Aug 14 2007
The Tax Incentivised Savings Association (Tisa) has called for a change to the way British consumers are encouraged to save for their own futures or to ensure the financial stability of their children.
Proposals for new schemes such as a "lifetime savings account" have been put forward by the Conservative Party and welcomed by Tisa, which has also lobbied for the simplification of child trust funds (CTF).
Tisa is keen to see politicians have a "robust debate" about how best to encourage worthwhile savings habits among UK consumers and to see lifetime savings accounts introduced.
Director general of Tisa Tony Vine-Lott said: "While more detail is needed to fully understand this proposal, we have always felt that a lifetime savings account would be advantageous to individuals because it more closely matches the lives they lead.
"While we have made great strides on simplifying the individual savings account and making it more customer-friendly, savers could still benefit from the structure and simplicity of a lifetime savings account for longer-term savings."
Mr Vine-Lott said last month that the "news about parental involvement in CTFs seems to be getting better and better".
