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Building societies see surge in business

Building societies saw their volume of business rise at the fastest rate since December 1996 according to the most recent quarterly financial services survey from PricewaterhouseCoopers and the Confederation of British Industry.

This was in sharp contrast to banks, life offices and fund managers all who saw their levels of business decline.

The survey also reports life offices suffered from declining overall profitability as they attempted to deal with changes forced upon them by the 1 per cent world.

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