Bringing you live news and features since 2006 

True Potential Investments to offer new Lifetime ISA

RELATED TOPICS​

Fast-growing Newcastle-upon-Tyne-based investment management firm True Potential Investments is to offer consumers a new Lifetime ISA (LISA) from April next year.

The enhanced ISA was unveiled by the Chancellor at the Budget in March and will include a 25 per cent government top-up on consumer savings up to GBP4,000 annually. It will be available from April 2017.
 
True Potential says offering the LISA was a ‘natural next step’, having campaigned since 2013 for an enhanced ISA. In its ‘Simple and Effective’ paper in February, True Potential made the case for a 25 per cent top-up on ISA contributions and a higher annual ISA allowance. Both measures were introduced at the Budget in March.
 
The firm already provides ISAs and pensions and expects the LISA’s simplicity and incentives to be popular with its two million customers as well as savers across the UK.
 
The new LISA will be available to all advisers using True Potential’s systems – currently 20 per cent of the UK market. Consumers will also be able to access the LISA on DIY online investment site, True Potential Investor. The firm powers 30,000 workplace pensions and is campaigning for the LISA to be integrated into the Government’s national workplace savings scheme, known as auto enrolment.
 
In advance of the Budget, True Potential asked 2,000 adult savers whether they would be more likely to save into an enhanced ISA or a pension, with 60 per cent saying they would opt for the ISA.
 
Managing Partner of True Potential, David Harrison, says: “The introduction of the Lifetime ISA will be a turning point in the nation’s savings, providing a viable alternative to a pension.
 
“As a provider of both pensions and ISAs, we know that ISAs are far simpler. They are also much more popular among consumers and having put forward proposals for this type of ISA, it’s a natural next step for us to offer it to our customers.
 
“The challenge for the Government now is to integrate the Lifetime ISA into workplace saving schemes, which currently only accommodate pensions. We will work closely with the Treasury to help the Lifetime ISA reach its true potential.”
 
True Potential has been ranked as the fastest growing financial advice and technology services company headquartered outside London in the 2014 and 2015 Deloitte Technology Fast 50.
 

Latest News

HSBC Asset Management’s (HSBC AM) ETF and Indexing business has passed USD100 billion in assets under management (AUM), reflecting its..
Amundi’s ETF Market Flows Analysis for April reveals that investors added EUR54.1 billion to global ETFs in April with equities..
VanEck has reached USD10 billion in assets under management in Europe for the first time in April 2024...
Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according to a benchmark study published..

Related Articles

Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Sean O' Hara
Pacer ETFs has announced the launch of three Cash Cows UCITS ETFs. The firm writes that this will give European...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by