Beaufort
Beaufort Client Campaign: Update 4
Following much hard work by the creditors' committee, PwC has now drafted an official distribution plan, in line with our previously stated understanding. Full details of the plan can be found here: https://www.pwc.co.uk/services/business-recovery/administrations/beaufort/distributions.html It was approved by the creditors' committee on 13th July and by the Court on 26th July. I attended the court hearing - more on that later.
It is anticipated that the vast majority of client assets will be transferred to another broker in September, without loss or costs payable by ...
Stopping Another Beaufort Case
Readers are probably aware of the administration of stockbroker Beaufort, how PwC are running up enormous bills to the disadvantage of creditors and how they also claimed to be able to charge the bills against client assets under the Special Administration Rules. See here for more information if you are not familiar with this debacle: https://www.sharesoc.org/campaigns/beaufort-client-campaign/
I hope all stock market investors have already written to their Members of Parliament on this topic, not just to get the Special Administration Rules changed ...
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 ...
Protecting Yourself Against Administrations
Investors now know that when your stockbroker goes into administration, your assets are not secure (or “ring fenced” as your contract with them often says) because they can be seized under the Special Administration Regulations by the administrator to pay their costs. This has become clear from the Beaufort case. That means many investors are facing losses because Beaufort client accounts, like most stockbroking accounts now, were nominee accounts with the shares registered in the name of Beaufort.
There are two possible ...
Act Now to Protect Your Assets!
We hope that, by now, you have read about the threat to all your broker accounts, including ISAs and SIPPs, that the events at Beaufort Securities exposes, which has been widely reported in the press (e.g. see this article in the Sunday Telegraph: https://www.telegraph.co.uk/business/2018/05/26/fbi-sting-picasso-scam-collapse-beaufort-could-destroy-trust/ ). If not, please visit our campaign page for a full explanation.
Now is the time for you to act, to protect your own interests and remove the threat that an administrator could raid your accounts to recover ...
Beaufort Client Campaign: Update 2
Campaign co-ordinator Nandish Haria and ShareSoc Director Mark Lauber attended last week's meeting for creditors and clients of Beaufort Securities (BSL)and Beaufort Asset Clearing Services (BACSL). The meeting was organised by Administrators PwC and took place on May 10th.
Nandish has prepared detailed notes of the meeting, which you can download here: Notes of Initial Beaufort Client_Creditor Meeting 180510
These notes contain important information for clients of Beaufort, which the administrator disclosed at the meeting.
As disclosed in our campaign update 1, a key campaign ...
Beaufort Client Campaign: Update 1
Campaign Status
Our campaign was only launched one week ago, but has already generated a terrific response. We now have over 140 campaign members signed up. Unfortunately this has created a backlog of membership requests to process, so please bear with us if you have not yet heard back from us and accept our apologies for any delays. Thank you also for the generous donations to the fighting fund, which will help towards any legal costs that may be incurred defending Beaufort ...
ShareSoc demands fair treatment for Beaufort clients
Press Release 104 - ShareSoc demands fair treatment for Beaufort clients
The liquidation of Beaufort Securities on the FCA's instruction is targeting the ring-fenced property of thousands of UK private investors, many of whom are now facing losses of up to 40% of the value of their holdings. The liquidator's proposals bring into question the whole system of regulatory and legal protection of investors in the UK.
The Financial Conduct Authority (FCA) declared Beaufort Securities Limited (BSL) and sister company Beaufort Asset Clearing ...
Beaufort Administration, Intercede and the Mello Conference
Yesterday I attended the first day of the 2-day Mello investor conference in Derby. There were lots of good presentations and some interesting companies to talk to. One hot topic of conversation was the collapse of Beaufort which was forced into administration (see two previous blog posts on the topic for details). There are apparently many people affected by it. There are a number of major issues that have arisen here:
The administrators (PWC) have suggested it might cost as much as ...
ShareSoc Demands Investigation in Wake of Beaufort Securities Revelations
As part of our campaign to improve the AIM market, ShareSoc Director Mark Bentley has today written to the Head of AIM inquiring what actions the AIM regulatory team is taking to investigate whether scams of the type alleged by US authorities have been conducted on the AIM market, which seems highly likely to us, and lies at the root of why we are seeking reform of AIM regulation.
See this blog post for details of the allegations. Today's letter can be seen ...
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