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    • TMS_
    • By TMS_ 27th Sep 13, 3:13 PM
    • 10Posts
    • 2Thanks
    City Equities Ltd and/or Beaufort Securities Ltd
    • #1
    • 27th Sep 13, 3:13 PM
    City Equities Ltd and/or Beaufort Securities Ltd 27th Sep 13 at 3:13 PM
    Anyone been involved with or aware of City Equities Ltd and/or Beaufort Securities Ltd? The reason I ask is that I got an email out of the blue, to my Hotmail account, from City Equities introducing Beaufort Securities. The email was gently dropped by my email filter into my Junk mail folder, so I almost missed it. Later, I got an email from Beaufort Securities with an IPO for the Royal Mail.

    Now this all seems a little odd as a) I don't recall having had any dealings with City Equities and, b) if I had, it is unlikely that I would have given them my Hotmail account details.

    Is it a scam?

    I'm not going to be following the offer up as, arriving as it did, it might as well have been painted scarlet and hoisted up a flagpole.

    But I would be interested in feedback and opinions. Thanks

    Regards, TMS
Page 2
    • D Woods
    • By D Woods 2nd Oct 17, 1:40 PM
    • 5 Posts
    • 1 Thanks
    D Woods
    Financial Ombudsman
    What you need to do is make a formal complaint to Beaufort and if they do not resolve your complaint within 8 weeks you can apply to the financial ombudsman to review your case. You will need all of the paperwork that cemented your financial relationship with Beaufort and any correspondence etc.

    One case has already been upheld. I can't post a link but if you Google FOS UK Decisions and search from 1st March 2017 and enter Beaufort Securities in the Business Name field, you will find a decision against Beaufort.

    If you have been invested in Carduus bonds and Eastbridge you have a very similar sounding portfolio.

    It may take a number of months to get resolved but it is certainly worth the effort.
    • morty1961
    • By morty1961 18th Oct 17, 12:48 PM
    • 1 Posts
    • 0 Thanks
    I too have lost around £67k from my Beaufort SIPPS portfolio but not thro CARDUUS or EASTBRIDGE investments. its just over 50% of my portfolio so big big loss :-(
    • bostonerimus
    • By bostonerimus 18th Oct 17, 1:03 PM
    • 1,428 Posts
    • 847 Thanks
    I'd ignore a cold call or email from anyone. There are plenty of fish in the sea (even if Dolphins are mammals) and anyone who is impolite and crass enough to cold call doesn't deserve my business whoever they are.
    Misanthrope in search of similar for mutual loathing
    • Gambler101
    • By Gambler101 18th Oct 17, 1:55 PM
    • 528 Posts
    • 1,292 Thanks
    I know this is an old thread, but I thought I'd add my 2cents, as I work in the stockbroking/ investment management sector.

    City Equities and Beaufort Securities (which took over Hoodless Brennan (itself re-branded to HB Markets, presumably because of the reputation it had built up - google 'Hoodless Brennan cold calling' and you'll see what I mean)) are both what's referred to in the trade as 'spank shops'. They flog shares, their brokers are paid mostly commission; they are not in the business of building you a portfolio.

    Beaufort is FCA registered, and City Equities was FCA registered when it was in existence. To be clear, that does not mean they are/ were reputable firms. It should do, but it doesn't. I've even checked on the FCA register - one firm was setup by two guys who'd worked at a spank shop for a year at most (which was later shut down), and then they were allowed to start their own firm at the grand old of age of about 26, with no experience! It really does beggar belief.

    Beaufort since taking over Hoodless Brennan at first glance seems to have become more professional, but it still has the same people working there, who are probably still remunerated on the same terms. And if they're still cold calling or emailing people, well that says it all.

    The FCA and the FSA before it allowed some very unscrupulous firms to oprerate, cold calling clients, with very sharp sales practices (ironic when you consider how difficult they have made life for reputable firms). Often they only invested in AIM shares, and were driven by commission, often destroying little old ladies' share portfolios in the process. Total scumbags in almost anyone's book.

    Thankfully following the Retail Distribution Review, the number of these firms have dwindled, but they're still out there. Nowadays, they tend to focus on CFDs, or foreign exchange rather than AIM; some are totally unregulated and will try and flog you things like timber or commodities (often they don't own what they're purporting to sell).

    In short: never invest money with someone who has cold called you, or otherwise contacted you out of the blue - reputable firms don't do this in the UK. Sadly being FCA registered doesn't guarantee that a firm is reputable.
    Originally posted by majicka
    This post should be a sticky !!
    The instructions on the box said 'Requires Windows 7 or better'. So I installed LINUX
    • frogg
    • By frogg 25th Oct 17, 5:31 PM
    • 19 Posts
    • 0 Thanks
    Well I've used them for XO for about 8 years and they changed to a new platform a week or so ago. Since then, I seem to have lost my cash on the account (about £1,600) and any discussions with them to sell my existing shares and transfer the cash to me (including the 'lost' cash) is met with agreement but nothing happens. I have started a complaint with the Ombudsman, but it is tricky to start as Beaufort aren't even accepting my request to open a complaint!

    Avoid this company!!! I hope I can get my money back - but I suspect I'm going to have to go through a legal process. Is anyone OK with their services left?
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