PwC appointed administrators for Beaufort Securities as Financial Conduct Authority declares firm insolvent. Up to 20,000 clients have invested in products such as ISAs and Pensions and are owed around £700m..!!
#Investors-Group: News
Financial Conduct Authority declares Beaufort Securities insolvent
I was scanning my news feeds earlier and came across this story I thought I would share with you.
Beaufort Securities has been declared insolvent by the UK’s financial watchdog.
Credit to cityam for the content in the following article.
For the ones that that may have missed this story, here is the link...
http://www.cityam.com/281556/pwc-appointed-adminstrators-beaufort-securities-fca
Credit: cityam
Up to 20,000 clients have invested in products such as ISAs and Pensions and are owed around £700m, which has been divided as £664m assets and £36.85m in cash. It is not yet known how much of that will be recovered.
Credit: cityam
Thanks for reading.
Stephen
Disclaimer
Please note that the above information is for educational purpose only and is not to be taken as investment advice.
And these brainwashed sheep keep saying cryptos are risky and not suitable for retirement. HA!
The legacy financial system has been. and still is. one giant, derivative-laden fraud machine propped up by the central bankers.
That's really sad to know that 700€million is insolvent by the @Beaufort Security which is the long hard worked earning of people who spend their entire life to save and invest their pension and fund in securities..I hope they will get back their fund back though its seem challenge and will take time...This is why I think it better to invest on cryptocurrency now as it has bright future...@stephenkendal
This is terrible for a city broker firm that had started making a good reputation for itself. Am glad the customers have been considered with high priority amidst all this. Lets watch and see the persons identified by the high court have to offer. They need to go back to the drawing board to protect the assets from dissipation. At the moment, customers need to be settled, something they are entitled to. And I've already seen all this is in the process as customers have been asked to assign their legal rights in relation to their claims.
This will ultimately turn out to be another feast for the administrators at the client's expense...
Omg this is bad. After they have invested? I feel for them because I know what it feels like to invest and then come to hear such News. What would these 2000 customers do with the meager £36.85m in cash shared among them. It's painful though but they have no choice right now than to go with that.
that's really sad to know this any will be a very big problems for thise had invested and now there all money insolvent i know noone of there must be even dreamed about it .... it's there biggest nightmare they ever had... government need to do something about this insolvent and also organize any kind of compassion for the invester in my point of view @stephenkendal
ohh really sd to hear about such huge amount..
its really a big amount and cryptocurrency is the great source of saving our money .. @stephenkendal
I am very scared by hearing such sad news where people lost their long life investment...Seafort Security has spoiled life of 20000 people in the road and kill their dream...It is very hard whether they will get their fund back as if is decraled insolvent...This just insane...I wish they could have invested in future cryptocurrency market which is now safe and promising @stephenkendal...I hope they can recover their investment
its really great to hear about that great security and yes its very great news for the crypto investors and you have really great conveyancing power i may must say..
thanks for updating us with latest news sir @stephenkendal
That's really sad to here.Its a big loss of poor people who save their money day and night and through thick and thin.I hope they will get their money back :)