View more on these topics

FSCS claims over collapsed DFM Beaufort to be settled in coming weeks

The Financial Services Compensation Scheme is processing around 1,400 negligence claims against collapsed discretionary fund manager Beaufort Securities, it has confirmed.

The lifeboat fund tells Money Marketing that decisions on the claims will start to be finalised at the beginning of May.

Beaufort Securities became the target of both FBI investigations in the US and FCA sanctions in the UK early last year.

It was confirmed around 2,000 investors were still waiting for refunds in November.

The FSCS says: “Following the return of client assets and cash to 16,000 former clients of Beaufort Asset Clearing Services Ltd [we] are now dealing with approximately 1,400 negligence claims against Beaufort Securities.

“The FSCS is working closely with PwC to ensure that all relevant customer files and documentation can be shared to allow the assessment of these claims and decisions will start to flow within the coming weeks.”

The FBI alleges Beaufort “engaged in an elaborate multi-year scheme to defraud the investing public of millions of dollars through deceit and manipulative stock trading, and then worked to launder the fraudulent proceeds through off-shore bank accounts and the art world”.

The first investors to be compensated were those with claims under £2,000 last April.

As the FSCS finalises investor compensation, the FCA is expecting to be probed over its knowledge of the DFM’s collapse.

The Complaints Commissioner labelled the FCA’s response to a request for information on Beaufort Securities “not acceptable” last December.

Commissioner Anthony Townsend called for the disclosure of the watchdog’s files to carry out further investigation this year.



Tony Wickenden: A very modern tax for an increasingly digital world

Knowing which businesses will be affected by the digital services tax will be a source of comfort to planners and their SME-owning clients More and more parts of our life are going digital, and the financial planning sector is not escaping it. Indeed, advisers of all different business models should be embracing it. The world […]

Why SSASs shouldn’t be overlooked for your pension planning

This year marks the 30th anniversary of Sipps, but a small self-administered scheme could provide a useful alternative in some circumstances Self-invested personal pensions have rather overshadowed small self-administered schemes, and SSASs are often overlooked when it comes to pension planning. There are, of course, differences between a Sipp and SSAS, not least of which […]


All mortgage transactions on hold as BoE hit by technical problems

UK borrowers cannot access a mortgage right now as the Bank of England confirmed a key payments system has been hit by technical problems. The Bank says it identified a technical issue this morning related to some routine maintenance of the real time gross settlement system payment system and has paused settlement while it resolves […]

Pensions - thumbnail

Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. No skin in the game is the problem compared to skin in the game when you’re not even on the pitch.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm