The bosses of the largest investment platforms in the UK have called for a “radical” simplification of the ISA regime, arguing that reform could unlock £30bn to boost British equities.
AJ Bell has called for the combination of Cash ISAs, Stocks and Shares ISAs, Junior ISAs and Innovative Finance ISAs in a single ‘One ISA’ product in a letter to chancellor Rachel Reeves.
Michael Summersgill, chief executive of the investment platform, said that central to the new Labour government’s pledge to deliver economic growth was ISA reform, with the party committing to ISA simplification in their plan for ‘Financing Growth’ published in January.
As part of the plan, Labour pledged to simplify the ISA landscape “to make it as easy as possible for people to feel the benefits of saving and investing their money, including through increased utilisation of…
