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).

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.

Not a good start.

Sorry, we were unable to sign you in as the details you entered did not match our records.

Oh well. Phone calls tomorrow to get this nailed down.

At least you have your welcome pack CD and password - i am still waiting. Maybe you got my pack with my passord. :-)

Update: I have now received the welcome pack - set it all up, all working and have done a trade. Messing around with the site as time allows - seems ok in general, it will just take a little getting used to and seeing if it as good as others that I use.

Good Luck CD - They were very helpful when I called today.