Beaufort Securities

Jimb0b
Jimb0b Posts: 3 Newbie
in Pensions, annuities & retirement planning
Not being that savvy I jumped at the chance to switch my pension to get it earlier (55 instead of 65).

The company has now gone bust - Beaufort Securities but they were FSA registered / protected.

The Just Loans Group sent out a letter saying not to worry - business as usual etc. I rang the FSA who couldn't find Just Loans through the FSA number on this letter? I was advised to ring the PAS and PWC (the administrators).

The PAS guy said to treat the money as lost and PWC said just to keep checking their website for more news.

So the last few days have left me feeling confused, cheated and frustrated. What does FSA registered actually mean? In the press it is clear that Beaufort Securities have been cheacting customers for ages but they just got fined and carried on trading.

Any advice would be handy please
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Comments

  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    The situation is going to be very unclear for some time to come, which inevitably means an extended period of anxiety for investors. That isn't much comfort, but to suggest you 'treat the money as lost' is neither helpful nor accurate, looking at the online information about this debacle e.g. see https://www.ft.com/content/36ac376a-2161-11e8-a895-1ba1f72c2c11
  • dunstonh
    dunstonh Posts: 116,351 Forumite
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    Did you use the multiple fined company called Beaufort Securities Limited operating out of EC3A 8AA or did you use the scam cloned company of the same name operating out of BS1 3AG?
    The Just Loans Group sent out a letter saying not to worry - business as usual etc. I rang the FSA who couldn't find Just Loans through the FSA number on this letter? I was advised to ring the PAS and PWC (the administrators).

    That makes it look more like a cloning scam. Unless you were giving them the companies house registration number rather than the FCA number.
    The PAS guy said to treat the money as lost and PWC said just to keep checking their website for more news.

    That is a sensible position to take. If you used the real company rather than the clone company then you will just have to wait. Until then, the money is effectively lost pending the possibility of getting small amounts back.
    What does FSA registered actually mean? In the press it is clear that Beaufort Securities have been cheacting customers for ages but they just got fined and carried on trading.

    FCA authorisation does not prevent firms from doing wrong. However, it means the FCA can take action when they find something wrong.

    Also, for some reason, you went totally away from the mainstream and selected obscure options. Why did you do that? A week doesn't go by without some obscure, often unregulated scheme, going under.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Brynsam wrote: »
    The situation is going to be very unclear for some time to come, which inevitably means an extended period of anxiety for investors. That isn't much comfort, but to suggest you 'treat the money as lost' is neither helpful nor accurate, looking at the online information about this debacle e.g. see https://www.ft.com/content/36ac376a-2161-11e8-a895-1ba1f72c2c11

    Thats behind a paywall.
  • Jimb0b
    Jimb0b Posts: 3 Newbie
    Thanks for the replies

    It was the Beaufort Securities in the city. Initially I dealt with a company called St Paul's (no longer trading)

    Yes I should have been more sensible / cautious

    Just got to wait now for the administrators to do their thing .....
  • Dark_Sunday
    Dark_Sunday Posts: 207 Forumite
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    Sorry to hear of your situation. Hopefully some prison sentences in due course for these fraudsters.
    Jan. 2023 Final LBM
    CCs £27.6k Now £27.8k
    Savings £21k Now £18.5k
    NAD April 8/16

  • Bravepants
    Bravepants Posts: 1,502 Forumite
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    I think anyone found scamming someone out of their life savings and subjecting them to poverty in old age should be shot. I would happily pay for the bullet out of my NI contributions!
    If you want to be rich, live like you're poor; if you want to be poor, live like you're rich.
  • redux
    redux Posts: 22,976 Forumite
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    AnotherJoe wrote: »
    Thats behind a paywall.

    It's possible to sign up for a free account at FT, free to read up to 2 articles per week.

    Or sometimes links from Google search result links can read there anyway, so financial times beaufort securities produces several recent articles of which that is third or so.

    Second paragraph though:
    PwC, which was brought in by the Financial Conduct Authority to contain the fallout, said Beaufort held about £150m more in client investments than first thought, that it was unlikely that the 14,000 investors who used the company will receive more than 85p for every £1 they invested and that no money will be returned for at least a month.
  • Jimb0b
    Jimb0b Posts: 3 Newbie
    Thanks again for the replies

    I'm trying not to get too aggravated by this bunch of crooks but viewing the picture of the corpulent nasty on the BBC website did raise the hackles. Greedy mother f####r$

    Not sure what motivates this level of greed - something lacking in the trouser dept I reckon

    The FT article was reassuring I'll sign up to check it out - cheers
  • redux
    redux Posts: 22,976 Forumite
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    The FT article is broadly similar to a BBC article on the 6th, which I just found and youve probably already seen.
  • tg99
    tg99 Posts: 1,199 Forumite
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    Wouldn’t this be covered by the £50k FSCS protection for investments?
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