Some clients of Beaufort Securities have received news of a potential shortfall between their losses through the firm, and what the FSCS can pay out.
PwC had already written to around 14,000 clients of insolvent Beaufort Securities and Beaufort Asset Clearing to say they had got their hands on about £50million in ‘segregated client money accounts’ and around £850m in client securities.
But that figure has now been revised to around £500 million because of ‘highly illiquid’ and ‘potentially nil value positions’, meaning that some of the investments within Beaufort portfolios may be high-risk and potentially worthless.
PwC added that around 700 clients who had more than £150,000 with Beaufort ‘may experience a loss […] in excess of the FSCS £50,000 compensation limit’.
£100m over 4 years
Despite the potential woes, PwC is proposing to take £100m over the next 4 years for winding down Beaufort Securities.
The £100m bill proposed by Beaufort Securities administrators, PwC, has been challenged by a shareholder action group after it was revealed the valuations of client securities dropped.
________________
Spencer Churchill Claims Advice have a team of mis-sold pension claims specialists, offering a FREE Initial Assessment to see if you can make a claim for negligent financial advice.
Let’s Rewrite Your Financial Story
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.
Speak to an expert today
We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat.
Office Hours:
Monday: 8:00am–6:00pm
Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
Friday: Office Closed