Wise Owl stops offering mortgages and insurance

Wise Owl Services Limited is no longer permitted to conduct insurance and mortgage activity, 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 contact the firm agreed to remove its permission to conduct regulated insurance and mortgage activity.

The Birmingham-based firm’s insurance customers may find their policies affected, particularly those who took advantage of the its ‘free life insurance’.

Wise Owl Services agreed to pay the regular premium for a set period, usually 12 months, for customers of ‘free life insurance’.

It appears the firm has stopped paying these premiums as promised and customers may be unaware they are no longer insured.

The FSA advises customers affected to contact their insurer to check their policy is valid.

If customers are paying premiums direct to Wise Owl Services they should check with the insurance provider to ensure it has received the premiums and your insurance is still in place.