Any updates from this Wednesday's client committee meeting?


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9 weeks ago by
Alex T  
Just wondering what the sentiment was – particularly with regards to what the FSCS were saying vs the FCA's support for PWC and last week's statement re-iterating that larger clients would lose %%... Also, any particular breakthroughs on the distribution model or assignment of costs between the general administration / asset return?

Any feedback gratefully received.
Community: Beaufort Clients
If PWC were to charge costs per client then the whole problem would go away as everyone would be covered be covered by the £50,000 compensation limit. That is the fairest way to do it because transfer costs. to which rule 135 relate, are the same if you have shares valued at £1 or £1,000,000.
Everything that PWC has done thus far has been to maximize revenues for themselves while minimizing costs for the FCA with the bill being picked up by Beauforts clients out of their fully protected ring fenced holdings.
written 9 weeks ago by David Farrier  

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9 weeks ago by
The update is here: https://www.pwc.co.uk/services/business-recovery/administrations/beaufort/latest-news-and-update.html

Appears to be excellent news, very much as we wished to achieve. Congratulations are due to the creditors' committee who have done a first class job.

Now we need to get the Special Administration Rules changed, so that clients can never be put in such a situation again.
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