Advisers call for simplified ISA market with one single product

More than half believe ‘unnecessary’ complexity’ has crept into the market

Isabel Baxter
clock • 1 min read

The majority (84%) of advisers want one ISA product that covers all the existing benefits of ISAs, according to research from AJ Bell.

This is according to a survey among 349 advisers conducted in August 2023. The survey found that 65.9% said unnecessary complexity has crept into the ISA market. Over 77% of advisers said that one of the reasons why there is complexity in the ISA market is because of too many variants and names. Other reasons included: restrictions over only being allowed one type of ISA a tax year (34.6%); the Lifetime ISA rules (42.5%); how ISA funds are passed to spouses on death via an additional permitted subscription (26.3%); and other (4.2%). The research has come after AJ Bell co-founder...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Your profession

Lord Blunkett calls for urgent action on unclaimed child trust fund accounts

Lord Blunkett calls for urgent action on unclaimed child trust fund accounts

Question asked in House of Lords

Sahar Nazir
clock 24 March 2025 • 4 min read
FCA to encourage greater investment and increase risk appetite among UK savers

FCA to encourage greater investment and increase risk appetite among UK savers

A 'rebalancing of risk'

Linus Uhlig
clock 24 March 2025 • 1 min read
'The protection industry doesn't understand advisers' – FCA review sparks debate on market gaps

'The protection industry doesn't understand advisers' – FCA review sparks debate on market gaps

Experts warn that insurers must do more to engage advisers and close the protection gap

Sahar Nazir
clock 24 March 2025 • 4 min read