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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


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.”


Johnstone Douglas offshoot to target affinity groups

IFA Johnstone Douglas plans to expand by cornering anew market for adviceto affinity groups.It is forming a subsidiary company to focus on marketing personalfinancial planning to affinity groups in the public and private sectors.The firm, which has offices in Croydon and Birmingham, says there is aneed for financial advice and expansion into this market should […]

Julian Gibbs

Many international investors and, indeed, UK investors, wish to put moneyinto with-profits endowment policies. There have been a few onshore fundswhich have shown good returns by investing in secondhand policies but someof them had difficulty in obtaining a sufficient volume of suitablepolicies at the right price.A new company has been formed, run from the Isle […]

Ritchie claims IPA is little more than marketing concept

Scottish Equitable is claiming the Government&#39s Individual Pension Accountoffers nothing new to consumers and will further complicate stakeholder.Director of pensions development Stewart Ritchie says: “I have no problemwith this technical change to legislation to create a level playing fieldfor providers to compete on the same basis as life offices.“But the Treasury has told me this […]

Brush marks

As readers will no doubt be aware, there has been growing speculationrecently about the possibility of financial advice becoming kitemarked.My view is that IFAs are really independent financial designers, a bitlike a financial services version of Changing Rooms. Should financialproducts be kitemarked like tins of paint or different types of timber? “Itdoes exactly what it […]

Healthcare regulation amalgamation predicted for Gulf states

While Dubai is leading the way in terms of legislating for expat healthcare in the Gulf, Qatar, Abu Dhabi and others are watching and learning – that’s according to Jelf International’s director of international services, Doug Rice. He believes the pace of change in the Gulf states will continue and that some level of unified healthcare system will be introduced across the region.


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