Blog posts

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 ...

Shareholder Rights

ShareSoc continue to press for the name on the register, i.e. the beneficial owner not just the nominee as part of a package to restore the rights of individual shareholders, who have been disenfranchised by the nominee system and consequently disempowered. See our Shareholder Rights Campaign for more, and to support us on this. Below is some commentary on recent and not so recent relevant developments. You may have seen that Citi have “launched” a new shareholder voting system. It’s a test ...

ShareSoc News

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 ...