Risk Notice

Regulatory warning: @next_vehiclesltd / @next.vehicles (Clone of FCA authorised firm)

The Financial Conduct Authority (FCA) has issued a regulatory warning concerning the entity identified as @next_vehiclesltd / @next.vehicles (Clone of FCA authorised firm). The FCA explicitly states that this firm is not authorised by the regulator and is a clone that has been impersonating the legitimate, UK‑registered company *Next Vehicles Ltd* (Company number: 05134347). The warning highlights that the clone has been contacting individuals and businesses under false pretences, using the authorised firm’s name, telephone number, and social‑media handles to mislead potential clients.

Why it matters

For professionals engaged in cross‑border trade finance, the presence of a clone firm poses several critical risks:

1. Counterparty Risk Amplification – Engaging with an unauthorised entity removes the safety net normally afforded by FCA authorisation, exposing parties to unmitigated financial loss. 2. Regulatory Protection Gap – Transactions with the clone do not qualify for the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). Consequently, any dispute resolution or compensation avenues that are standard for authorised firms are unavailable. 3. Payment System Exposure – While the Payment Systems Regulator (PSR) may offer limited protection for payments made on or after 7 October 2024, this coverage is narrow and contingent on specific circumstances. It does not replace the comprehensive safeguards of FCA authorisation. 4. Reputational Damage – Association with a fraudulent entity can tarnish a firm’s standing, especially in international markets where regulatory compliance is a key criterion for partnership selection. 5. Operational Disruption – Misdirected communications, erroneous invoices, and potential phishing attempts can lead to operational delays and additional compliance checks, diverting resources from core trade activities.

In the context of international trade, where counterparties often rely on regulatory frameworks to assess the credibility of foreign partners, the existence of a clone firm undermines confidence in the regulatory signal that an entity is legitimate and compliant.

Key points

  • The FCA has identified @next_vehiclesltd / @next.vehicles as a clone of an authorised firm, explicitly stating that it is not authorised by the regulator.
  • Fraudsters are using the following contact details:
  • Telephone: 07301455175
  • Instagram: @next_vehiclesltd – https://instagram.com/next_vehiclesltd
  • TikTok: @next.vehicles – https://www.tiktok.com/@next.vehicles
  • The unauthorised firm claims association with the genuine UK‑registered company *Next Vehicles Ltd* (Company number: 05134347) but has no real connection to it.
  • The clone may provide false or altered details such as email addresses, telephone numbers, postal addresses, and Firm Reference Numbers, potentially mixing them with genuine authorised‑firm information.
  • Engaging with the clone removes access to the Financial Ombudsman Service and the Financial Services Compensation Scheme, leaving parties with limited recourse if something goes wrong.
  • Payments made to the clone on or after 7 October 2024 may be covered by protections introduced by the Payment Systems Regulator, but this coverage is specific and limited.
  • The FCA recommends using the Firm Checker to confirm authorisation status and to obtain accurate contact details for authorised firms.

Institutional context

UK Permissions and FCA Authorisation

The FCA regulates firms that provide financial services in the United Kingdom. Authorisation is a prerequisite for any entity that wishes to offer, promote, or facilitate financial services, ensuring that such firms meet stringent standards of conduct, governance, and financial resilience. The FCA’s regulatory framework is designed to protect consumers, maintain market integrity, and promote competition.

The Firm Checker Tool

The FCA’s Firm Checker is an online resource that allows individuals and institutions to verify whether a firm is authorised, the scope of its permissions, and its contact details. By cross‑referencing a firm’s name or registration number against the FCA database, users can confirm the legitimacy of a provider before entering into contractual or financial arrangements.

Relevance to Trade‑Finance Counterparty Checks

In cross‑border trade finance, counterparties often rely on regulatory authorisation as a proxy for financial soundness and compliance. A firm that is FCA‑authorised is presumed to have met rigorous due‑diligence requirements, thereby reducing the counterparty risk that institutions must manage. Conversely, a clone that is not authorised undermines this risk assessment framework. Institutions that fail to verify authorisation may inadvertently expose themselves to fraud, non‑payment, and legal exposure.

Implications for Institutional Due‑Diligence

  • Verification Layer – The FCA warning underscores the necessity of incorporating authorisation checks into the due‑diligence matrix for all counterparties,

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Entities covered

Source: FCA Warning List