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Two life offices fined £350,000 by PIA

United Friendly Insurance and Refuge Assurance have each been fined £350,000 by the PIA for endowment breaches.

The fines relate to a number of failings dealing with sales of with-profits endowments savings policies.

The regulator found they were not taking into account of the customer&#39s stated savings objectives, did not ensure the contract was affordable to the customer, failed to establish the customer needed the contract, didn&#39t keep sufficient customer records and failed to ensure customers received proper product disclosure literature.

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