When a broker goes into insolvency, such as Beaufort Securities, as reported in today’s City AM. It’s an absolute nightmare for clients.
The administrators, despite their growing experience with stockbroker insolvencies, tend to move slowly. For instance when MF Global went into administration clients had no idea if they had open derivatives positions or not.
But for Beaufort Securities clients looking for a new home for their investments take a look at our investing accounts comparison tables. You can compare SIPP, ISA, stockbrokers as well as high risk investments like spread betting or Forex trading.
Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.