[UK] Warwick Finance - Retail
2009-02-10
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stories: birminghampost.net, ftadviser.com, co.uk
England's Financial Services Authority (FSA) shut down mortgage and insurance broker Warwick Finance on 2009-02-04. In the First Supervisory Notice issued by FSA, Warwick's permissions related to mortgage and certain investment activities were removed. The web site now displays "UNDER CONSTRUCTION."
According to an article in Mortgage Strategy, Warwick "phoned customers claiming to be from HBOS and went on to use high pressure sales tactics." The Birmingham Post reported 100 positions were "made redundant" and Warwick had to close its regional branches, but the headquarters in Hinckley, Leicestershire remains operational.
The company denies the allegations, and plans to fight to "clear its name" according to FTAdvisor who had this statement from a Warwick spokesperson:
"It is therefore bitterly disappointing to us that the FSA has taken the decision to stop a thriving business from trading and put over 100 people out of work based apparently upon a complaint from a disgruntled ex-employee and a competing financial institution."
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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.