How to Manage (and preferably clear) the `Frequently contacted` list in the Favourites tab
Just solved this issue. 


Open Favorites in your phone - your Favorites list should appear.
Open menu (bottom left of Home button) - 4 options should appear.  


Add to favorites
Remove from favorites
Grid view
Settings 

Select Remove from favorites - boxes should then appear next to names.
Select the names you wish to remove.
Select Done in top right.