Having forced my 18yr old son to invest into an ISA last year, I know how hard it is to get youngsters to save.
So I think the Chancellors news yesterday on the new LISA options is fantastic news - particularly the option for first house deposit. Maybe I can get junior to save more next year, even though his plan is to bump me into a small bungalow in 10 years time and take over the family home.
He is a basic rate tax payer and thinks pensions are for old people, so extra money into a LISA seems logical.
However, in a workplace pension he will benefit from Value for Money oversight by the providers’ IGC, who already appear to be making their mark - but under a LISA there is currently nothing proposed to protect investors from rip off charges.
Surely a logical next step, particularly if the banks enter the market next year given their history of sales issues and investor outcomes?
FCA, over to you...