University Building Society - s.87B undertaking

Tying of loans and building insurance.

Undertakings given:

• not to engage in conduct which might cause borrowers from Keystart to believe that they are obliged to take out building insurance with one of the insurance companies nominated by Keystart;
• to send letters to borrowers who have taken out mortgage protection insurance with Lionheart clarifying earlier information provided to them and informing them that an association exists between UBS, Lionheart and St James; and
• to implement a trade practices compliance program.