Wise Owl Services is no longer per-mitted to conduct mortgage and insurance activities, the Financial Services Authority has revealed.
The FSA originally contacted Wise Owl Services, trading as Wise Owl Insurance Services and Wise Owl Mortgage Services, over concerns about its sales practices.
Following this the firm agreed to give up its permissions to conduct regulated insurance and mortgage activities.
The FSA says the Birmingham-based firm’s insurance clients may find their policies are affected, particularly those who took advantage of its free life insurance offer.
Wise Owl agreed to pay the regular premiums for customers of free life insurance for a set period, usually 12 months.
But the FSA says the firm seems to have stopped paying these and some customers may be unaware that they are no longer insured.