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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.

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  • information 25th October 2010 at 4:28 pm

    Sounds like this company runs the same way as a previous company who were struck off called warwick finance. In fact i pretty much guarentee it is the same company!

  • information 25th October 2010 at 4:28 pm

    Sounds like this company runs the same way as a previous company who were struck off called warwick finance. In fact i pretty much guarentee it is the same company!

  • phil stainton 12th August 2010 at 1:45 pm

    So I guess they will not advertise then !

    WISE OWL INSURANCE SERVICES
    LEICESTERSHIRE, HINCKLEY HINCKLEY, STATION ROADGreat Britain
    insurance brokers commercial insurance brokers mortgage brokers

  • TD 11th August 2010 at 5:08 pm

    Very good steve…….. And how did the Wise old owl attract these customers?

    IT took a TWIT T’WOO…..!!!

  • Steve Sneddon 11th August 2010 at 11:44 am

    How do they get away with it for so long? (Anonymous)

    Quite simply, this wise old owl doesn’t give two hoots…!!

  • Andy Valvona 11th August 2010 at 9:53 am

    All authorised firms have the option of applying to hold client money. Those that do have more stringent capital adequacy requirements than those that don’t.

    A firm who is authorised to hold client money will have “Able to hold and control client money” displayed in the notice section of their basic details entry in the FSA register.

  • John Toogood . Debt Free 11th August 2010 at 9:52 am

    When I was conducting Insurance business on a regular basis, the insurance companies would not accept payments other than by Direct Debit and the Direct Debit had to be in the name of the policyholder unless there were exceptional circumstances. I dont consider a marketing scam by what turns out to be an unethical broker an exceptional circumstance! When did things change and why?

  • Anon 11th August 2010 at 9:40 am

    How the hell do these firms get away with this for so long? I thought we were not allowed to hold client money????