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Liverpool Vic fined record £900,000

The PIA is fining Liverpool Victoria Friendly Society £900,000 for widespread compliance failings.

The society has also been ordered to carry out a full review of certain classes of business and to provide compensation to its customers following visits which took place in late 1997.

The PIA says it failed to take account of investors&#39 membership of occupational pension schemes and failed to ensure that it recommended only contracts most suitable to investors.

It also failed to ensure investors received a written explanation as to why a recommendation was important.


Halifax launches range of fixed and capped mortgages

Halifax is launching a range of fixed, discounted and capped-rate products.The fixed-rate range includes two, three and five year mortgages at 5.65 per cent, 5.75 per cent and 5.85 per cent respectively.The capped-rate range has a four year product at 6.19 per cent and a seven year cap at 6.65 per cent.Discounts include a 3.35 […]

Old Mutual faces demutualisation in South Africa

South African-owned Old Mutual is urging its members to accept a demutualisation proposal.It says that if the company demutualises, its 3.2m members will be allocated a minimum of 200 shares in the group holding company. It also promises more shares according to the value of their policy and estimates that 90 per cent of its […]


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