FSCS compensates 3000 more Beaufort clients following collapse

2,000 clients to go

Hannah Godfrey
clock • 2 min read

A further 3,000 former clients of collapsed discretionary fund manager Beaufort Securities have been compensated by the Financial Services Compensation Scheme (FSCS), the lifeboat fund has revealed.

The former clients have been transferred to broker The Share Centre and a tranche of assets are being returned to them. According to the FSCS, clients were able to access their transferred money and assets from the morning of 12 November. Any remaining client assets and money still eligible for transfer but not yet transferred to The Share Centre in this cohort will be moved to the relevant nominated brokers. The Share Centre agreed to buy the 15,000-strong client book of the failed discretionary fund manager (DFM) back in August.  In September, more than 12,000 Beaufort clients tr...

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

Government's FOS reforms 'a mixed bag'

Government's FOS reforms 'a mixed bag'

Some changes appear to be ‘lacking in any substance,’ commentators say

Isabel Baxter
clock 16 July 2025 • 4 min read
PA360 North: First speakers revealed!

PA360 North: First speakers revealed!

Event returns to Warrington later this year

Professional Adviser
clock 16 July 2025 • 1 min read
FCA fines Barclays £42m over anti-money laundering failings linked to WealthTek

FCA fines Barclays £42m over anti-money laundering failings linked to WealthTek

Bank accused of missing basic due diligence checks as £34m was deposited into WealthTek client account

Sahar Nazir
clock 16 July 2025 • 2 min read