Tag: Royal Mail

Homeowners waste millions buying mortgage lender’s life cover

Posted by | Mar 31, 2008 | |

Financially stretched homeowners could be overpaying by GBP 310 million every year by taking out life insurance with their mortgage provider, which many mistakenly believe is compulsory.

A study by the Post Office reveals that over a third (34 per cent) of people completing a mortgage application bought life insurance through their mortgage provider, which could be costing them an additional GBP 2000 each.

Confusion appears to be the main reason for people choosing to take out life insurance this way; 35 per cent said they felt pressured into buying it, or believed it was compulsory to purchase life insurance with the same provider.

Over half (54 per cent) of respondents said it was simply more convenient to arrange their life insurance and mortgage together, despite the fact they could be wasting hundreds of pounds by failing to shop around.

Worryingly, it seems many people are actually aware they are not getting the best deal, as only 16 per cent said that their mortgage provider offered the best value on life insurance.

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Postcomm forward work plan 2008-11

Posted by | Mar 31, 2008 | |

The forward work plan sets out our overall strategy for 2008-11, along with detail on the specific projects we intend to undertake. It describes Postcomm’s mandate and goals, and its priorities for the year. There are a number of top priority workstreams, which must be completed, as well as potential projects/workstreams that are contingent on factors beyond our control, for example, access determinations, or appeals against any Postcomm decisions. If we are required to divert resources to such projects, then others – which are desirable but not an absolute priority – may be re-evaluated.

Postcomm’s Forward Work Plan for 2008-11 sets out our overall strategy for 2008-11, along with the detail on the specific projects we intend to undertake.

Our projects and workstreams fall into four corporate goals:
– ensuring a universal service
– protecting customer interests (for more detail, see our web pages on Royal Mail standards and prices and postal licences and operators)
– replacing regulation through the promotion of sustainable competition
– advising on the Post Office network.

The achievement of these four goals is supported by building effective stakeholder relations and by using and developing resources effectively.

We will also continue to inform our decisions through international benchmarking, wherever possible.

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Government review – Postwatch initial response (UK)

Posted by | Mar 31, 2008 | |

Postwatch has submitted its answers to the first 19 questions posed by the independent review panel appointed by the Government.

The review panel’s terms of reference are to:

• assess the impacts to date of liberalization of the UK postal services market, including on the Royal Mail, alternative carriers and consumers;

• explore trends in future market development and the likely impact of these on Royal Mail, alternative carriers and consumers; and

• consider how to maintain the universal service obligation in the light of trends and market developments identified.

In her covering letter Millie Banerjee CBE, Chair of Postwatch, made the following points:

• The review is timely and welcome.

• Royal Mail has a dominant influence on the future of the UK’s postal industry. Postwatch is encouraged that Royal Mail acknowledges the need both for a far greater customer focus and for a fundamental change in its internal culture. Postwatch believes these to be huge tasks that will require little less than a revolution in Royal Mail’s thinking and approach.

• The needs and interests of its customers must be factored in at every point of Royal Mail’s transformation plan.

• Declining mail volumes are a major challenge but must not be used an excuse for declining customer service and lack of investment. Instead Royal Mail should be reinvigorating the mail market to make it an attractive medium for advertising and fulfilment delivery.

• A financially healthy, customer focused, efficient Royal Mail is required if the UK’s postal industry is to thrive. Postcomm, as economic regulator, must ensure that its regime provides real incentives for this to happen.

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New deal for Scottish & Southern energy customers at the Post Office

Posted by | Mar 31, 2008 | |

• New paystation service offers all Scottish and Southern Energy customers easy access to key recharging
• Post Office ® paystation offers evening and weekend access for electricity key charging, gas card charging and mobile phone top ups
• Scottish & Southern Electric customers can continue to pay their bills at local Office® branches

Scottish and Southern Energy (SSE) has signed a new deal running to November 2011 which allow its customers, including Southern Electric customers, the convenience of paying their bills at their local Post Office branch.

The deal also means customers of Scottish Hydro, SWALEC and Southern Electric can now recharge smart keys, issued as replacements for electricity meter tokens, at around 7,500 Post Office® branches across the UK fitted with paystation terminals.

The Post Office®’s investment in the paystation network is providing utility companies with an easy and convenient payment solution for customers using smart key and smart card pre-payment methods.

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Expensive living costs strangle the UK’s savings

Posted by | Mar 28, 2008 | |

The rise in day-to-day living costs is leaving people with no spare cash to put away in savings, according to a new study by the Post Office, and those that are able to save are withdrawing their money shortly after depositing it.

Increases in council tax and energy bills have hit the UK’s wallets hard with 4.8 million people saying they simply cannot afford to make regular savings contributions because of rises in living costs**. Almost half (49 per cent) of those not saving (17 per cent of the UK) said they simply have no surplus cash at the end of each month to save.

The Post Office has also discovered the emergence of savings ’bouncers’, where people who have been making savings contributions to their savings account then find that they have to withdraw the money before the month is over. The study shows that in the past 12 months, half (50 per cent) of those who made a contribution at the beginning of the month had to withdraw it before the end. One in five (19 per cent) admitted to ’bouncing’ every month.

Four in 10 (43 per cent) of those who save said they stop or reduce the amount they save leading up to the Christmas period. Some are still feeling the effects into the new year, with one in five (21 per cent) savers saying that it would be at least March before they could return to saving.

Many people that are actually saving are becoming more wary of where they put their money. Due to the media attention given to the world’s current economic situation, one in 10 said they are now wary of savings accounts (10 per cent) and products linked to the stock market (11 per cent).

However, almost half (47 per cent) of the respondents said that their savings behaviour had not changed. Over half (57 per cent) said instant access accounts are now the best home for their cash. Four in 10 (43 per cent) felt that cash ISAs were now the safest place for their savings.

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