The service launched in 2006 and offered brokers financial leads from the consumer-facing website BeatThatQuote.com.
However, the firm was bought by internet search giant Google in March 2011 and it has now taken the decision to close the broker leads service.
The firm will take no new orders for leads from 2 January 2013.
Mortgage Solutions understands that the site had between 1,000 and 1,500 mortgage advisers active at any time and was used regularly by around 7,000 brokers.
Any users with remaining credit balances will have the amounts refunded in cash and brokers will be able to access their accounts until the end of March.
A spokesperson for the firm said: “We will continue with business as normal until January, with everything as it always has been. From that date on we will stop accepting new orders.
“From 15 January we will then start to consolidate all the credits owed to brokers and organise any payments that need to be made. Brokers will be able to access all of their data from then until March.”
A confidential email to brokers, seen by Mortgage Solutions, said: “You will be able to place orders for leads prior to 2 January 2013, but with effect from 2 January 2013 you will no longer be able to create orders for leads or receive new leads and all then current orders for leads will terminate.”
Lead generation expert Justin Rees said that Finance Leads Online had helped grow the lead industry since its launch and its demise would leave a gap in the market that needed to be filled by other providers.
“Financial services lead generation is now an important part of the adviser community and there are hundreds of advisers who rely on lead generation as their main source of new business.
“Finance Leads Online has been integral to helping to legitimise the lead generation industry in the adviser community so it is sad to see them leave the market,” he said.