MPs call for abolition of LISA just 16 months after launch

April 2017 first LISAs available

Hannah Godfrey
clock • 3 min read

The Treasury Committee has called on the government to abolish the lifetime ISA (LISA) just 16 months after it was first made available, after receiving persistently negative feedback on the product.

In its latest report, Household finances: income, saving and debt, the Treasury Committee recommended the government abolish the savings product. Published on Thursday, the report said: "This inquiry has received strong criticism of the LISA over its complexity, its perverse incentives, its lack of complementarity with the pensions saving landscape and its apparent lack of popularity with the industry and pension savers. The government should abolish it." Former pensions minister Ros Altmann was a witness to the inquiry. She said: "I would urge the Committee to recommend abolishing th...

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