MPs deem LISAs too complex and 'nonsensical'

Treasury Committee report

Members of Parliament have warned that elements of the Lifetime ISA (LISA) are “not working as intended” in a report into the efficacy of the long-term savings product.

LISAs offer savers a 25% government bonus, up to £1000 each year, to savings within the ISA, in a bid to help individuals aged 18-39 save for their first home or retirement.  However, issues have been raised with their complexity, withdrawal fee under certain circumstances, and cap on the value of the home that can be purchased, with MoneySavingExpert's founder Martin Lewis warning that high street banks have decided not to offer the LISA because "they think they are going to be done for mis-selling".  Treasury Committee requests evidence on Lifetime ISA amid calls for reform An en...