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Beaufort Securities suggests people were given NEGLIGENT financial advice to invest in their own products!
The “troubled” investment firm which now has restricted FCA permissions, has brought in a claims company to “shift blame” onto financial advisers.
A letter sent to clients of Beaufort Securities encourages clients to direct claims for negligence against the financial advisers who advised them to invest in Beaufort’s discretionary fund management portfolios.
Seen by Citywire and reported to Get Claims Advice through several clients of Beaufort who are already making claims through our services, the DFM say’s that “Having conducted a review we have concerns that your financial adviser may not have fully informed you of the risks and suitability in accordance with COB rules”.
You can read a copy of the letter here, redacted to protect the identity of the client and the other companies involved.
The letter went further than trying to shift blame onto the IFAs, by actually recommending a claims management company in order to assess people’s cases to see if a claim can be made.
If you would rather have a completely independent assessment of your potential claim, you can do so for FREE with Get Claims Advice.
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Success For Claim Against Beaufort Securities
The Financial Ombudsman Service has already told Beaufort Securities to pay out over high-risk investments in at least one case!
Back in July 2017, Beaufort had to pay a client who had lost over £71,000 in the Alternative Investment Market.
Troubles at Beaufort Securities
Beaufort securities offers a number of financial services, including Discretionary Fund Management. DFMs take investors money and invest it into bespoke portfolios based on their risk profile. You can read more about how DFMs work here.
But in 2016, Beaufort Securities agreed with the FSCS to cease accepting new money into it's DFM wing, although the reasons remained undisclosed.
Further restrictions followed, meaning that Beaufort Securities can "Not receive or hold client money/assets" - quite an important function when you're a DFM!
Then, in September 2017, Beaufort sent the letter to some clients to advise them that their IFA may be to blame for exposing them to more risk than they might have known about, even going as far as to shove a claims company under their nose!
But just what kind of risk have some Beaufort clients been put in? Details are still coming in as we take on more clients, but we are able to name some of the high-risk and often non-FCA regulated investments that have connections to Beaufort...
Want a Specialist To Fight Your Corner?
Get Claims Advice have been dealing almost exclusively with people who have been mis-sold pension investments, either through SIPPs or SSAS, including those who have gone into investments via a DFM like Beaufort, and we've been changing the fate of people's retirements ever since!
We can help assess your case independently to see if you have a claim, and if you like, we can pursue it with all of our experience and passion to help turn your situation around, all on a NO WIN - NO FEE* basis!
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*No Win - No Fee: Your claim is pursued by Get Claims Advice on your behalf with no up-front fees. In the event of a successful claim, our success fee is charged at 24% inclusive of VAT, of any monies awarded. 14 Day “cooling-off” period, after which a cancellation fee is applicable. See Terms of Business for full details.
*£30m: Figure calculated before the deduction of our success fee, charged at 24% Inclusive of VAT, correct as of 16.01.18