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Satellite warranty firms ordered to wind-up

30 November 2011 at 12:10

Satellite warranty firms ordered to wind-upTwo satellite warranty firms have been ordered to wind-up following proceedings at the Court of Appeal first sparked by a Financial Services Authority (FSA) investigation.

Satellite Services and Digital Satellite Warranty Cover Limited (DSWC) had previously been ordered by the High Court to wind-up following FSA concerns that they were carrying out unauthorised activities.

A third firm, Nationwide Digital Satellite Warranty Services Limited, was wound up in January this year when the watchdog initiated its investigation. This firm did not appeal the order.

All three firms were based in Kirkby, Liverpool and provided cover for Sky satellite TV equipment in return for an insurance premium costing between £6.49 and £11.49 per month.

Tracey McDermott, the FSA’s acting director of enforcement and financial crime said: "We’re pleased that the Court of Appeal has upheld the High Court’s decision to wind up these firms.

"This decision will help protect satellite TV customers from inadvertently dealing with an unauthorised business, but also serves as a useful reminder to other firms that offer similar cover that they may need to seek authorisation."

The regulator advised customers with queries regarding the case to contact PwC as it will handle the liquidation of the firms.

Posted by Tony Miller ADNFCR-3006-ID-801225320-ADNFCR



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