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Beaufort Securities / HB Markets / Hoodless Brennan

Officially declared in administration as of the 1st March 2018
Declared in Default March 2018 – Max Compensation £50k

Beaufort Securities Ltd formerly HB Markets Ltd, formerly Hoodless Brennan PLC was officially declared in administration as of the 1st March 2018. The firm was involved in Stockbroking, Market making, Discretionary fund management and SIPP product sales.

The High Court has appointed Russell Downs, Dan Yoram and Douglas Nigel Rackham of PricewaterhouseCoopers, joint administrators of the above. According to The Telegraph PwC said its priority was to “identify, protect and in due course return client money and assets to rightful clients to the fullest extent possible”.

Beaufort Securities has also been charged with fraud by US prosecutors, the City Wire reports that “the DoJ is investigating Beaufort in relation to trading in the stock of a number of US companies and international money laundering”

And according to City Wire the DoJ have compiled a multi-count indictment against Beaufort securities and a number of its employees in a federal court in Brooklyn. The charges include conspiracy to commit fraud and money laundering conspiracy.

The FSCS is aware of the situation and is working with PwC to understand what this might mean for the firms’ customers and to assess the level of involvement the scheme will need to have.

Hallbrook Partners has been aware of the firm and its practices for several years and has been monitoring the situation with some interest. A significant number of existing Hallbrook clients have raised issues with their dealings with the firm but until now any complaint would need to have been taken directly to the firm and then the Financial Ombudsman Service (FOS), a route that many clients did not want to undertake due to the lengthy time frames and stress involved.

The firm has been declared in Default by the FSCS paving the way for clients of Beaufort Securities, HB Markets and Hoodless Brennan to submit a claim directly to the compensation scheme.

Our understanding is that ‘Long Stop Limitation’ will mean that claims will be restricted to those investments made within the last 15 years and that any dealings prior to that date will be ‘Time Barred’. However, this will only effect clients of the firm whilst it was called Hoodless Brennan.

The firm has been highlighted in the financial press on numerous occasions for various failings including a number of fines levied by the FSA as it was known prior to becoming the FCA.

We are imploring all clients of the above to review their dealings with the firm and consider making a claim for compensation.

If you are unsure as to whether this applies to you we offer a free no obligation consultation to assess the chances of your claim and operate on a conditional fee basis, meaning you will pay nothing up front.

Contact a Hallbrook representative today on free phone 0808 2 818 717.

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The Parlimentary Review

The Parliamentary Review is a series of fiercely independent publications. It reviews the latest events in parliament from a non-partisan perspective, but it is wholly independent of government. Those companies which feature within the publication are not in any way endorsed by the Government, any government agency or regulator. For more information please visit the Parliamentary Review website

Hallbrook feature in the 2017 edition of The Parlimentary Review which is available to view here.