Beaufort Securities, the struggling City broker, has been declared insolvent by the UKs financial watchdog.
The move came after the Financial Conduct Authority carried out an assessment of the finances of the small-cap stockbroker, which caters largely to retail clients, and Beaufort Asset Clearing Services, its corporate client arm.
The regulator said that insolvency practitioners would take over the running of the firm in order to protect assets from dissipation and protect the customers. The High Court had appointed three consultants with PwC as join administrators of both companies following an urgent application from FCA.
The troubled bro…
Read the full article at: https://www.ft.com/content/8d293512-1dfa-11e8-aaca-4574d7dabfb6
