FSA exposes bogus calls from broker

The Financial Services Authority has stopped an insurance and mortgage broker advising on regulated products after the firm posed as HBOS to convince customers to take out new policies.

The regulator took the action against Aaron Nickols, trading as Warwick Finance, over serious concerns about the company’s sales practices.

Warwick phoned customers claiming to be from HBOS and went on to use high pressure sales tactics to cancel their existing policies and take out a new policy.

The firm questioned the suitability of consumers’ existing products as well as the financial strength of their provider.

The company also took bank details from potential customers during the calls and took out policies without customers’ knowledge.

A statement from the FSA says: “Consumers who receive calls from Warwick Finance should not purchase insurance products from them as it no longer holds permission to conduct regulated business.

“Customers who have current policies with Warwick should check their policy is suitable for their needs and raise any concerns with Warwick Finance or the ultimate product provider.

“If in doubt, they should seek the advice of another authorised insurance broker.”