Business Agent Limited, trading as NextCrowd and NextFin, has entered administration. The FCA had placed restrictions on the company in July 2024 following significant regulatory breaches.
Louise Longley and Julian Pitts of Begbies Traynor were appointed joint administrators on 8 March 2025.
In January 2025, Business Agent ceased to be an HMRC-approved ISA manager, but it remains authorised by the FCA.
Key regulatory concerns causing the FCA’s 2024 restrictions included:
- Unauthorised handling of client money
- ISA Regulations non-compliance
- Lack of systems and control to manage potential conflicts of interest and conduct adequate due diligence on investments listed on the Nextcrowd platform
- Failure to disclose information about individuals connected to the firm
- Potential breach of financial promotions regime.