collapse of Beaufort - how is it different to investment platforms we use
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Not sure I'm following, what's the "it" that happens in healthcare and education that's relevant to Beaufort's reference to asset management practices within the financial services sector, or were you referring to something in another post?seeing how often it happens in healthcare or education I can readily believe them.0 -
" it " being either a systemic failure which is neither dealt with nor acknowledged or widespread practices which are officially disapproved off but turns blind eye to until due to some unlucky set of circumstances there happened to be someone on the front line who is publicly condemned serving role of a scapegoatThe word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Problem is that many of the issues being highlighted in the financial media in relation to Beaufort are indeed common practice.
It looks like PWC are still refusing to provide victims of Beaufort and the FCA with their own financial information in terms of transactions. Where victims of Beaufort and the FCA suspect that cash and / or asets have been lost / stolen from their account they are being denied access to transactional information that would deliver the evidence to a crime being committed.
This lack of transparency lends weight to the view of PWC, the FCA and FSCS colluded to maximise the losses for victims of Beaufort and the FCA and perhaps to cover up criminal activity by Beaufort and perhaps negligence on the part of the FCA,
If there have been criminal charges brought in the USA against individuals in Beaufort, why is there no criminal investigation going on the UK? Are our citizens just expected to accept the losses so that the credibility of the finance sector and the FCA is protected.0 -
" it " being either a systemic failure which is neither dealt with nor acknowledged or widespread practices which are officially disapproved off but turns blind eye to until due to some unlucky set of circumstances there happened to be someone on the front line who is publicly condemned serving role of a scapegoat
There should be a UK-led criminal investigation into Beaufort. As you rightly point out the illegal practices aka blatant fraud at Beaufort is indeed par for this industry. We started with PWC claiming that there were £700m of sach and assets. This was quickly reduced to £500m. That is £200m of investors good faith being managed fraudulantly.
Then there's the £100m out of the £500m that PWC is taking for delivering an insolency system designed to maximise their profits and maximise the losses for the victims.
The initiator of the thread asked if Beaufort is different to any other investment platform. The reality is that it could very well be you next. As soon as I get my assets back they will be sold. The stockmarket is not safe for use.
The FCA regulation has proven itself worthless in terms of offering trust in brokers that are ratified by them. They have demonstrated utter contempt for investors. They new about criminal activity at Beaufort from the US Goivernment and fialed in their duty to inform UK citizens that they were at risk.
The FCA have a proces designed to maximise losses for the victims and have rubber stamped PWC to take £100m out of a £500m kitty. The FSCS are meeting with Beaufort, PWC and the FCA with no involvement from the victims of Beaufort and the FCA.
The members of the Treasury Select Committee have been deafening with their silence on this scandal. Why is there not questions being asked by members of the Treasury Select Committee in relation to the losses incurred by UK citizens and the lack of a criminal investigation in the UK, whilst the USA acts on behalf of its citizens?0 -
Its obviously complex and £700m sounds like an initial estimate.Col_Jessop wrote: »There should be a UK-led criminal investigation into Beaufort. As you rightly point out the illegal practices aka blatant fraud at Beaufort is indeed par for this industry. We started with PWC claiming that there were £700m of sach and assets. This was quickly reduced to £500m. That is £200m of investors good faith being managed fraudulantly.
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Bit strong to call it fraud and go off on one.
But I do sympathise and your anger is understandable.
Just don't throw it around like a loose cannon.“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
ShareSoc now has hundreds of victims of Beaufort and the FCA joining their campaign. The victims of Beaufort and the FCA are not completing the claims form as it is not fit for purpose as the first step in the process demands that you accept the statement regarding the cash and assets in your account. It looks like there is cash and assets missing from accounts based on victims of Beaufort and the FCA refusing to follow an unfair and unjust process.
The victims need full disclosure on the transactions made on their accounts. We need to see all of the information for ourselves rather than trust parties with vested interests in maximising our losses investigate on our behalf. We should be given view only access to our accounts immediately. There is no fair and just reason why information relating to our own accounts should be withheld from us.
A £700M pot has been reduced to £400M and not so much as an explanation provided by PWC or the FCA.0 -
As I understand it the explanation of £700m being reduced to £400m is pretty simple. £300m was toxic unregulated junk held by Beaufort clients, which was previously being valued at book cost or otherwise fictitiously valued, and is now being correctly valued at nil.
Clients have lost nothing as a result of this £300m write-down, because there was never any £300m, the money was already gone.
However I do understand that plenty of Beaufort clients were not invested in toxic unregulated junk, and are nonetheless faced with an ongoing lack of clarity as to how much is in their accounts.0 -
Col_Jessop wrote: »There should be a UK-led criminal investigation into Beaufort. As you rightly point out the illegal practices aka blatant fraud at Beaufort is indeed par for this industry. We started with PWC claiming that there were £700m of sach and assets. This was quickly reduced to £500m. That is £200m of investors good faith being managed fraudulantly.
Then there's the £100m out of the £500m that PWC is taking for delivering an insolency system designed to maximise their profits and maximise the losses for the victims.
The initiator of the thread asked if Beaufort is different to any other investment platform. The reality is that it could very well be you next. As soon as I get my assets back they will be sold. The stockmarket is not safe for use......
Perhaps it may be useful if you give us some idea of what your assets were. If they were simply shares that could be sold on the stockmarket as you imply then there should be no issue and your comments may well be justified. On the other hand if they included the equivalent of storage pods, airport parking spaces, hotels in Cape Verde, and high risk loans to dodgy companies the "missing" £200M would simply be the result of a more realistic valuation - as said here. And in this case the costs for PWC could include substantial legal fees recovering the money.0 -
Further to the above explanations of how the pot was reduced to £500m following the independent asset (re)valuation, PWC have also gone into more detail about the much-quoted £100m cost figure, at https://www.pwc.co.uk/services/business-recovery/administrations/beaufort/latest-news-and-update.htmlCol_Jessop wrote: »A £700M pot has been reduced to £400M and not so much as an explanation provided by PWC or the FCA.A meeting of creditors and Clients was held on 10 May 2018 for the purposes of voting on our proposals and electing a creditors’ committee, as well as providing the opportunity to interact in an open forum with the administrators. The proposals were duly approved and a committee appointed.
There were several questions on costs and also cost allocation. It was explained that the initial £100m reserve estimate was the highest forecast scenario assuming a four-year process and it was expected that eventually costs would be significantly lower.
The reserve includes the costs of maintaining ongoing operations including 35 retained Beaufort staff, office space and related expenditure, alongside the IT infrastructure which is critical to support the client records. Additionally there will be the costs of the administrators and legal advisers. Finally we have included a general contingency and VAT.
Both the level of reserve and its allocation will be determined in conjunction with the committee. Overall costs to date are in the order of £6m.
The administrators also confirmed that they had drawn no fees to date and that their fees would be approved by the committee (or failing that, the Court).
Edit: for anyone interested in ShareSoc's activities on this, they published a piece ahead of that meeting (https://www.sharesoc.org/sharesoc-news/beaufort-client-campaign-update-1/) and it would appear that they succeeded in getting their preferred highly-qualified representatives onto the creditor committee, each with plenty of skin in the game through substantial Beaufort-managed holdings, so this should be a basis for client voices to be heard....0 -
Perhaps it may be useful if you give us some idea of what your assets were.
Word of advice. Never, ever divulge details of your assets in a public forum. This information can be utilised to commit fraud against you. There are gangs that frequent share dealing forums trying to garner this information.
A lot of very defensive "bankers" on this site. Are these people actually paid to try and stop people complaining about issues like Beaufort where criminal charges have been brought?
Regarding the password issues for the PWX claim site. It looks like it is a feature. A workaround is to request the password twice and then wait a couple of minutes. You will be sent two emails. You might need to try this a couple of times, but it will be faster than trying to get a response from PWC.0
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