TISA welcomes further detail on LISA
TISA has welcomed the publication by HMT of the technical details that will underpin the new Lifetime ISA ahead of its launch in April 2017.
Jeffrey Mushens, TISA Technical Policy Director said:
“We have been engaged with HMT from the outset, providing input from our members on how best to tackle the practicalities of implementing the Lifetime ISA. Timescales are tight and this clarification from HMT on the technical aspects will allow providers to quickly move ahead with their development work in readiness to offer the LISA next April. This is good news for those consumers who are eligible for the LISA as it means they will be able to benefit from a significant Government bonus towards a first property purchase and a retirement pot.
“We look forward to continuing to work with HMT on improving the scheme even more and will continue to encourage the abolition of the additional exit charge, alongside the extension of the lifetime events that would qualify for a penalty free withdrawal. We believe both measures are in the consumer interest and will enhance the popularity of the LISA.”
Ends….For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538/EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.