Industry figures have stated that Isas are now so complex they will need to be advised upon in future and any people will need financial planning advice around the use of Isas.

Neil Macgillivray, head of technical support at a wealth management firm, pointed out there were now a number of different kind of instant savings accounts available on the market. These include Help to Buy: Isa, the Innovative Finance Isa, the cash Isa, the stocks and shares Isas, the junior Isa and now the Lifetime Isa, which was announced in the budget 2016.

He added “There is one limit but multiple Isas to split it through and there is a need for financial advice”.

Claire Trott, director and head of pensions technical at a Nottinghamshire based IFA, said that with all the different options within the Isa world now it was getting to a point where some people would need advice or more detailed advice, especially with regards to what they can use them for and how they can access them.

Paul Lindfiled, Director at a Manchester based wealth management firm, said that Lifetime Isa did create another need for advice. He added; “It’s a really nice idea, but it could lead to poor advice down the line, or a widened advice gap, or providers taking a quick hit.”

Daren O’Brien, director at a financial advising firm, said: “Isas have become more complicated. The different Isas all have different Isas all have different options, caveasts and now even break clauses, and clients will start to need better advice to understand the differences and nuances of each”.

A Treasury spokesperson told Financial Adviser Magazine that in the run-up to the publication of the Finance Bill 2016, the Treasury would be discussing the design of the Lifetime Isa with the Pensions Regulator, the FCA, building societies and banks.

( March 2016)

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About Us: Churchill Wealth Management is a team of independent financial advisors/financial advisers (IFAs) based in Clifton, Bristol. We provide independent financial advice, including pension advice, investment advice, inheritance tax planning and protection/insurance advice.