Beaufort Securities Limited was a discretionary fund manager and stockbroker that sold multiple pension products including SIPPs. Despite being in administration, there are still hundreds of investors registering complaints about this firm.
The company stopped operating after a joint investigation between the FBI and the UK’s FCA (Financial Conduct Authority) resulted in criminal charges against the company for alleged involvement in securities fraud and money laundering. Assets worth over £700 million under the management of Beaufort Securities were frozen, and the FCA declared the company insolvent.
By February 2022, the Financial Services Compensation Scheme (FSCS) had paid out £27 million on claims made against Beaufort Securities. Most of this was related to mis-selling claims. However, many more claims are still being reviewed.
If you took out a pension with Beaufort Securities, you could be one of those affected by pension mis-selling, and you could have a compensation claim. If you think you might have been mis-sold a pension from Beaufort Securities, contact us today and we will review your situation. If you have a claim, we can help you to get the compensation you deserve.
Beaufort Securities operated for years and offered a range of services, including high-risk investments. However, these high-risk investments were not always suitable for the people who bought them. As well as issues around mis-selling, some people who were related to Beaufort have since been charged with fraud and conspiracy to launder money.
The FCA imposed restrictions on Beaufort, so it couldn’t take on new business for a period of time. The company was later declared insolvent and went into administration. Since then, thousands of Beaufort Securities claims have been made.
Multiple financial advisers and the FSCS have paid compensation for mis-sold Beaufort Securities SIPP and SSAS investments. If any of the below factors apply to you then you might have been mis-sold, and could make a claim for negligent investment advice.
If any of the above sound familiar to you, or you have any further concerns, you could be eligible to make a claim for compensation.
DFM stands for Discretionary Fund Management and can be defined as a portfolio of investments looked after by a company on behalf of its clients. Instead of investing in one single collection of completely separate direct investments through a SIPP, some people opt to invest in a discretionary fund. However, we now know that some Beaufort DFM portfolios included high-risk investments that were not appropriate for an average investor.
If you invested via Beaufort, you could be entitled to thousands of pounds of compensation. Contact Keller Postman today UK.
Where multiple people have received negligent or fraudulent pension advice from the same professional advisor/company, we can help them to recover their losses collectively. Group actions can be a powerful tool and can have a bigger impact than a single claim.
CONTACT US TO DISCUSS A PENSION MIS-SELLING GROUP ACTION CASE