FSA prevents Wise Owl offering insurance and mortgages

clock • 1 min read

Birmingham-based Wise Owl Services is no longer permitted to conduct insurance and mortgage activity after the FSA contacted the firm over concerns about its sales practices.

The firm, which traded as Wise Owl Insurance Services and Wise Owl Mortgage Services, has now agreed to remove its permission to conduct regulated insurance and mortgage activity.

Customers who took out insurance with Wise Owl may be affected, particularly those who took up the firm's ‘free life insurance' offer where the firm agreed to pay the regular premium for a set period, usually 12 months.

The FSA said it appears the firm stopped paying these premiums as promised and customers may not be aware they are no longer insured.

The regulator has urged customers of Wise Owl to contact their insurer directly to check if their policy is still in force.

Customers paying premiums directly to Wise Owl should also check with their insurance provider that it has received the premiums and the insurance is still in place.

More on Individual Protection

CMA clears Aviva/AIG Life acquisition

CMA clears Aviva/AIG Life acquisition

Full decision to be published shortly

Cameron Roberts
clock 28 March 2024 • 1 min read
Legal & General pays out £921m in individual protection claims

Legal & General pays out £921m in individual protection claims

“High levels of deliberate misrepresentation”

Jaskeet Briah
clock 28 March 2024 • 2 min read
22% of adults without children delay taking out protection: L&G

22% of adults without children delay taking out protection: L&G

11% were putting off financial decisions until marriage

Jaskeet Briah
clock 27 March 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read