It's blindingly obvious we need an ABP2P Lenders Association

It is anticipated that the vast majority of client assets will be transferred to another broker in September, without loss or costs payable by individual clients, and Beaufort clients will regain access to their assets at that time, via the new broker.

A particular concern has been the costs incurred by the administrators in this case. PwC’s witness statement, laid before the court, revealed that the total asset shortfall was just £370,000 (out of over £550m of assets) and that just 3 accounts out of more than 15,000 were “tainted” by involvement in the illegal activities that were prosecuted by the US authorities. Yet, to resolve this PwC have levied fees of £5.1m and their legal advisers, Linklaters, additional fees of £1.4m in the period to 31st May alone. PwC have reserved a sum of £55m for the ultimate total costs (though the final figure is expected to be significantly less than this). 70% of this figure is expected to comprise PwC and Linklater fees + VAT.

On 18th July, John Lee, Mark Northway and I met with City minister John Glen and government Lords Treasury spokesman Lord Bates, who were accompanied by three Treasury officials, to discuss the Special Administration Regime. The meeting was reasonably positive and Mr Glen expressed his concern about the damage to confidence that the Beaufort case and revelations about Special Administration Rule 135 had done. Our case was undoubtedly boosted by the number of letters sent to MPs by ShareSoc and Beaufort Campaign members, as well as the unfavourable press coverage, and we wish to express our thanks to those that wrote to their MPs.