Ministers must do more on Lifetime Isa reform, say MPs

The Treasury Committee has called on ministers to do more to reform the Lifetime Individual Savings Account (Lifetime ISA), a financial product used by first-time homebuyers. The committee, a group of Members of Parliament, has stated that the Lifetime ISA is a complex product that requires an overhaul. The Lifetime ISA was introduced in 2017 as a way for people to save for their first home or retirement. However, the committee has raised concerns about the product's complexity, which may be deterring potential users. They have urged the government to address these issues and make the Lifetime ISA more accessible and user-friendly. The committee's report also highlighted the need for better communication and education about the Lifetime ISA, to ensure that people fully understand the product and its benefits. This, they argue, is essential to encourage more people to use the Lifetime ISA and help them achieve their financial goals.