The administrator to Beaufort Securities, the failed City broker, has warned that it could take many months to return cash to investors.
PWC confirmed that it expected to make substantial returns to clients after costs and that it had ringfenced £50 million in segregated client money accounts, alongside freezing close to £800 million in client assets. Nigel Rackham, joint administrator, said that the process of returning the money was unlikely to begin before mid-April.
The Financial Conduct Authority placed Beaufort into administration on Friday after discovering a shortfall in its finances…
Read the full article at: https://www.thetimes.co.uk/article/beaufort-investors-must-wait-for-cash-blz5t2qtb
