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  • FIRST POST
    • TMS_
    • By TMS_ 27th Sep 13, 3:13 PM
    • 10Posts
    • 2Thanks
    TMS_
    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
    morty1961
    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
    • 1,680 Posts
    • 1,082 Thanks
    bostonerimus
    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
    • 1,294 Thanks
    Gambler101
    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
    • 20 Posts
    • 0 Thanks
    frogg
    Beaufort
    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?
    • bluffer
    • By bluffer 4th Mar 18, 9:03 PM
    • 443 Posts
    • 457 Thanks
    bluffer
    Can anyone confirm if Beaufort securities investments has been closed down by the FCA? I have been made aware that there DFM (Steve Sahota) has been suspended due misconduct. It is alleged he was investing pension funds via ADAM BENNETT (KPJ financial Solutions Ltd) for commissions in excess of 30%. Steve Sahota was alleged to be taking funds through his personal account.
    Originally posted by NX123

    oh dear.

    how does this affect xo accounts, anyone know?

    https://www.pwc.co.uk/beaufort



    Beaufort Securities Limited ("BSL") in Administration & Beaufort Asset Clearing Services Limited ("BACSL") - in Special Administration ("the Firms")
    On 1 March 2018, the High Court appointed Russell Downs, Dan Yoram Schwarzmann and Douglas Nigel Rackham, each a qualified insolvency practitioner and of PricewaterhouseCoopers, joint administrators of Beaufort Securities Limited, pursuant to Paragraph 11(a) of Schedule B1 to the Insolvency Act 1986 and section 359 of the Financial Services and Markets Act 2000, and joint special administrators of Beaufort Asset Clearing Services Limited pursuant to Regulation 6(1)(e) of the Investment Bank Special Administration Regulations 2011.
    During the period for which the High Court Order is in force the affairs, business and property of the Firms shall be managed by the joint administrators in accordance with the Insolvency Act 1986.
    Both of the Firms were placed into insolvency following an urgent application by the Financial Conduct Authority (FCA). The FCA took this action following an assessment of the financial positions of BSL and BACSL (the Firms) which led the FCA to believe that both Firms are insolvent. The FCA also considers it necessary for administrators to take over the running of the Firms in order to protect assets from dissipation and protect UK consumers, including customers of both Firms, due to concerns that the Firms may be involved in financial crime. For further information please follow the links below:



    PwC Announcement
    The joint administrators / joint special administrators will contact all affected customers of the Firms in due course.
    If customers of the Firms require more information about how they will be affected, they should continue to monitor this website for further announcements or call the following numbers:
    UK: 08000639283
    International: +44 2072930227


    Contact details

    Address:
    Beaufort Securities Limited (in Administration)
    Beaufort Asset Clearing Services Limited (in Special Administration)
    63 St Mary Axe
    London
    EC3A 8AA
    www.pwc.co.uk/beaufort
    Last edited by bluffer; 04-03-2018 at 9:05 PM.
    2018 wins - zip so far
    • frogg
    • By frogg 6th Mar 18, 4:41 PM
    • 20 Posts
    • 0 Thanks
    frogg
    Well any securities you hold in any account (trading, isa) *should* be safe, and the liquidator expects to recover about 85-90% of the cash.

    While most brokers set up nominee accounts to hold shares, and are ring-fenced from the company, there have been instances where loss has occurred. Just google nominee accounts safe for a read. I!!!8217;m not suggesting that BS have done anything to compromise the nominee accounts, but just be aware.

    I!!!8217;m lucky that since my last note above yours, I pulled everything out as I smelt a rat.
    Last edited by frogg; 06-03-2018 at 5:11 PM.
    • G_M
    • By G_M 21st Apr 18, 2:28 PM
    • 43,791 Posts
    • 51,761 Thanks
    G_M
    I've just received a letter from PWC advising me of Beaufort going into administration.

    I'd never heard of them, but gather they own (took over?) www.X-O.co.uk who I use for share dealing.

    I own shares in 3 companies but assume the money invested in those companies is safe (eg Rolls Royce)? There's about 1000 in cash which I guess might be lost.

    Is that right?

    edit: just logged in to X-O wwithout problem. Can see my shareholdings and cash account. No mention of accounts being frozen etc. Is X-O unconnected?
    Last edited by G_M; Today at 2:36 PM.
    • jamei305
    • By jamei305 21st Apr 18, 3:06 PM
    • 318 Posts
    • 379 Thanks
    jamei305
    They are related to the former online broker Hoodless Brennan, who were rather cheap and hence used to be recommended on here. However they ceased operations about 10 years ago. Nevertheless, former account holders may still receive emails about Beaufort's demise.
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