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Post Office set for sales of pensions and Isas

The Post Office is considering selling stakeholder and Isas as the next


step in its proposals to create a “universal bank” through its branch


network.


The PO says the move would be the logical next step for the bank which is


being created by the Government as a replacement for the withdrawal of


high- street banks from rural communities.


The bank will target the 15 per cent of the population who do not have


basic banking services.


A Royal Mail spokesman says: “We are working with the banks at the moment


to solve the problem of financial exclusion. Products like stakeholder


would logically follow basic banking services.”


Sofa chairman Peter Williams says this would be an ideal way for the Post


Office to help those people who cannot afford a professional adviser.


He says: “It is a logical extension to go into products that in theory do


not need advice. It would increase the penetration from the Government&#39s


point of view.”


Liberal Democrat MP Vincent Cable is writing to Trade and Industry


Secretary Stephen Byers to ask whether investment products will be sold


through the new bank.


Cable says: “For straightforward products like stakeholder pensions and


Isas it would seem approp-riate to include them in the proposals.”

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