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 Joint Administrators have been made aware that certain claims management companies (CMCs) have been approaching clients of Beaufort Securities Limited and Beaufort Asset Clearing Services Limited, offering to help in the recovery of assets. We strongly advise you to proceed with great caution if you are approached by one of these companies. No information has been shared with third parties with the authority of the administrators and any such callers are not acting on behalf of Beaufort and have no arrangements with Beaufort that may expedite matters outside of the administrators' distribution plan.
As outlined in the Press Release published on 29th June 2018, all bar fewer than 10 individuals with accounts that include cash in excess of £400,000, will have the costs of returning their assets fully covered by the Financial Services Compensation Scheme (FSCS). Hence, it is anticipated that all other individual clients will receive their assets back in full by means of transferring those assets to another broker, who will then provide access to the assets in the usual manner.
Clients simply need to agree with their Client Asset and Client Money Statements and accept the FSCS Compensation Proposal. Our aim is to transfer our clients to another broker from September 2018.
We cannot emphasise enough how important it is for clients to agree to their statements and accept the FSCS Compensation Proposal as soon as possible, if they have not already done so.
Hence, for the vast majority of clients, there is no benefit in involving a third party in reclaiming your assets. On the contrary, a CMC is likely to seek a fee from the overall settlement and may actually reduce your return.
Therefore, we advise that you get in contact with us before accepting any offers from a claims management company.
Phone: 0800 063 9283 (UK) or +44 (0)20 7293 0227
Post: Beaufort Asset Clearing Services Limited (in Special Administration)
63 St Mary Axe