The United Kingdom’s Financial Behavior Authority (FCA) today confirmed the imposition of restrictions on Strowz Ltd.
Strowz Ltd cannot undertake any regulated activity, accept further customer money or move or facilitate the movement of assets or money of customers without FCA explicit permission. The company is also obliged to maintain assets in the business and alert the regulator of any additional bank accounts it intends to open.
This follows serious concerns about Strowz that does not meet the minimum requirements that businesses must meet to continue regulated activities.
The FCA found that the business was handling a customer money without sufficient systems and controls to prevent customers’ money from mixing with business funds. The third parties were potentially able to access money owned by the business on behalf of its customers. The company also acted out of the scope of its regulatory rights in relation to its client’s assets arrangements, which could put customers at a significant risk of damage.