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Friends set to make another cut in payouts for with-profits policyholders

Friends Provident has cut pay-outs for with-profits policyholders for the fifth time in two years.

Friends is cutting bonus rates on some unitised with profits policies, which will be reduced by 0.25 per cent. Final bonus rates on some unitised and conventional with profits policies will also be reduced. As a result of the review payouts on maturing with profits policies will reduce by on average 3 per cent compared to those in February 2004.

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Royal Bank of Scotland subsidiary Direct Line is the first lender to pull out of the mortgage market temporarily in the run up to mortgage regulation. The FSA requires lenders to lay out &#39key facts information&#39 uniformly so that easy comparisons between lenders can be made. This will come into effect on M-day (October 31) […]

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First faller at M-Day fence

So, a lender has failed to make the grade as far as M-Day is concerned. The first faller, owned by no less than the mighty Royal Bank of Scotland, is Direct Line although some might argue Sainsbury&#39s Bank had shown the way. The telephone bank says it is better that customers are sold a mortgage […]

Help, I’ve been appointed as a trustee. What are my responsibilities?

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