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FSCS still processing 2,000 Beaufort Securities cases

Two thousand clients of discretionary fund manager Beaufort Securities are yet to be refunded close to a year on from its closure to new business.

Confirming it is still working on around 2,000 cases, the Financial Services Compensation Scheme says 3,000 of a total 17,500 retail clients affected will be given a “large part” of their funds and assets from this week, however.

The 3,000 Beaufort clients that will receive assets back this month have been transferred to broker The Share Centre, and a tranche of cash and assets are being returned to them as a result of a collaboration between the lifeboat fund and PricewaterhouseCoopers.

Around 2,700 clients with whose claims did not exceed £2,000 were compensated in April, while a further 12,000 were moved across to The Share Centre three weeks ago.

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

The FBI allege 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”.

FSCS: Beaufort Securities shows we do more than just compensate

Broker AFH Private Wealth has also assisted 350 Beaufort clients in Wales this week.

FSCS chief executive Mark Neale says: “Most Beaufort clients have now gained access to their money and assets, after months of hard work by FSCS and PwC. Thanks to the continuing collaboration by both organisations, the majority of clients are now back on track.”

There are no plans for the lifeboat fund to raise supplementary funds to meet the costs of the DFM collapse.

Neale confirms that the default is around £50m or less and will be spread out over 12 months, meaning remaining clients may be waiting until April.

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