This site provides information regarding the progress of the administrations of BACSL and BSL and will be updated with new information from time to time as it becomes available.
The Special Administrators are pleased to announce that Beaufort’s 17,500 clients have just been issued with updated statements setting out the client assets and client money that will be returned to them as soon as is practicable.
Of this group, more than 14,000 clients have been sent statements for the intended transfer, subject to completion of final transfer formalities, of their client assets and client money to the principal nominated broker, The Share Centre Limited. This follows the approval of the Distribution Plan by the UK High Court on 27 July 2018, and marks another significant achievement in the Special Administration towards the majority of Beaufort clients gaining access to their client assets and client money by the end of September 2018.
Any remaining client assets and client money not transferred to The Share Centre in this tranche, due to operational or implementation reasons, but are still eligible for transfer will be moved to the relevant nominated broker in later tranches.
The special administrators are continuing discussions with a second nominated broker for those clients who were previously clients of Beaufort’s Colwyn Bay office. A process is also being developed for clients who may require their client assets and client money to be distributed other than through nominated brokers.
Further information will be provided to relevant clients in due course.
The vast majority of Beaufort clients are covered in full by the Financial Services Compensation Scheme. Where this is not the case (for example certain Corporate clients) arrangements are set out specifically in the client statements.