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True Potential Investments to offer new Lifetime ISA


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.

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