Financial Conduct
Beaufort Securities and Beaufort Asset Clearing
RNS Number : 4726G
Financial Conduct Authority
02 March 2018

Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services Limited (BACSL) are placed into insolvency

Following an urgent application by the Financial Conduct Authority (FCA), the High Court has appointed Messrs Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann of PricewaterhouseCoopers (PwC) as joint administrators of BSL and joint special administrators of BACSL.

The FCA took this action following an assessment of the financial positions of BSL and BACSL (the Firms) which led the FCA to believe that both Firms are insolvent. The FCA also considers it necessary for insolvency practitioners to take over the running of the Firms in order to protect assets from dissipation and protect the customers of both Firms.

The FCA has also imposed requirements on the Firms, with immediate effect, using its own-initiative powers under the Financial Services and Markets Act 2000 (the Act), requiring the Firms to cease all regulatory activity and not to dispose of any firm or client assets without the FCA's consent.

The joint administrators / joint special administrators will contact all affected customers of the firms in due course. If customers of the Firms require more information about how they will be affected, they should contact PwC (contact details will be made available by PwC through the day).

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OK, I've just done some sums, and for MY volume of trading, I get the following annual costs. This is based on monthly fees, 25x £3000 deals/year, 24 dividends per year.

Beaufort (for comparison only) £224
Hargreaves Lansdown £343.75
Halifax £312.50
Share.com £ 771.60
Share.com hi volume option £305.10

It is just a shame the company was destroyed because of less than £400k - and look at the cost to most stakeholders, throughlack of access - My reckoning it has to date cost me around £25k in losses due to share spikes alone.

Up until they put their new website on-line, offer a great self service for £8 a shot be it on-line or telephone, and up until late 2017 I found the service very good indeed.

As soon as my stocks are with them, and they confirm I am able to trade, I will move the account but it is good to know some are very satisfied with them.

I contacted share.com today, as they offer free trial accounts - if you fancy giving them a go when your stocks have been transfered from PwC`s control. However, they cannot open this if you are not a resident on UK Mainland, why beats me, as it is only a trial account, hence the need to phone them.

First, the time they took to answer the phone and this does not inspire one.

Secondly, I was advised that when they get handed your accounts, they will post a temporary password to you, and they do not know how long this will take them to send it to you from the time they receive your stocks. Once you have it though you will hopefully be able to set up your own and trade without to much delay - We shall see if that is true.

God information. Thanks Clocktower

New e-mail from PwC today about the transfer - and letter from The Share Centre.

Transfers to start end Sept but there will then be a verification process - so heaven knows how slow that will be.

To date I estimate the lack of access to my assets in Beaufort have already cost me a least £30k from loss of oppotuinty to take profits and losses.

If this debacle had been handled efficently and expeditiously, there would I expect be fewrer that have suffered what to some might be serious losses.

Any others like to disclose if they would have been better or worse off had this not occured?

Worse off for the same reason. Stuck in stocks you cant move in and out of.

No contact made yet. :(

Until a month ago i would have said I have been better off without access to my shares. Being forced to leave them alone has meant I have been forced 'run my winners'. SBRY in particular has outperformed and my ETFs have done well. This month though, these have plateaud(sp??), while SSE have plummeted, dragging NG with them. My BS portfolio is now 4.7% better than in March, largely thanks to the dividends I just found out about, which is probably where I would've been anyway.

This has dragged on too long.

I was contacted by one of the scamming firms last week, saying they were the share centre, and then introducing another company name. I was aware they were scammers, and suggested they put everything down in an email, as if they were whom they tried to suggest they were, they would have my e-mail asddress. Guess what NO Email as expected.

Beware of the scams!!

They are breaking the law making cold calls also.

Now, I reckon it has cost me in excess of £30k

I’ve had three calls from people claiming to be the “Pension Report Service”. This is, or was, a real company, now dissolved according Companies’ House. I wish they’d phone again so i can waste more of their time (i can give as good as i get in that regard), but alas no calls recently.

Wake me up, when September ends.

Whens our Green Day to start trading again?

Claret Dragon, The Green Day may not start then, The sharecentre, told me that they will be sending out letters, as you will need a new password and in some cases ( a lot I guess) further info from you. Bank Details etc etc I guess.

So I cannot see being able to trade them till mid/late Oct at best.

I don't see why it should take too long (unless of course they WANT it to because time is money). When I first opened accounts with Beaufort and Halifax, I was able to start trading the same day. That was a big part of their promotions/ advertising. Hargreaves took a bit longer because that was an ISA and they needed my NI number etc., but still only a few days.

According to a letter I received (by email) on 31.08.18 transfers were due to to commence today - has anyone heard or had any notification today?

No contact at all since last update on 31st August.

Shambles.

It is a disgrace and all over £300k - excessive costs leved by PwC - assests should have been transfered without all this delay, which has deprived investors, and is still causing damage.

Are we now to suffer a shambles from the Share Centre?

I phoned the BS/PWC helpline yesterday, and a rather docile chap said my account had indeed been transferred, and to wait for today's (tuesdays') post and then call TSC.

That is at least something positive, I have had nothing in the post today from TSC, please let us know when you have, and then I`ll chase them up if my letter has not arrived.

Thanks
CT