Clients of Beaufort Asset Clearing Services are set to get money and assets returned to them after a High Court ruling.

The Financial Services Compensation Scheme (FSCS) revealed the good news for investors today.

It said the “vast majority” of clients of the failed firm will get back all their cash and assets, with FSCS set to pay out.

The distribution plan, which had been agreed by Beaufort’s creditors’ committee on 13 July, was approved last week by the High Court.

Mark Neale, FSCS chief executive, said: “This is a big step on the road towards a successful resolution for clients.

“Under the approved plan, the vast majority of Beaufort clients will receive back all their cash and assets with no need to make a claim to FSCS.

“FSCS will compensate eligible clients for the administration costs, which for assets will be capped at a maximum of £10,000 per account.

“In addition, FSCS will also compensate for the distribution costs of returning cash up to the overall limit of £50,000 for investment claims.

“FSCS continues to work closely with the special administrators PricewaterhouseCoopers as we focus on delivering the best outcome for clients in the wake of the Beaufort collapse.

“Asset transfers are expected to start in mid-September in line with the approved plan. 

“We also believe that the approved plan will deliver in an efficient way, which will control the cost to the levy payers who fund FSCS.”