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Scottish Legal Life closes to new business

Scottish Legal Life has closed to new business with effect from May 23, 2002.

The Glasgow-based friendly society, which has 175000 members had been undertaking a major strategic review. But it says the high costs of writing new business and the burden of regulation meant it was forced into the decision to cease to write new business.

The society says the move will result in redundancies amongst its 150 staff.

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