The list of FCA restrictions to Beaufort operations seems to be growing
Beaufort Asset Clearing Services Limited is the latest section of Beaufort to have restrictions added to it’s FCA register record, in this case meaning that the Asset Clearing wing must “cease to accept new monies or assets”, including from either “new or existing clients of BACSL (for the avoidance of any doubt this includes BSL) save as set out in 1. (4) below.”
Among other requirements laid out on the FCA Register profile, the firm must also “not engage in providing third party administration or outsourced services to BSL or any new entities”.
Beaufort Securities Limited which dealt in Discretionary Fund Management had restrictions placed on it’s DFM business earlier on in 2017, meaning it can no-longer operate many of the regulated activities it did previously.
Investment Managers Jumping Ship
As reported in Citywire, two investment managers from the “troubled” DFM have recently left the business to join St James Place (often abbreviated to SJP in the trade), which has led to the closure of a Beaufort branch. The branch which was based in the North East has since been closed.
Following the latest financial results released by Beaufort (to December 31), it was revealed that the firm had “become aware of possible suitability of investment issues in the DFM department”.
This point was arguably illustrated by an FOS decision which told Beaufort to pay a compensation to a client who lost £71,000 in high-risk investments in his DFM portfolio.
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Tags: Beaufort Securities DFM FCA