Business Agent Limited trading as NextCrowd and NextFin enters administration

Business Agent Limited notified customers on 4 December 2024 that it would no longer be an ISA manager. From that date, customers had 30 days in which to transfer their ISA or IFISA to another HMRC-approved ISA manager to retain the tax wrapper on their investments. 

The firm subsequently ceased to be an approved ISA manager on 9 January 2025.  

Any ISA or IFISA accounts which remained with Business Agent Limited after 9 January 2025 do not benefit from the ISA tax wrapper. This means that all funds invested via an ISA or IFISA offered by the firm and which were not transferred to another HMRC-approved ISA manager before 9 January 2025 will be treated as general investments and may attract tax charges. 

Should any customer have questions regarding the tax on their investments, they may wish to contact HMRC or seek independent financial advice.  

Customers holding loan notes issued directly by Business Agent Limited will be entitled to make a claim as a creditor in the administration for any amounts they may be owed by the firm. 

The administrators will contact you by no later than 3 July 2025 with further information about the administration of the firm. If you require further information in the meantime, contact the administrators using the details above. 

The FSCS protects consumers when UK financial services firms go out of business.  

Whether you’re covered by the FSCS will depend on the:  

• firm
• type of activity the firm did

The FSCS is investigating whether there is likely to be any claim against the firm that meets the qualifying conditions for compensation.  

Customers should refer to the FSCS dedicated page for Business Agent Limited for further updates. 

Find out more about what the FSCS covers and compensation limits. 

Think carefully if you are approached by a claims management company (CMC). 

For most customers, there is no benefit in involving a third party in reclaiming your money or assets. 

If you use a CMC to assist in the return of your money or assets, the CMC is likely to seek a fee which may reduce what you get back. 

If you are considering using a CMC to assist with the return of your money or assets, we suggest you first discuss this with the administrators using the contact details provided on their website. 

Business Agent Limited is still authorised by the FCA and remains subject to our oversight and rules.  

The administrators are officers of the Court and need to comply with insolvency law. The individuals appointed are authorised to act as licensed insolvency practitioners by the Institute of Chartered Accountants in England & Wales. We will work with them as appropriate.