The Financial Conduct Authority (FCA) has placed restrictions on digital wealth management firm Strowz in response to “significant concerns”.

Strowz can no longer undertake any regulated activity, accept any further client money, or move or facilitate the movement of client assets or client money without the FCA’s express permission.

The firm is also required to keep assets in the business and notify the regulator about any additional bank accounts it intends to open.

The FCA placed these restrictions on Strowz following serious concerns about the firm not meeting the minimum requirements that firms need to fulfil to carry on regulated activities.

The regulator found that Strowz was handling client money without having adequate systems and controls in place to prevent this money being mixed with the firm’s own funds.

Furthermore, the FCA noted that third parties were potentially able to access money held by the firm on behalf of its clients.

It found that the firm was also acting outside the scope of its regulatory permissions in relation to its client asset arrangements, which the FCA said could have put clients at “significant risk of harm”.

The FCA issued its First Supervisory Notice to Strowz on 2 April 2025.

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