The Financial Services Compensation Scheme (FSCS) has started an investigation into Hertforshire-based financial adviser Business Agent Ltd (FRN: 669880).

The firm also traded as NextCrowd and NextFin.

Business Agent entered into administration on 8 May 2025, and appointed Louise Longley and Julian Pitts of Begbies Traynor Group as joint administrators.

The FSCS is investigating whether eligible claims against the firm are possible under its rules. It is not yet open to customer claims.

The Hertfordshire-based firm had been authorised by the FCA since September 2015 and was authorised to arrange deals in investments and credit broking.

The firm was incorporated as a private limited company in December 2013, when it was registered as an advertising agency.

Business Agent has previously been subject to a number of FCA restrictions.

In February 2018 the firm was told not to carry on any activity that would constitute consumer buy-to-let mortgage business unless it registered as a consumer buy-to-let mortgage firm.

From July 2024 the firm also became subject to an order to cease regulated activity without the FCA’s prior written consent. At this time it also become subject to a requirement to secure and retain all records and to notify all clients and providers it holds accounts with of the order to cease regulated activity.

In February 2023 Business Agent’s directors agreed to create £3,000,000 three-year maturity 12% fixed rate secured loan notes, with these created in November 2024. Loan notes are more usually used as a form of funding for entrepreneurs and young businesses. According to Companies House the loan charge remains outstanding.

The most recent financial statement made by the firm to Companies House (31 December 2023) shows the firm owing creditors £252,841.

Business Agent had two advisers registered with the FCA at the time of entering administration, Xiaoshu Gao and Sacha John Bright. Both were directors of the firm.