The Tax Incentivised Savings Association (TISA) has criticised the regulator's proposed terms for the Lifetime ISA (LISA), saying it has concerns about "unnecessary" costs and the product's age limit.
Though TISA welcomed LISA as an additional opportunity to save in a tax efficient way, it challenged certain aspects of its implementation, including the proposed age limit and exit charges. In its response to the Financial Conduct Authority (FCA) consultation paper, TISA technical policy director Jeffrey Mushens said: "Our analysis suggests that the age limit of 40 for opening a LISA should be increased in order to benefit this group even more." The FCA set out terms for LISA, which is set to be introduced in April, last November. The consultation closed on 25 January and the FCA wil...
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