Beaufort Securities Ltd
This page is for customers of Beaufort Securities Ltd (BSL) and Beaufort Asset Clearing Services Ltd (BACSL) who were placed into Special Administration in March 2018.
21 May, 2019
Negligence claims made against Beaufort Securities Ltd (BSL), relating to the firm’s discretionary fund management and advisory stockbroking activities have now been moved to our claims processing teams for assessment. As communicated in our 14 April update, we anticipate completing the majority of claims by the end of August.
14 April, 2019
FSCS has now successfully returned assets and cash to more than 16,000 former clients of Beaufort Asset Clearing Services Limited (BACSL). We’ve also started assessing approximately 1,400 negligence claims made against Beaufort Securities Limited (BSL), relating to the firm’s discretionary fund management and advisory stockbroking activities. We’re working closely with BSL’s administrators, PwC, to get customer data and documentation so that claims can be assessed accurately and speedily.
We expect to issue the first claims decisions in the coming weeks and aim to complete the majority of claims by the end of August.
8 February, 2019
The Beaufort administrators have made us aware of a potential scam where some Beaufort clients have been approached by individuals claiming to be representatives of PwC, Beaufort, The Share Centre or other third parties. These individuals are not acting on behalf of the administrators, PwC or any nominated brokers and clients should ignore any requests of this nature. Clients should remain vigilant about communications relating to the administration. Please refer to our news story for further details.
29 January, 2019
More than 750 Beaufort clients began to access their transferred money and assets on Monday 28 January. Any remaining client assets and money not transferred to The Share Centre in this segment but that are still eligible for transfer will be moved to relevant nominated brokers in later tranches. The collaborative work between FSCS and PwC means that around 16,000 of Beaufort’s 17,500 clients have received most of their money and assets, such as ISAs and pensions.
21 December, 2018
FSCS has made great progress with processing claims against Beaufort Securities Limited over the past few weeks. We’ve looked at the way we deal with claims and have refined our processes so that we can handle these claims more efficiently. We’re looking to increase the amount of Beaufort claims we process in January, so we will update you then.
21 November, 2018
We have started sending letters to customers who were transferred from Beaufort to the Share Centre on 24 September 2018. The letter explains our role in reuniting customers with their money and assets and sets out the terms and conditions of the payment. It also tells customers that we have entered into an agreement with the Joint Special Administrator to meet the costs of the Special Administration on their behalf. The letter is for information only and there is no need for action.
14 November, 2018
More than 3000 additional clients can now start to access their cash and assets after PwC, the joint administrator, reached an agreement with the broker, The Share Centre. Clients were able to access their money and assets from Monday 12 November. Any remaining client cash and assets not so far transferred, but still eligible for transfer, will be moved to relevant nominated brokers as soon as possible.
5 November, 2018
Around 350 clients, mainly in Wales, can now start to access their cash and assets. This is after PwC, the joint special administrators, reached an agreement with AF Private Wealth to transfer a further group of Beaufort customers. These clients are mostly previous customers of Beaufort’s Colwyn Bay office. The client money and assets remaining with Beaufort, will be moved to nominated brokers as soon as possible. The next set of client transfers is expected to take place on the weekend of 10/11 November 2018.
25 October, 2018
We’re continuing to work with PwC on completing our investigation into claims of negligence against Beaufort Securities. The investigation will determine the process we use to assess claims brought against the company, their eligibility and how we’ll compensate customers with valid claims. We expect to finalise the process for assessing claims by 16th November. We will be in a position to provide further updates at this time.
25 September, 2018
PwC the joint special administrators, have now transferred the first tranche of client money and client assets to the nominated broker, The Share Centre Ltd (TSCL). This transfer covers over 12,000 customers.
If your money and assets are yet to be transferred, you don’t need to do anything - we’re expecting further transfers of customer accounts to happen soon. We’ll continue providing updates on this page, as will the joint special administrators on their page.
Media outlets can read our related press release here.
9 August, 2018
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.
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 Client Claims portal or contact the helpline 08000639283 / firstname.lastname@example.org 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 assets - On 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.”
About Beaufort Securities Ltd (BSL) and Beaufort Asset Clearing Services (BACSL)
Beaufort Asset Clearing Services Ltd 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 Ltd?
As a client making investments with Beaufort all client correspondence will have been branded as Beaufort Securities Ltd. Beaufort Asset Clearing Services Ltd provide the clearing and custody services to Beaufort Securities Ltd. All client money and assets were therefore held with Beaufort Asset Clearing Services Ltd.
How many customers have been affected?
There are approximately 17,000 retail clients and approximately 500 corporate clients in Beaufort Asset Clearing Services Ltd.
What do customers of Beaufort Asset Clearing Services Ltd 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 Ltd?
The return of funds will be dealt with under Beaufort Asset Clearing Services Ltd but if you think you have further losses through your dealings with Beaufort Securities Ltd you can make a claim to FSCS using our 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?