Wealth management firm hit with FCA restrictions

In a news update today (22 May), the FCA stated that it had "significant concerns" that Strowz was not meeting minimum requirements to carry out regulated activities. Findings included that Strowz was handling client money "without having adequate systems and controls to prevent client money being mixed with the firm's own funds", the FCA stated. Third parties were potentially able to access money held by Strowz on behalf of its clients, according to the FCA. It was also acting "outside the scope of its regulatory permissions" on client asset arrangements, the FCA stated. The regul...