I was informed while playing to mortals as the the policy on http://www.tempusmud.com/policy.shtml that this was no longer allowed. Under "MULTIPLE CHARACTERS" it clearly says that you are allowed to play two mortals "connected to Tempus at a time.". If this is no longer the case could the policy please be updated.

I also created two accounts instead of having both characters on a single account, an IMM was nice enough to merge these accounts for me, except the second character lost it's entire bank balance, rather than having it added my main account balance, which means I now only have somewhat less than half the amount of money I previously had, it'd be great it this could be fixed.

You are correct. The policy has been updated (and will be again shortly, no doubt)

You've been reimbursed. In the future, you should probably just mudmail or petition about it. No need to go telling EVERYONE.