***CONFIRM YOUR BEAUFORT HOLDINGS NOW - BAR DATE OF 8TH JUNE 2018***


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9 weeks ago by
I urge every client to read the documentation about the portal and confirm their client asset / money balances with Beaufort ASAP via the portal. Discrepancies can be communicated via the portal. There is bar date of 08th June 2018. There is a very useful user guide on the portal that has screen-shots of all the steps.

Any share dividends that are received after the 1st March 2018 are NOT included in the client portal cash money and are pooled in a separate client money account by PWC.

Link to portal

https://www.pwc.co.uk/services/business-recovery/administrations/beaufort/bardatenotifications.html

Once you have done this, please complete the POLL / SURVEY in the forum.

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What is the effect of the Bar Dates?
The effect of the Bar Dates is explained in more detail below and in the FAQ guidance
document available via the client Portal. However, in short, clients who submit
their claims after 8 June 2018 are not guaranteed to have their claims
taken into account when distributions are made. The administrators will, in
any event, take into account those clients’ entitlements which are reflected in BACSL’s
books and records, including any adjustments that the administrators identify in due
course. It is therefore very important that you submit your claims for client
assets and client money to BACSL on or before the Bar Dates i.e. 8 June
2018.
Community: Beaufort Clients
2
Finally logged in and now can see all my holdings after about 2 days and lots of phone calls mainly with people who have'nt a clue .why cant they just electronically transfer my shares to a new broker ?
written 9 weeks ago by ron marshall  
That's what they will do eventually in the end in September 2018 ; this process is to give all holders a 'clean' title to their holdings once the court approves the distribution plan.
written 9 weeks ago by Nandish  
Let's hope so ! i noticed  i only had £5,98 in my cash account i just wondered about the dividend payments PWC seem to be over complicating all this .must be worse for the clients with Pensions ISAs etc with Beaufort  .i would have thought that transferring our share holdings when they have identified them on your account would be quite straight forward but noting seems that easy with PWC not much faith in them to be honest and there IT System leaves a lot to be desired ,we should have all smelled a rat when beaufort changed there IT System Ce La Vie!
written 9 weeks ago by ron marshall  
1
Please note that we have been advised by a member of creditors' committee that anyone who does not confirm their money/asset balances before the bar date may incur an additional delay before their assets and money are returned. No money or assets will be returned where they have not been agreed with the client. Disputes need to be resolved with PwC.

So, it is even more important that you confirm your account ASAP.
written 8 weeks ago by Mark Bentley  
Note that by responding promptly you can help to speed up PwC's account reconciliation process, thus reducing administration costs and helping to shorten the timescale until assets can be returned.

Spread the word!
written 9 weeks ago by Mark Bentley  
Can we have a link to the Portal please?
written 9 weeks ago by J.Collins  
It was there in the post, but I have now made it more visible.
written 9 weeks ago by Nandish  
the information in the portal which i finally got access to does not indicate the book costs, does anyone know why this the client portal is showing an inaccurate picture for client holdings, we have waited so long for this cumbersome and inaccurate system?
written 8 weeks ago by Chandresh Varsani  
The client portal does not indicate valuations or book costs.

It will only indicate the number of units / shares as at the 1st March 2018. Are these correct for you?
written 8 weeks ago by Nandish  
Yes just tells you the holdings you own and amounts 
written 8 weeks ago by ron marshall  
Hi All, My wife and I have 3 accounts with them and also 2 different email addresses and we found the portal complicated (I'm 62) but we eventually managed to overcome the difficulties and we eventually had replies from them confirming our client holdings. One of our accounts is a joint names (my wife kept her own surname). The other account only in her name and also 1 isa in her name. I was wondering how that will play out, will they treat the 3 accounts separately or club the 3 of them together?. Also after the return of our shares what will happen to the dividends (by September our Divis will or should have been roughly £6500-£7000, any thoughts? David
written 8 weeks ago by David Davidson  
I don't quite understand you here but you should have access to the joint account. And your wife should have access to the joint account, the other account in her name, and the ISA.

When you logged into the portal, was this the case?

The dividends after the 1st March 2018 are pooled into a new account. I believe they will be returned provided that you have catered for all the costs.
written 8 weeks ago by Nandish  
Hi Nandish,
Sorry if I confused you, we managed to log on and accept our holdings within the portal from our different email addresses and the totals were correct in the 3 accounts that we hold.
So I assume from your reply that the dividends will have a charge for their return as well as the shares.
David
written 8 weeks ago by David Davidson  
Hi David,

There will one charge for each account. The basis for that charge is to be negotiated between PwC and the creditors' committee (and approved by the FCA and the Court). There are many possible options for calculating that charge. It is PwC's intention, which we agree with, that the charge should be paid in cash, so as to avoid any need to sell shares. It is immaterial (AFAICS) whether that cash comes from the original account or from accrued income. But the income has been separated so as to keep that cash available for settlement of administration costs (some or all of which could be reimbursed by the FSCS).
Best,
Mark
written 8 weeks ago by Mark Bentley  
Mark, Thanks for the info. Dd
written 8 weeks ago by David Davidson  

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