Pensions - Articles - Comment on the non-existent uptake of LISA by banks

 On the face of it LISA’s advantages (top-up equal to basic rate tax relief and the ability to use it for both home purchase or pension) has a number of advantages to the consumer. This in turn should be attractive to providers such as banks, particularly given the rumours that an adaptation of LISA may underpin future pension provision and therefore act as a gateway to a much bigger commercial opportunity.
 
 “It is likely that the banks decision is informed by their own research that suggests consumers are currently ambivalent about LISA and they possibly share consumers concerns around the penalties that can exist on withdrawal. This might raise the spectre of potential mis-selling which, with PPI still looming large, may dampen the appetite for banks to fully embrace LISA