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Friday 02 March, 2018

Financial Conduct

Beaufort Securities and Beaufort Asset Clearing

RNS Number : 4726G
Financial Conduct Authority
02 March 2018
 

Beaufort Securities Limited (BSL) and Beaufort Asset Clearing Services Limited (BACSL) are placed into insolvency

Following an urgent application by the Financial Conduct Authority (FCA), the High Court has appointed Messrs Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann of PricewaterhouseCoopers (PwC) as joint administrators of BSL and joint special administrators of BACSL. 

The FCA took this action following an assessment of the financial positions of BSL and BACSL (the Firms) which led the FCA to believe that both Firms are insolvent.  The FCA also considers it necessary for insolvency practitioners to take over the running of the Firms in order to protect assets from dissipation and protect the customers of both Firms.

The FCA has also imposed requirements on the Firms, with immediate effect, using its own-initiative powers under the Financial Services and Markets Act 2000 (the Act), requiring the Firms to cease all regulatory activity and not to dispose of any firm or client assets without the FCA's consent. 

The joint administrators / joint special administrators will contact all affected customers of the firms in due course.  If customers of the Firms require more information about how they will be affected, they should contact PwC (contact details will be made available by PwC through the day).

 

Notes to editors

1.  On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).

2.  The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.

3.  Find out more information about the FCA.

Enquiries

Press:                                                       020 7066 3262

Outside office hours:                                  07795 351 956


This information is provided by RNS
The company news service from the London Stock Exchange
 
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