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UK compensation scheme kicks in after asset managers' insolvency

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UK compensation scheme kicks in after asset managers' insolvency

The U.K.'s FCA said May 29 that most customers of Beaufort Securities Ltd. and Beaufort Asset Clearing Services Ltd., will be fully reimbursed for any losses as a result of the asset managers' insolvency.

The two companies were placed into insolvency in March.

In a frequently asked questions posting on its website, the FCA said PricewaterhouseCoopers, which is serving as the administrator, expects more than 90% of customers are eligible for reimbursement through the country's Financial Services Compensation Scheme Ltd., provided that each claim is less than £50,000.

The watchdog expects the distribution plan to launch in September, pending creditor and court approvals.

PwC has calculated that the cost of the entire exercise, which is expected to run over two years, will be an estimated £55 million.