Hi folks and welcome back to another five minute Friday here on Meaningful Money, it's great to have you with me once again.

You ready for the weekend?

Now this video is a follow-up to the first ever five minute Friday 14 or 15 weeks ago

and it's necessary because something has happened recently which calls into question a little

bit what I spoke about in that episode. So before I go into any

detail let's put five minutes on the clock down here and let's dive in. Now the first

ever five minute Friday was called Is My Money Safe and in that video I

talked about if you invest with an investment manager

there is often a nominee involved and what the nominee does is actually hold the

money and hold the assets that you invest in and the investment manager gives instructions

to that nominee and the idea is that there's a separation between your money and the funds

of the investment manager so they can't dip into your cash if they get into a spot of bother.

We also talked about a set of rules called the client money and asset rules, which are designed

to segregate your funds from the provider's money.

And of course we talked about the Financial Services Commenceation

Scheme and all that jazz. But in the last few weeks a company called Beaufort Securities

Limited has been placed into administration by the Financial Conduct Authority,

which is the industry regulator in the UK.

And the reason this is important is because in the winding up of that company,

there are obviously costs involved with that, and client money has been used or will be used to fund those costs.

Now one thing that's important to understand is that with

Beaufort securities they were their own nominee, separate company but

...