Rethink ISA Investing Communications Report
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We must rethink ISA investing communications

March 2024

As an industry, we need to do more to help people from all backgrounds understand the benefits of investing and remove the barriers that are holding them back. Propensity to invest is still driven by class, gender and region. It’s time to democratise financial services. We want to build a savings and investing culture in the UK to grow resilience and increase financial wellbeing for everyone. Over the last year, TISA has been driving forward a programme of research and development to start doing just that.

This overarching report summarises the three key areas we’ve explored to drive significant change in the industry when it comes to simplifying ISA Communications, through:

  • RETHINKING Risk Warnings
  • RETHINKING Marketing
  • RETHINKING Disclosures

"We are calling on firms to think deeply upon the findings of this report and take action to create more inclusive communications for investments, particularly for simple products like S&S ISAs. TISA believes that we, as an industry, can do more within the current regulatory framework to help consumers make better informed financial decisions around investing. Diverting surplus cash balances to investing could build household resilience and deliver better outcomes for consumers."


We’re calling on all firms to challenge themselves and consider whether the routine risk warnings for mainstream investments are fit for purpose. It’s possible for risk warnings to be compliant and provide more context. We’ll be monitoring how firms’ respond to our findings and look forward to reporting change for the better over the coming year.


We’re looking forward to new research with Schroders identifying potential investors to help firms with their targeting. We’re calling on firms to go further than the Consumer Duty to close the gender and regional wealth gaps. We’ll be convening TISA members to share research and best practice every six months and investigating appetite for an inclusive investing month every year.


We are calling on HM Treasury and the FCA to radically rethink the regulatory approach to investment disclosures. Let’s identify what consumers need, when and in what format. With the upcoming publication by the FCA of their Consultation Paper on the future disclosure regime for PRIIPS, we are at a critical juncture whereby improvements can be made to transform the way consumers engage with investment products.


Changes to risk warnings could result in nearly 14% more cash being invested by the public.

  • Research by TISA and the University of Nottingham shows that providing balanced, contextualised risk warnings resulted in an approximately 14% increase in cash invested in Stocks & Shares.
  • Women responded by increasing their investments the most, so reformulated risk warnings could help close the gender investment gap.
  • This is part of a broad industry Inclusive Investing campaign convened by TISA to encourage savers to invest.

These were the findings of large-scale randomised control trials by The Investing and Saving Alliance (TISA) in collaboration with the University of Nottingham. In the trial, participants were asked how they would hypothetically allocate £10,000 between cash savings, stocks and funds.


TISA launches Industry-wide Inclusive Investing Initiative at Parliament

TISA and industry partners have launched a wide-ranging Inclusive Investing initiative to make investing more accessible and equitable for all individuals at an event on the Parliamentary Estate, with endorsement from Nadhim Zahawi MP and Lord Vaizey of Didcot.

Building on previous research (available here), TISA aims to counter the broad investment gap which exists in this country. With women, those outside London and people from a wide range of other demographics keeping more of their assets in cash and investing less in Stocks & Shares ISAs.


Carol Knight, CEO at TISA, said: “Financial wellbeing for all is at the heart of TISA’s mission. Statistics show a widespread investment gap, particularly affecting women and minorities as well as residents of UK regions outside London and the South-East. This needs to be urgently addressed.”