Warning to Beaufort Clients

It has come to ShareSoc’s attention that certain claims management companies (CMCs), may approach Beaufort clients, offering to help you recover your assets.

We would advise extreme caution if you receive such an approach.

The latest information from PwC, as agreed by the creditors’ committee, can be found here: https://www.pwc.co.uk/services/business-recovery/administrations/beaufort/latest-news-and-update.html

As you can see from that statement (and the plan summary referred to by it), all bar fewer than 10 individuals with accounts that include cash in excess of £400,000, will have the costs of returning their assets fully covered by the FSCS. Hence, it is anticipated that all other individual clients will receive their assets back in full by means of transferring those assets to another broker, who will then provide access to the assets in the usual manner.

In order for this to happen, clients simply need to agree their holdings statement with PwC and accept the FSCS Compensation Proposal. They may also need to complete KYC (“know your client”) checks with the new broker and will receive further instructions about this in due course. Having done that, and subject to matters beyond their control, PwC and the creditors’ committee are aiming for the transfer to another broker to take place in September.

Hence, for the vast majority of clients, there is no benefit in involving a third party in reclaiming your assets. On the contrary, a CMC is likely to seek a fee from the overall settlement and may actually reduce your return.

Therefore, before accepting any offers of assistance from CMCs we would urge you to contact either PwC or ShareSoc (https://www.sharesoc.org/contact-us/), to discuss what is being offered to you and whether it is likely to benefit you.

PwC offer the following contact details for questions and comments:

Email: Client.Services@beaufortsecurities.com
Phone: 0800 063 9283 (UK) or +44 (0)20 7293 0227
Post: Beaufort Asset Clearing Services Limited (in Special Administration), 63 St Mary Axe, London, EC3A 8AA

If you have not yet agreed your holdings with PwC and accepted the FSCS compensation proposal, it is imperative that you do so ASAP, preferably through the PwC client portal, or otherwise by contacting PwC as described above.

Mark Bentley
Director
ShareSoc