The FCA has placed restrictions on Business Agent Limited in respect of failings related to its “Nextcrowd” platform. As a result the form can no longer act as an ISA manager. The FCA’s concerns, which led to a first supervisory notice in July and a second in September, included:
- that the firm was holding and controlling client money without the necessary permissions;
- the firm received ISA subscriptions into accounts that weren’t properly set up under the ISA Regulations;
- the firm did not have in place proper measures to manage potential conflicts or conduct adequate due diligence on investments it listed on its platform; and
- potential breaches of financial promotion rules.