The UK government’s flagship savings programme “Lifetime ISA” in chaos on the day it launches

The government’s flagship savings programme, the “Lifetime ISA,” was thrown into chaos on the day it launched as not a single bank or building society picked up the scheme.

Nationwide said the scheme was too complicated, RBS said that it preferred the existing Help to Buy ISA, and Lloyds told the BBC that it was a “longstanding advocate of the simplicity of Isa wrappers” — hinting the LISA was too complicated.

Only three providers have any plans to pick up the scheme — Hargreaves Lansdown, Nutmeg, and the Share Centre — which are all investment platforms who will operate a stocks-and-shares option on the scheme.