possible.

The plan provides for the return of client money and client assets in September 2018 via a transfer to a nominated broker.

Transfer of client money and assetsOn 8 August 2018, PwC announced that the principal nominated broker has been chosen for the transfer of client money and assets: The Share Centre Limited (TSC) is authorised and regulated by the Financial Conduct Authority (FCA) under reference 146768. PWC aim to commence the transfer process as soon as possible, and expect that a large proportion of the client assets and client money will be transferred in a first tranche at the end of September 2018. Find out more here.

FSCS will enter into an agreement with PwC to meet the shortfall arising from PwC's costs for eligible clients. FSCS will arrange for these costs to be met directly with PwC. This will mean that the costs will not need to be taken from client assets and client money.


We expect nearly all of the firm's individual and small business customers will be protected by FSCS so that assets and cash can be returned without any loss.

We are working with PwC to make sure the return of assets and cash is done in the most efficient and streamlined way. This  will minimise inconvenience to customers and control the cost to the levy payers who fund FSCS.”

We will continue to update this page with the latest developments.

 

About Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services (BACSL)

Beaufort Asset Clearing Services Limited was placed in Special Administration by UK regulators in March 2018.  This was shortly after the US Department of Justice brought criminal charges against the company for its alleged involvement in securities fraud and money laundering.

 

What is the difference between Beaufort Securities Limited and Beaufort Asset Clearing Services Limited?

As a client making investments with Beaufort all client correspondence will have been branded as Beaufort Securities Limited. Beaufort Asset Clearing Services Limited provide the clearing and custody services to Beaufort Securities Limited.  All client money and assets were therefore held with Beaufort Asset Clearing Services Limited.

 

How many customers have been affected?

There are approximately 17,000 retail clients and approximately 500 corporate clients in Beaufort Asset Clearing Services Limited.

 

What do customers of Beaufort Asset Clearing Services Limited need to do?

we expect the vast majority of customers affected will not lose any money as a result of the firm entering administration.


Customers do not need to contact FSCS to make a claim as FSCS is seeking to pay compensation automatically to an account held for the benefit of eligible clients. PwC will take all relevant costs from this account, so they do not need to be taken from clients’ assets and money.


If you have not already done so, customers should log into PwC’s portal to agree your balances of client money and client assets.

 

What if you think you have a claim against Beaufort Securities Limited?

The return of funds will be dealt with under Beaufort Asset Clearing Services Limited but if you think you have further losses through your dealings with Beaufort Securities Limited you can make a claim to FSCS using our online claims service.

As this would be a claim against a separately authorised firm, a further £50,000 limit of FSCS compensation would apply.

 

What happens if I had money invested in Beaufort through another third party?

FSCS is working with PwC to determine whether the underlying clients of these companies will be covered by FSCS.

 

Where can I get more customer information?

The Financial Conduct Authority have additional information for Beaufort customers.

PwC have a helpful Q&A for Beaufort customers.

 

Do I need a claims management company?

FSCS does not charge customers for using its service. If you do appoint a Claims Management Company (CMC), solicitor or other representative to make a claim to FSCS on your behalf, you may need to deduct any fees from compensation you may be awarded, and will need to make your own arrangements to pay those fees.

 

What other products does FSCS protect?

FSCS protects a range of financial products including, deposits (current & savings accounts), investments, pensions, endowments, PPI, debt management and home finance. Find out more about the products FSCS covers.

 


Jargon Buster

Authorised firm

a company, unincorporated body, partnership or individual permitted to carry out a regulated activity by the FCA or the PRA. This term includes a mutual (unincorporated) organisation, for example a friendly society.

Deposits

money placed in a bank or similar institution to earn interest or for safe-keeping.

Eligible

qualifying for compensation under Scheme rules.

FCA

The Financial Conduct Authority is the UK's regulator for the financial services industry.