UK-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager after a Financial Conduct Authority review 'exposed significant regulatory breaches.
The FCA placed restrictions following concerns about the firm’s failings related to its 'Nextcrowd' platform.
The move to restrict Business Agent Limited came on 22 July 2024.
Following a review of the firm’s representations, the regulator issued a Second Supervisory Notice on 10 September 2024, detailing the findings and the restrictions imposed.
The review found a number of areas of concern about Business Agent Limited's operations, including:
Advice for affected investors
With the restrictions now in place, Business Agent Limited can no longer act as an ISA Manager. Investors with ISAs managed by the firm are urged to contact Business Agent Limited directly if they have concerns.
The restrictions relate to the platform not the investments. However, investors should reach out to the issuer of their investments to decide if there will be any impact.
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