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).

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

My letter, temporary password etc arrived today. Am logged in and placed my first trade.
Hopefully this is the end of a torrid saga.

I am out of the country until Saturday. So wont know if I have received anything until then.

Thanks commervan for the uodate, hopefully mine will arrive tomorrow.

How do you find the website for trading?

So far so good. Much better than BS (although BS's was fine before they screwed it up with the new platform). Nice bright 'look & feel' to the website. Still finding my way around.

The phone/iPad app seems slightly limited, but again, I probably just haven't found everything yet.

Contacted PwC - stock transfered but nothing from SC, so I contacted them, and they have confirmed they have the stock/cash but say they sent out a welcome pack on 20.09.18 - Nothing received - they say they will send another one, so we will see when or if that arrives. The shambles continues.

Thanks for your views on the site commervan.

..... and The Share Centre has stated on its website that it is already levying its fees....

So much for three months grace.

What Fees are they?

The three month grace is I assume, is if you notify them that you have arranged to move your stock/cash to another broker, and do not trade. However, well worth checking with them, as the answer the phone pretty quickly: Ring 01296 414673 which is the section dealing with Beaufort transfers.

Please let us know how the respond.

In summary, their fees are £1.80 per month, trades are 1% (minimum £7.50).

There is an optional £24 per quarter charge if you opt in to their frequent dealing option. The latter reduces trading costs from 1% to a flat £7.50. I have done a few trades and saved this quarter's £24 (and some) already.

If you buy (i think) 500 shares in the company (SHRE), your dealing costs are even lower. Their shares have been fairly flat and illiquid, however.

Thanks for update. I will have a look this weekend when I get back to Angleterre.

Even after telephone them three days ago, and they said the would sent out a second welcome pack and password, on the same day, it still has not arrived.

So far they have not responded to emails either.

Not a happy bunny and a poor start for them but glad to hear your getting on well with them commervan.