The administrators of Beaufort Securities Ltd, the London brokerage firm whose operations the Financial Conduct Authority suspended in early 2018, have raised the alarm about a potential scam.

Apparently people claiming to be representatives of PricewaterhouseCoopers (PwC), Beaufort, The Share Centre Ltd (TSC) or other third parties are approaching Beaufort clients, asking them to transfer money to them so they can move their holdings to the nominated broker. The Financial Services Compensation Scheme has also become aware of people offering to help with the return of clients’ accounts.

These people are definitely not acting on behalf of the administrators, PwC or any nominated brokers, so Beaufort clients and their representatives at wealth management firms should ignore them. If in doubt, they should contact the administration helpdesk at +44 (0)20 7293 0227.