Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Jimb0b
    • By Jimb0b 10th Mar 18, 6:50 AM
    • 3Posts
    • 0Thanks
    Jimb0b
    Beaufort Securities
    • #1
    • 10th Mar 18, 6:50 AM
    Beaufort Securities 10th Mar 18 at 6:50 AM
    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
Page 1
    • Brynsam
    • By Brynsam 10th Mar 18, 9:35 AM
    • 956 Posts
    • 630 Thanks
    Brynsam
    • #2
    • 10th Mar 18, 9:35 AM
    • #2
    • 10th Mar 18, 9:35 AM
    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
    • By dunstonh 10th Mar 18, 12:17 PM
    • 92,651 Posts
    • 59,972 Thanks
    dunstonh
    • #3
    • 10th Mar 18, 12:17 PM
    • #3
    • 10th Mar 18, 12:17 PM
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • AnotherJoe
    • By AnotherJoe 10th Mar 18, 4:35 PM
    • 9,432 Posts
    • 10,435 Thanks
    AnotherJoe
    • #4
    • 10th Mar 18, 4:35 PM
    • #4
    • 10th Mar 18, 4:35 PM
    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
    Originally posted by Brynsam
    Thats behind a paywall.
    • Jimb0b
    • By Jimb0b 11th Mar 18, 2:25 AM
    • 3 Posts
    • 0 Thanks
    Jimb0b
    • #5
    • 11th Mar 18, 2:25 AM
    • #5
    • 11th Mar 18, 2:25 AM
    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
    • By Dark Sunday 11th Mar 18, 11:03 AM
    • 106 Posts
    • 176 Thanks
    Dark Sunday
    • #6
    • 11th Mar 18, 11:03 AM
    • #6
    • 11th Mar 18, 11:03 AM
    Sorry to hear of your situation. Hopefully some prison sentences in due course for these fraudsters.
    Debt Jan. 2016 £72,170
    Now £40,389
    • Bravepants
    • By Bravepants 11th Mar 18, 11:14 AM
    • 402 Posts
    • 436 Thanks
    Bravepants
    • #7
    • 11th Mar 18, 11:14 AM
    • #7
    • 11th Mar 18, 11:14 AM
    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!
    • redux
    • By redux 11th Mar 18, 11:25 AM
    • 18,113 Posts
    • 23,906 Thanks
    redux
    • #8
    • 11th Mar 18, 11:25 AM
    • #8
    • 11th Mar 18, 11:25 AM
    Thats behind a paywall.
    Originally posted by AnotherJoe
    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
    • By Jimb0b 11th Mar 18, 11:39 AM
    • 3 Posts
    • 0 Thanks
    Jimb0b
    • #9
    • 11th Mar 18, 11:39 AM
    • #9
    • 11th Mar 18, 11:39 AM
    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
    • By redux 11th Mar 18, 12:49 PM
    • 18,113 Posts
    • 23,906 Thanks
    redux
    The FT article is broadly similar to a BBC article on the 6th, which I just found and youve probably already seen.
    • tg99
    • By tg99 11th Mar 18, 3:30 PM
    • 614 Posts
    • 253 Thanks
    tg99
    Wouldn’t this be covered by the £50k FSCS protection for investments?
    • xylophone
    • By xylophone 11th Mar 18, 4:12 PM
    • 25,374 Posts
    • 14,970 Thanks
    xylophone
    Wouldn!!!8217;t this be covered by the £50k FSCS protection for investments?
    https://www.which.co.uk/news/2018/03/beaufort-securities-goes-bust-what-are-your-rights/
    • dunstonh
    • By dunstonh 11th Mar 18, 4:13 PM
    • 92,651 Posts
    • 59,972 Thanks
    dunstonh
    Wouldn’t this be covered by the £50k FSCS protection for investments?
    Originally posted by tg99
    FSCS covers regulated investments only. It can also apply if a regulated firm (that no longer exists) gave the advice and the advice was considered unsuitable.

    I know little about Beaufort Securities and whether it is regulated or unregulated.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • lozzy1965
    • By lozzy1965 12th Mar 18, 12:42 PM
    • 128 Posts
    • 79 Thanks
    lozzy1965
    What counts as 'money'?
    I have a very small amount of money invested with BS, in a single share. So, does the value of this share, in their nominee account, count as 'money invested with the firm'? Or will I get my shares at some point in the future?
    • Malthusian
    • By Malthusian 12th Mar 18, 12:54 PM
    • 4,113 Posts
    • 6,451 Thanks
    Malthusian
    I have a very small amount of money invested with BS, in a single share. So, does the value of this share, in their nominee account, count as 'money invested with the firm'? Or will I get my shares at some point in the future?
    Originally posted by lozzy1965
    Which share?

    In theory your shares are ringfenced from Beaufort Securities' own money. In due course your shares will either be transferred to an alternative nominee, or transferred directly to you.

    You should only be exposed to loss if Beaufort Securities had not in fact held shares on your behalf, but fraudulently taken your money and done something else with it.

    The reason I ask "which share" is because many BS investors held dodgy unregulated investments which are worthless for reasons unconnected to the BS liquidation.
    • jamei305
    • By jamei305 15th Mar 18, 10:19 AM
    • 329 Posts
    • 384 Thanks
    jamei305
    I wondered why I got an email from them the other day saying I had a new secure message. Thought it was spam but looked them up and saw they used to trade as Hoodless Brennan, a stockbroker who used to be recommended on here for their low fees and who I opened an account with about ten years ago. Pretty sure I got every last penny out before they ceased that service in 2009.
    • woolly_wombat
    • By woolly_wombat 15th Mar 18, 3:11 PM
    • 524 Posts
    • 333 Thanks
    woolly_wombat
    Thats behind a paywall.
    Originally posted by AnotherJoe
    Just search for "PwC scrambles to return assets to Beaufort investors" and when you click on the FT article you should be able to read it.

    If it doesn't work the first time then delete your cookies and try again.

    There's no need to pay for an expensive subscription if you only want to access the FT website occasionally.
    • Col Jessop
    • By Col Jessop 28th Mar 18, 2:57 PM
    • 16 Posts
    • 7 Thanks
    Col Jessop
    In a slightly different position from the originating poster. I just had an online sharedealing account with Beaufort. I actually contacted the FCA, FO and FSCS last year when the FCA put out a notice about them. All reassured me that my money was safe and that Beaufort were regulated. Beaufort lied that the issue was down to them revamping their IT system. It was enough reassurance from the protective bodies for me to leave the account live.
    Email through from PWC telling us about the insolvency enacted by the FCA. They gave a PWC helpline. It is actually answered by the pathological liars at Beaufort Securities. And they lied. It took quite a bit of effort to speak with PWC directly.
    It looks like there is still a reasonable chance that Beaufort do not hold enough shares to match the shares held in customer accounts. So it might not be quite as simple as them transferring the share to another broker. PWC will also be taking a share of whatever is salvagable. So even if all your shares are covered there will be a loss interms of PWCs costs for managing the insolvency.
    The Financial Ombudsman is powerless as Beaufort are insolvent and no longer regulated. Basically they can;t fine an insolvent company so won't take any new complaints.
    The FSCS still have no process in place and no information to provide to Beaufort / FCA's victims. I have conflicting information that the FSCS will notify the victims once they have information from the FCA / PWC; and that it is up to the victims to complete a claim form - the form is irrelevant to the current situation.
    The FCA are demonstrating their typical contempt towards the victims of Beaufort. No information in relation to what people should do other than call a helpline that has Beaufort staff pouring more lies onto an already flaming bonfire of customers cash.
    Basically, this looks like a rudderless shambles with the victims being offered no support / information until the FCA has covered its own backside. Why did the FCA have to be forced into action by a foreign country when the majority of Beaufort's customers are UK citizens? Why if they palnned to make Beaufort insolvent did they not have a process in place that would provide reassurance to the victims?
    I really feel for the victims who are potentially far more exposed financially than me by this. I am reading stories of hundreds and potentially thousands of people losing significant and perhaps all of their retirement funds. The FCA and FSCS really need to get their act together on this and start provide clear and consistent advice to the victims.
    I wouldn't bother raising compliants by telephone or wasting your time with the Beaufort helpline. best to raise you complaint by email / letter to the FCA / PWC / FSCS at the highest level. If you need email alises for c-level staff at these orgs drop me a PM and I will provide.
    • Malthusian
    • By Malthusian 28th Mar 18, 5:25 PM
    • 4,113 Posts
    • 6,451 Thanks
    Malthusian
    All reassured me that my money was safe and that Beaufort were regulated.
    Originally posted by Col Jessop
    I am quite surprised that even one of the above organisations was incautious enough to be that explicit, let alone all three.
    • Col Jessop
    • By Col Jessop 29th Mar 18, 10:14 AM
    • 16 Posts
    • 7 Thanks
    Col Jessop
    I am quite surprised that even one of the above organisations was incautious enough to be that explicit, let alone all three.
    Originally posted by Malthusian
    FCA notice - contacted FCA. Was told that Beaufort were still regulated and that the stop on trading was temporary until they sorted out the issue. I was also told that I could raise concerns with the Financial Ombudsman. - gave them a call to verify - Beaufort regulated, money safe - could raise complaint through them if anything went wrong. They also confirmed that in the unlikley event of losses being incurred I would be covered up to £50K by the FSCS. Called FSCS to confirm. Again told Beaufort regulated so money not at risk.
    Now none of the organisation will confirm that my money is not at risk.
    FCA, DoJ, FBI were allegedly investigating Beaufort for fraud at that time going by the press releases.

    The FCA, Financial Ombudsman and FSCS leave their front line staff with stock answers to questions. They rarely provide the lublic facing staff with any helpful information that is dependable. Hence my advice to contact these agencies in writing. You will likely get a response to useless links on the website, but at least you will have a reference for your complaint and formal notification that you are are a victim of Beaufort / FCA should it be requireed futher down the line. At the moment no agency and certianly not PWC are encouraging written claims / enquiries. They guide you to the telephone helpine manned by the pathological liars at Beaufort.

    My advice to any victim is get yourself known in writing to all three agencies and PWC. If they are refusing to confirm that you will recover all of your cash then you should be concerned and should have written evidence that you have informed them of your concerns and require to be contacted directly when a formal process for recovering losses is available.

    PWC waited two weeks to advise people of the insolvency. Best to get off the back foot on this one and ensure you are in the process.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,975Posts Today

5,951Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin