A “steady stream” of complaints about Beaufort Securities has been rolling into the Financial Ombudsman Services, with a newly upheld complaint just published.
The “troubled” investment portfolio manager has agreed with the watch-dog to restrict the activities of its DFM (portfolio management) business, and in 2017, Beaufort wrote to some clients to say that it believed some may have been mis-sold its own products by their financial adviser.
Complaint Against Beaufort Securities upheld.
A “Mr M” complained that Beaufort “mismanaged his portfolio by making investments that did not match his risk profile” – a complaint that was upheld by the Ombudsman, which has the power to settle disputes between companies and those that use them.
Mr M invested £85,000 with Beaufort from 2014 onwards, but by late 2016, he noticed the fund value had dropped to around £68,000, and some investments exceeded the levels of risk he had wanted.
The Ombudsman has asked Beaufort to pay fair compensation.
The FOS also said that they were looking into a number of complaints about Beaufort raised over the last 10 months.
Read more about Beaufort Securities and claims on our dedicated Beaufort page, including how you can claim an independent review of the advice you may have received to invest in Beaufort products.