Restrictions imposed on wealth management firm Strowz Ltd in response to significant concerns

Strowz Ltd[1] cannot undertake any regulated activity, accept any further client money or move or facilitate the movement of client assets or client money without our express permission. The firm is also required to keep assets in the business and notify us about any additional bank accounts it intends to open. 

This follows serious concerns about Strowz not meeting the minimum requirements that firms need to meet to carry on regulated activities. 

We discovered that the firm was handling client money without having adequate systems and controls to prevent client money being mixed with the firm’s own funds. Third-parties were potentially able to access money held by the firm on behalf of its clients. The firm was also acting outside the scope of its regulatory permissions in relation to its client asset arrangements, which could have put clients at significant risk of harm. 

You can access a copy of the First Supervisory Notice[2] which outlines further details about our concerns and the basis for imposing the restrictions. 

Be alert to scams

All clients should remain alert to the possibility of fraud or scams. If you are cold called by someone claiming to be from Strowz, please end the call and contact them using the contact details on the FCA Register[1]. 

We recommend that clients review information that the FCA has published on our website, to help protect people from scams.

Find out how to protect yourself from scams[4], including recovery room scams[5].