FBI investigations delayed close of failed Beaufort Securities

£800m client money stuck

Hannah Godfrey
clock • 1 min read

The Financial Conduct Authority (FCA) delayed shutting down failed discretionary fund manager Beaufort Securities to allow the FBI to carry out an undercover operation, according to reports.

The financial watchdog allowed Beaufort to continue carrying out regulated activity beyond December to give US prosecutors the time needed to gather evidence to bring charges against the firm, the Times said. The firm was eventually placed into insolvency on 2 March following an urgent application by the FCA to the High Court. The regulator said it carried out an assessment of the financial positions of both Beaufort Securities and Beaufort Asset Clearing Services, which led it to believe both firms were insolvent. Last Friday, the US Department of Justice unsealed an indictment that ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Women in Financial Advice Awards 2026: Shortlists revealed!

Women in Financial Advice Awards 2026: Shortlists revealed!

All the winners will be announced at a celebratory gala dinner on 4 November

Professional Adviser
clock 15 July 2026 • 10 min read
The human question: How PE-backed firms can retain their talent

The human question: How PE-backed firms can retain their talent

'In a people business, cultural integration is key to preserving client trust, adviser continuity and value'

Andrew Houghton
clock 15 July 2026 • 4 min read
HSBC to roll out targeted support later this year

HSBC to roll out targeted support later this year

Bank has applied for its pre-application support service

Sophia Panayi
clock 14 July 2026 • 2 min read