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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.”


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Widows Bank sets up a loan centre for brokers

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Buying into the biotech boom

There has never been a better time to invest in biotechnology. A number offactors are working together to promote biotech into a dynamic industrythat joins scientific advancement and profits into a powerful investmentopportunity.The sector is only about 20 years old. It came into vogue in 1991 as thepromise of biotechnology was revealed to investors. Stock […]

Landslide for B&B to convert

Bradford & Bingley is the latest society to start to shed its mutualstatus after members voted overwhelmingly in favour of converting to abank.The conversion, endorsedby 94.5 per cent of savers and 89.5 per cent ofborrowers who voted, comes despite fears of lower savings rates and highermortgage rates under a bank.But Yorkshire Building Society parked its […]


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