DD Support Board and Research Team

[samsamsamiam]

Should I assume this is the same Beaufort?

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
https://www.pwc.co.uk/assets/pdf/pwc-announcement-beaufort.pdf
UK High Court Order in respect of BSL
https://www.pwc.co.uk/business-recovery/administrations/assets/bsl-court-order.pdf
UK High Court Order in respect of BACSL
https://www.pwc.co.uk/business-recovery/administrations/assets/bacsl-court-order.pdf


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: [phone]



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