Following the FSA’s contact, the firm, which traded as Wise Owl Insurance Services and Wise Owl Mortgage Services, 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 that took up the firm’s ‘free life insurance’ offer, where it agreed to pay the regular premium for a set period, usually 12 months.
The FSA said it appears that the firm stopped paying these premiums as promised and customers may not be aware that 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.
