Betaville

Beaufort Securities hit by FCA restriction

Here is some more grim news for the City of London's stockbroking industry. Beaufort Securities, formerly known as Hoodless Brennan, has been hit by an Financial Conduct Authority restriction on its discretionary fund management business. Below is a link to the FCA restriction:

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfH9TAAV

Now, to be fair it was actually New Model Advisor, a Citywire publication, that first discovered the FCA move to restrict Beaufort DFM business. Here is a link:

http://citywire.co.uk/new-model-adviser/news/fca-restricts-dfm-s-permissions/a984614?ref=author/jackgilbert

However, unfortunately the article doesn't explain why the regulator has placed this restriction on Beaufort. Indeed, one New Model Advisor reader goes on to ask in the comment box:

"For what alleged malfesance has the FCA seen fit to impose these draconian restrictions?".

It's a good question and one that I think I know the answer to. However, for legal reasons little old Betaville can't publish the answer...

Beaufort and the FCA both declined to comment...