Beaufort customer information

The latest information for customers of Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services Limited (BACSL)

FSCS has continued to work with the Joint Special Administrator (PricewaterhouseCoopers/PwC) and creditors committee, and good progress has been made.

We now expect nearly all of the firm's individual customers will be protected by FSCS so that assets and cash can be returned without any loss.  FSCS expects to meet the shortfall in assets and cash arising from PwC's costs incurred in the exercise, and to do so directly with PwC.

FSCS also expects that a large percentage of those clients who are invested through corporate clients will also be protected by FSCS.

That process is expected to begin from September 2018. We are working with PwC to make sure the return of assets and cash is done in the most efficient and streamlined way, as to minimise inconvenience to customers. 

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?

The creditors committee has agreed the basis for distributing the costs of the administration of Beaufort Asset Clearing Services Limited. The result of that means we expect the vast majority of these costs will be covered by FSCS compensation. This means we expect the vast majority of those customers affected will not lose any money as a result of the firm entering administration.

 

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.
  • FCA

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