Former Pensions Minister Ros Altmann is seriously concerned about Lifetime Isas. Designed to allow young people to save for a home and retirement at once, the new Isas are set for launch today.
But Lady Altmann worries that young people who open one for any reason other than the short-term goal of buying a home will blight their finances for their whole lives.
Lifetime Isas should be abandoned. The Government should stop confusing young people between retirement investment and saving for a house deposit – just reform the Help To Buy Isa and build on the success of auto-enrolment for pensions.
The product is too complicated, will confuse customers and the last thing we need is another mis-selling scandal.