Govt targets Isa and advice enhancements
- On June 8, 2023
- By GrowthInvest Marketing
The economic secretary to the Treasury and City minister, Andrew Griffith has highlighted plans to incentivise Isa saving, as well as a goal of providing “high quality, affordable and suitable financial advice”.
Speaking via prerecorded statement at the PLSA Investment Conference in Edinburgh yesterday (June 6), Griffith said it is important to get more people to save, placing emphasis on Isas, stating they are a “fantastic tool” which have “stood the test of time”.
“We want to see them continue to flourish. In recent years, the number of people taking out an Isa has fallen and research has shown more than half of Britons know what a stocks and shares Isa is,” he said.
“Our aim is to make them [Isas] simpler and more attractive with strength and incentive to save and invest”.
According to data from the Bank of England, £9bn was invested in Isas in April.
Griffith also highlighted government plans to allow more people to receive “high quality, affordable and suitable financial advice at their convenience, as well as free access to financial guidance when they need it”.
Reiterating that, with the Edinburgh reforms, the government is working with the FCA to “examine the boundary between regulated financial advice and financial guidance, with the objective of improving access to advice”.
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