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Stacks of claims against Beaufort Securities

1,400 claims against Beaufort Securities land with FSCS

15/11/2018

The Financial Services Compensation Scheme, which acts as a lifeboat to pay claims when firms cannot, has received over 1,400 mis-selling claims relating to the Beaufort Securities scandal. Beaufort, which entered into administration back in March shortly after it was revealed that parties relating to Beaufort were caught up in an FBI sting, provided discretionary … Continued

PwC set to take £100m in fees from Beaufort Securities administration

Beaufort Securities clients’ losses may exceed compensation limits

10/05/2018

Some clients of Beaufort Securities have received news of a potential shortfall between their losses through the firm, and what the FSCS can pay out. PwC had already written to around 14,000 clients of insolvent Beaufort Securities and Beaufort Asset Clearing to say they had got their hands on about £50million in ‘segregated client money … Continued

Beaufort securities official complaints

Beaufort Securities hit with fresh wave of complaints

19/02/2018

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 … Continued

Beaufort wing to cease to accept new monies or assets

11/09/2017

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 … Continued

dfm under fire

DFM Beaufort told to pay out over alternative investments that lost over £70k

04/07/2017

The Financial Ombudsman told Beaufort Securities to pay a claim to one client who lost £71000 in high-risk investments as part of his DFM ran portfolio. Earlier in the year, Beaufort was asked by the Financial Conduct Authority to limit it’s permissions in regards to activities regarding DFMs. High-risk investments in DFMs Discretionary Fund Managers … Continued