750 more Beaufort Securities clients compensated via FSCS

In total, more than 16,100 clients have now been compensated by the lifeboat fund. The most recently compensated clients have been transferred to broker The Share Centre, as with the majority of their fellow investors.

According to the FSCS, the 1,400 clients who still require compensation are affected by a variety of more complex issues around foreign assets, and may have to wait longer to be transferred.

In September 2018, more than 12,000 Beaufort clients were transferred to The Share Centre where they were able to access their cash and assets. In November a further 3,350 gained access to their cash and assets - 3,000 clients transferred to The Share Centre and 350 in Wales via another broker, AFH Private Wealth.

Beaufort Securities was shut down in March following an undercover operation by the FBI. It was placed into administration after the Financial Conduct Authority submitted an urgent application to the High Court. Price Waterhouse Coopers (PwC) was appointed as administrator ahd has been working to unfreeze some £800m of customer funds.

FSCS chief executive Mark Neale said: "Most Beaufort clients have now gained access to their money and assets after months of hard work by the FSCS and PwC. This tremendous achievement is thanks to the continuing collaborative approach by both organisations to ensure that most clients are now back on track."

Beaufort Securities is completely unrelated to advice network Beaufort Group.

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