Beaufort Client Campaign: Update 5

It has been several months since our last update. In that time, we understand that almost all Beaufort clients have had their assets returned by the special administrator, PwC. Please let us know if you still do not have access to your assets and we will do our best to assist and expedite the process.

Unfortunately All Answered no longer offer closed communities on a non-commercial basis, so we can’t communicate with you via that medium any more. Full members of ShareSoc can post comments or questions on our dedicated members’ network forum, here: https://sharesoc.ning.com/forum/topics/beaufort-campaign

We are still pursuing HM Treasury, in an effort to have the Special Administration Regime improved, such that supposedly ring-fenced assets, including client money, are properly protected. I am seeking another meeting with Treasury officials to further this aim.

A total of £12,379 was donated as a “fighting fund” in support of this campaign and I would like to take this opportunity once again to thank all those that contributed. This was primarily to enable us to seek professional advice, should that have proved necessary. In the event, we have managed to obtain a satisfactory outcome for the vast majority of Beaufort clients without the need to incur professional fees. As stated on our campaign page, any funds not required specifically for this campaign will be used to support ShareSoc’s broader aims – these include the furtherance of our long-running Shareholder Rights Campaign, which seeks to have assets registered in shareholders’ own names rather than via nominees, so that there is no doubt regarding the ownership of assets in the event of the insolvency of a broker.

After much hard work, progress is being made with the Shareholder Rights Campaign, and the Law Commission has been asked to conduct a project to investigate the appropriateness of legislation regarding the ownership of intermediated securities and the rights of beneficial owners. See https://www.sharesoc.org/sharesoc-news/shareholder-rights-and-nominee-accounts-update-and-letter-to-beis/

Mark Bentley, Director, ShareSoc

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