Administrators for Beaufort Securities, the disgraced UK broker that was closed down by regulators in March, have said it could cost as much as £100m to return the cash and assets held by the company, currently valued at £550m, to its thousands of private investor clients.
The administrative cost of carrying out insolvency proceedings for Beaufort Securities will be in the tens of millions of pounds, according to Russell Downs, a joint administrator and partner at PwC, which was brought in by the Financial Conduct Authority after it shut Beaufort just hours before the US Department of Justice brought criminal charges.
In the worst-case scenario in which the process stretches out over four years the costs could rise to £10…
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