The Post Office is considering selling stakeholder and Isas as the next
step in its proposals to create a “universal bank” through its branch
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's
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.”