FSA takes firms to court
The Financial Services Authority (FSA) has obtained a High Court ruling appointing provisional liquidators over three firms that the regulator believes were engaged in insurance activities without authorisation.
Digital Satellite Warranty Cover Limited (DSWC), Satellite Services (Satellite), a partnership, and Nationwide Digital Satellite Warranty Services Limited (Nationwide Digital) were operated by Bernard Freeman and Michael Sullivan, and offered BSkyB’s (Sky) satellite TV customers a form of extended warranty which constituted insurance.
In return for an insurance premium of between £6.49 and £11.49 per month, these firms promised customers unlimited callouts covering all parts and labour costs
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