Few providers will have a Lifetime Isa ready by the April 2017 launch date, because the government has not provided the regulatory guidance in time, according to Nucleus.
Speaking to FTAdviser, the platform’s product technical manager Jon Gwinnett said that while it intends to offer a Lisa “eventually”, there is simply not sufficient time to have it ready by April.
“Until the technical specifications are published, and HM Treasury and HM Revenue & Customs iron out the wrinkles, it’s very difficult to commit to a launch next April,” he said, suggesting Nucleus would take “a more considered approach”.
Since then-chancellor George Osborne announced the policy in his March budget, proposed specifications have become increasingly complicated, making it even more difficult to have a fully compliant product ready by the launch date, Mr Gwinnett sad. He added that it was “unlikely a huge number of players” would have a product ready then.
However, he said advisers had expressed considerable interest in the Lisa, particularly from the perspective of parents wishing to set one up for their children.