The head of Beaufort Securities, Tanvier Malik, has claimed he injected more cash into the broker just days before it was shut down by the FCA over growing concerns it was insolvent.
Speaking to The Sunday Times, Malik said he had no idea the FCA had serious concerns over its finances.
The FCA secured a High Court order to close Beaufort, which was announced on the same day at US prosecutors indicted it for running a stock scam and attempting to launder the proceeds.
Malik said: “We are all in shock. We still can’t get our heads around it. Not at one time have they said to me as CEO in the past three months ‘we have concerns with your balance sheet – you need to strengthen your balance sheet’. There’s no shortage of cash. There’s over £2m there.”
The FCA declined to comment, but sources close to the regulator said a judge would not have agreed to the closure unless its report on the firm’s finances – carried out by the accountants PwC – had shown it to be insolvent.
Latest News
-
One in four IFAs looking to introduce AI in 2025, study finds
-
British Business Investments provides £20m facility to Sprk Capital
-
Share of incorporated portfolios more than doubles since 2020
-
Average two and five-year fixed rates drop at start of 2025
-
Mortgage Advice Bureau takes stake in Dashly
-
Housing market is ‘turning’ despite negative prices, e.surv states
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories