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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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