Beaufort Securities Limited started out in 1992 and have previously being known as Hoodless Brennan & Partners, Hoodless Brennan PLC, HB Markets PLC and HB Markets Ltd.
Providing financial services such as Discretionary Fund Management, Stockbroking, as well as aspects of SIPP pensions and investments, the Beaufort Securities group of companies have been no stranger to controversy.
In 2003, they were fined for producing false and mis-leading info for an announcement they made that they had placed £2.5m of shares in PrimeEnt Plc – a media company listed as on the AIM (Alternative Investment Markets) – when that wasn’t the case.
In 2006 they were fined again after the FSA considered that Hoodless Brennan staff had deliberately engaged in “unacceptable selling practices”
Fast forward to 2018 and Beaufort Asset Clearing Services went into special administration following an FBI undercover operation involving alleged money laundering, securities fraud and a Picasso Painting!
Both companies have now gone into administration with PricewaterhouseCoopers overseeing the Administration.
In 2016 the FCA placed restrictions on Beaufort Securities in respect of regulated activity and claims started to arise in respect of the Beaufort SIPP as it became clear that the high-risk investments within this SIPP were unsuitable for the investors who had been advised to transfer into it.
As with most cases of SIPP mis-selling, the claim for compensation is usually made against an IFA for the regulated advice. However, a DFM also has a regulated obligation and in a case upheld against Beaufort in 2017, the FOS said: ‘Even if there was some input from the IFA, Beaufort Securities accepts that its DFM had authority to make his own investment decisions.’
The Aegis Power Bond is an investment known to have been included in some Beaufort portfolios.
If you invested in with Beaufort, either with their DFM service or into the Beaufort SIPP you might want to get advice as to whether you have been mis-sold as you could make a claim for compensation.
For a free initial check, fill in the enquiry form to arrange a convenient time for us to call you. Or call 0114 2664216 and have a chat with one of our Team.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.