First funds returned to collapsed Beaufort Securities clients via FSCS

3,000 left to transfer

Hannah Godfrey
clock • 1 min read

Former clients of collapsed discretionary fund manager Beaufort Securities have been transferred to a new broker, while the first set of cash and assets has been returned to some clients.

More than 12,000 clients of Beaufort Securities have been transferred to The Share Centre, while the first sets of cash and assets has also been transferred. According to the Financial Services Compensation Scheme (FSCS), any remaining eligible client assets and client money not transferred to The Share Centre in the first cohort will be moved to the relevant nominated broker in later tranches. It expected "the vast majority" of individual Beaufort clients would not to suffer any loss. AFH buys client portfolios of Beaufort Securities' Colwyn Bay office The Share Centre agreed to b...

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

Phillip Wickenden: Neurodiversity and the bumpy ride to inclusivity

Phillip Wickenden: Neurodiversity and the bumpy ride to inclusivity

Neurodiversity Celebration Week runs from 18 - 24 March

Phillip Wickenden
clock 18 March 2024 • 6 min read
FCA to review firms' treatment of vulnerable clients

FCA to review firms' treatment of vulnerable clients

The regulator will share its findings by end of the year

Sahar Nazir
clock 18 March 2024 • 1 min read
Concerns clients seek financial reassurance over financial advice

Concerns clients seek financial reassurance over financial advice

'AI can provide clients reassurance just as much as humans can’

Sahar Nazir
clock 15 March 2024 • 2 min read