The Investing and Saving Alliance (Tisa) has urged the government to allow savers and investors to invest in more than one of the same type of ISA in the same tax year.
The cross-industry financial services membership body has called for changes in next week’s Autumn Budget, including urging the government to scrap the constraint on the number of ISAs that a consumer can subscribe to in a year, allow the permissible assets of ISAs to be extended.
Everyone has a £20,000 ISA allowance that can be spread among stocks and shares, cash and Innovative Finance ISAs, however consumers can only open one of each type of product each tax year for new ISA subscriptions.
Tisa has also recommended the government support the adoption of digital identities for UK consumers of financial services to enhance engagement between consumers and their savings, and grow fintech services and the wider digital economy.
The association has also urged the government to increase mass-market access to better quality financial guidance.
Read more: Chancellor urged to simplify ISAs
“Tisa’s mission is to improve the financial wellbeing of UK consumers,” said David Dalton-Brown, chief executive of Tisa.
We are calling on the government to make these changes in order to positively influence consumer and business outcomes and bring long-term benefits to the UK economy.
“The Autumn Budget is an opportunity to make long-lasting, meaningful improvements to the well-being of consumers across the United Kingdom. This will require a thoughtful, forward-looking and innovative approach to financial services sector.”