Client Claim portal

3 months ago by
Alex T  
PwC have sent me an invitation to confirm that their records of my assets / cash situation is correct.

- I haven't been sent any login details for this, so can't actually see anything – has anybody else received these?
- Do we risk prejudicing any rights we have by confirming if their statement is accurate?


Edit: received the login details and, after a few pointless steps, was able to see that the holdings were accurate.
Community: Beaufort Clients
I got   email but does not work.   so far got 3 emails , none of them work.   I   will talk to them last one 10 min ago.
written 3 months ago by jay  
Hi Jay,

Did it work for you then?
written 3 months ago by Nandish  

2 Answers

3 months ago by
AFAIAA there is no prejudice in confirming that the statement is accurate, if it is. It simply means that PwC can better reconcile actual assets held in BACSL with client accounts, if they have confirmation that the client account statements they hold are accurate.

The statement will be presumed accurate if there is no response to the contrary before the bar date.
3 months ago by
AFAIK if you agree to the FSCS compensation proposal, you will be assigning all your rights to the FSCS and won't have any claims against Beaufort after that. PwC have not mentioned anything about this in their most recent letter, but you should be aware.

I have sent them an email on this matter.

In the case of the administration of Hartmann Capital , read this

What happens if my losses are over the £50,000 compensation limit and I accept compensation from FSCS?

If you choose to accept FSCS compensation, you will be required to assign (or legally transfer) all of your rights to claim in the administration to FSCS.  FSCS will then claim in the administration instead of you and will claim for the whole of your loss (including losses in excess of £50,000). If FSCS receives dividends in your place, it will then pay back to you any amounts that you would otherwise have received if you had accepted the dividends before claiming from FSCS.  Our rules require that you are no worse off whether you claim from us or the administrator first.

FSCS does not have to have make a full recovery of its £50,000 before it starts paying its dividend recovery to claimants.

In some instances, a small charge may be deducted for the administrative costs and associated expenses of dividend recovery and distribution.

Claimants are not compelled to claim through FSCS, or to accept the offer of FSCS compensation.  If you do not want to assign (transfer) your claim to FSCS in exchange for compensation, then you can refuse FSCS compensation and continue your claim in the administration. After you have received the dividend(s) you can return to FSCS to claim for any remaining shortfall.  

If you choose to pursue your claim with the Special Administrators directly, you should advise them immediately.

Also see this in the case of Fyshe, Hoyton and Finney
Hi Nandish,

Thanks for pointing this out. That was not made clear whatsoever. However, is there any benefit to running the claim yourself if the loss is over the £50k limit, other than this dividend issue (which does seem rather cheeky).
written 3 months ago by Alex T  
In this case probably not as the house estate has no money to pay unsecured creditors even. The 'dividends' doesn't refer to dividends in the normal sense as we know it, but recoveries made from the estate later on.

I have written to PwC, but I have yet to get a response (Am not sure I will)

written 3 months ago by Nandish  
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