Press on the campaign

3 months ago by
I will use this note to record press coverage on our campaign.

Kicking off with:

Community: Beaufort Clients
Thanks to all for the effort that's so far been put into the campaign. I contacted the Sunday Times to ask if they could give some coverage of the situation and I got a reply from Ali Hussain, who said he was "looking into a story about Beaufort Securities and the wider implications for investors using small stockbrokers" to be published this coming Sunday. He was looking for a Beaufort investor to use as a case study. Unfortunately I'm going to be away this week so I was hoping to put him in touch with Nandish and/or Mark to find someone suitable - would that be OK? If so, what's the best way for him to contact you, please?
written 11 weeks ago by Jabe  
I am best contacted at We are looking for a suitable case study, who is also prepared to speak to the press, but haven't yet identified anyone. I will post a request in this community.
written 11 weeks ago by Mark Bentley  
Ali has now been in touch and I will get back to him.
written 11 weeks ago by Mark Bentley  
Managed to get some cases and information for Ali, believe there will be an article in this Sunday's edition.
written 11 weeks ago by Mark Bentley  
Looking forward to reading it - thanks. It will be behind a paywall but I'll try to put a screenshot or two online somewhere.
written 11 weeks ago by Jabe  
Think one can register to read a couple of articles per month. Will put it on here if I can get it.
written 11 weeks ago by Mark Bentley  
The article is here: I can read it, though I'm not a paying subscriber. Includes cases from amongst our campaign members. Thanks to Jeremy Parsons for stepping forwards
written 10 weeks ago by Mark Bentley  
Thanks to Mark and Jeremy for their contributions to this.
written 10 weeks ago by Jabe

[Subscriber only, unfortunately. See also my comments beneath the article]
written 3 months ago by Mark Bentley  
Here is a PDF of the article for non-subscribers:!Alp_KhteDnbJpBiULo-XxUvbmJHu Please do not share this link, or the FT might come after me for breach of copyright.
written 3 months ago by Mark Bentley  
My comment on the article:

I would just like to emphasise that ShareSoc doesn't just expect costs and fees to be lower than the original £100m suggested, but much lower. The BACSL creditors' committee will seek to achieve this and, if PwC don't co-operate, will seek to replace them as special administrator, which the committee has the power to do, subject to approval by the FCA and the court.
written 3 months ago by Mark Bentley  
Investors Chronicle editorial on Beaufort & our campaign: [subscriber only]
written 3 months ago by Mark Bentley  
...and here is the article for non-subscribers. Once again please do not share the link or article:!Alp_KhteDnbJpBl9G6NP-mux4tl4
written 3 months ago by Mark Bentley  
Here it is for non-subscribers, please do not share the link.!Alp_KhteDnbJpBvFol7jb4XQodXe
written 3 months ago by Mark Bentley  
Telegraph article:

Some intemperate language!

"“There’s a s--- fight happening at PwC next Wednesday morning,” one investor told The Telegraph, asking not to be named. “We’re going to tell them what we want, we’re not taking any cr--.”"

More significantly:

"Mr Downs said Wednesday’s meeting will focus on “what’s an appropriate estimate of costs” as well as the fairest way of sharing that fee. “This is a difficult matter,” he said."

If that's what Mr Downs thinks, I think he's in for a shock: it's not the estimate of costs that we want discussed, it's how to get those costs way down and putting a stop to the waste that seems to being going on currently.
written 3 months ago by Mark Bentley  
A further complication for the administration: ex-clients of Arjent:
written 12 weeks ago by Mark Bentley  
Which (Consumer's Association) Money magazine July 2018 has an article about "Are your investments safe if your broker goes bust" based on the Beaufort story.  It's a pretty poor article (amongst other things, it doesn't mention that ISA investments have to be held in a nominee, doesn't mention CREST membership) but at least there's a bit of coverage.  I might try and get a pdf (but it's barely worth it).
written 6 weeks ago by Allan Gould  
article (pdf)File attached: Which_Money_2018_07_July_p25_beaufort.pdf (97.64 KB)

written 6 weeks ago by Allan Gould  
written 5 weeks ago by Allan Gould  
Investors Chronicle brings up the subject again today: , quoting me.
written 5 weeks ago by Mark Bentley  
for those that can't see the article because it's behind a login, here's a pdf of the page concerned:
File attached: ICH_2018_07_13_p50.pdf (68.64 KB)

written 5 weeks ago by Allan Gould  
Hi All,,
Having spoken to my local MP (Peter Grant SNP in my area) and the conversation I had with him recently regarding Beauforts and rule 135, the ramifications that this can have with us all in regards to investing within nominee accounts, pensions, sips isa's etc  and the amount of money we are charged when we buy and sell shares in regards to the various financial authorities. I seriously think these MP's are totally in the dark as well, I know that we are basically being covered by the Financial authorities, but it has taken a hell of a long time for them to step up to the plate to assuage us, many thanks to Nandish and co for applying much needed pressure on this sorry crowd.
I think that given this sorry state of affairs is it worthwhile ( going for safety ) going back to share certificates? Dd
written 4 weeks ago by David Davidson  
Thanks David.

From next year, the FSCS covers up-to £85,000 per broker.

I think the best option right now is to split your money across different brokers so that it's covered by the limits until the law is changed and we have no idea when that will be done.

For trading accounts, perhaps you could look at brokers who allow the use of CREST where the shares are in your name, not the broker's name.

For the rest, SIPP and ISA, split them up across various mainstream brokers.
written 4 weeks ago by Nandish  
A rather poor (IMO) article was published in the Telegraph today:

The author says that :

"Beaufort, by contrast, used its discretionary model to put some of its clients’ money into esoteric and unregulated assets, some of which could not be quickly sold. The work involved in reuniting these assets with their owners is therefore vastly more complicated than would be the case with one of the big execution-only houses."

This is largely untrue: the vast majority of assets held by Beaufort were just ordinary shares and funds held in Beaufort's nominee, just as with the other larger brokers mentioned.
written 23 days ago by Mark Bentley  
Wealth Manager article

Treasury Select Committee rejects changes to insolvency laws.
written 23 days ago by Daniel Parr  
any chance you could quote/paraphrase/paste the pertinent part of the article onto this thread (TBH, I'm not a big fan of putting my registration details into another website). Thanks.
written 23 days ago by Allan Gould  
Hi Allan,

They have concluded that the Special Administration regime and the FSCS seems to have worked broadly as intended with fewer than 10 retail clients bearing any costs. The regulators in the broader sense have a view that the FSCS will step in and cover any client loss, so it's all worked out fine.

Of course this conclusion does not provide any protection for future insolvencies and does not recognize losses due to the inability to access trading accounts.

Regards Dan
written 23 days ago by Daniel Parr  
I'd tend to agree with your view that all may be fine with the Beaufort outcome, but doesn't cover future insolvencies.....
written 23 days ago by Allan Gould  
All is NOT fine, even with the Beaufort outcome, as costs likely to ultimately be ITRO £20m will end up being passed on investors in higher charges to cover the levy imposed on financial services firms. The Beaufort administration should have been much more straightforward and rapid than this, with a shortfall of only £370k and just 3 "tainted" accounts. PwC and Linklaters seem to have used a sledgehammer to crack a nut, racking up vast fees in the process, aided and abetted by the FCA.
written 16 days ago by Mark Bentley  
“so it all worked out fine” was the TSC's response to the Share Centre's call for changes in light of the Beaufort situation, as detailed in the article.
The TSC's conclusions should be challenged as this is clearly not the case, as all Beaufort clients will or should appreciate.
written 16 days ago by Daniel Parr  
Our approach on this is direct to the Treasury, rather than via the TSC. The latter's support would have been helpful, but not essential. Received an acknowledgement from the Treasury today to my letter following up on our meeting with the minister. We'll give them a bit more time before pressing for a substantive answer on what they intend to do. "Nothing" is not acceptable.
written 16 days ago by Mark Bentley  
Beaufort Securities US probe gathers speed as one pleads guilty

06 Aug, 2018

The US authorities’ probe into alleged fraud at collapsed wealth firm Beaufort Securities has gathered momentum after one of the six individuals indicted by the Depart of Justice pleaded guilty to a money laundering conspiracy.

Arvinsingh Canaye, who ran a connected offshore company, Beaufort Management, from his home island of Mauritius, also faces charges of conspiracy to defraud the US, which he denies, reports the Times.
written 12 days ago by Allan Gould  

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