The Financial Conduct Authority (FCA) has declared troubled wealth firm Beaufort Securities Limited (BSL) and sister company Beaufort Asset Clearing Services Limited (BACSL) insolvent.
The high court has appointed Russell Downs, Douglas Nigel Rackham and Dan Yoram Schwarzmann of PricewaterhouseCoopers (PwC) as joint administrators of BSL and special administrators of BACSL after an urgent application by the financial regulator.
The FCA took this action following an assessment of the financial positions of BSL and BACSL which led the FCA to believe that both firms are insolvent, a statement read.
The FCA also considers it necessary for insolvency practitioners to take over the running of the firms in order to protect …
Read the full article at: http://citywire.co.uk/new-model-adviser/news/fca-declares-troubled-dfm-beaufort-securities-insolvent/a1097424
