FSCS updates information for customers of Beaufort Securities
Negligence claims made against Beaufort Securities, relating to the firm’s discretionary fund management and advisory stockbroking activities, have now been moved to FSCS’s claims processing teams for assessment.
The UK Financial Services Compensation Scheme (FSCS) has provided a brief update to the customers of Beaufort Securities Ltd (BSL) and Beaufort Asset Clearing Services Ltd (BACSL), which were placed into Special Administration in March 2018.
The Scheme says that negligence claims made against Beaufort Securities Ltd (BSL), relating to the firm’s discretionary fund management and advisory stockbroking activities have now been moved to FSCS’s claims processing teams for assessment.
FSCS has now successfully returned assets and cash to more than 16,000 former clients of Beaufort Asset Clearing Services Limited (BACSL). The body is working closely with BSL’s administrators, PwC, to get customer data and documentation so that claims can be assessed accurately and speedily.
The Scheme anticipates to issue the first claims decisions in the coming weeks and aims to complete the majority of claims by the end of August.
Beaufort Asset Clearing Services Ltd was placed in Special Administration by UK regulators in March 2018. This was shortly after the US Department of Justice brought criminal charges against the company for its alleged involvement in securities fraud and money laundering.
Beaufort Asset Clearing Services Ltd provide the clearing and custody services to Beaufort Securities Ltd. All client money and assets were therefore held with Beaufort Asset Clearing Services Ltd.
There are approximately 17,000 retail clients and approximately 500 corporate clients in Beaufort Asset Clearing Services Ltd.