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

Most of our industry has forgotten what advisers actually do

Most of our industry has forgotten what advisers actually do

‘Providers have a responsibility to better support advice firms’

Mark Sanderson
clock 16 March 2026 • 3 min read
Government unveils changes to FOS operations after landmark review

Government unveils changes to FOS operations after landmark review

New ten-year limit for bringing complaints

Isabel Baxter
clock 16 March 2026 • 5 min read
Feel Good Friday: Wise Investment employee takes on the Great Wall of China for charity

Feel Good Friday: Wise Investment employee takes on the Great Wall of China for charity

Raising funds for Katherine House Hospice

Professional Adviser
clock 13 March 2026 • 1 min read