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The UK’s largest investment sites have urged the government to overhaul the British savings market in an attempt to channel money into domestic equities, which have suffered from record investor outflows.
AJ Bell told the Financial Times it had sent a policy paper to the Labour government asking it to consider “radical” simplification of the Individual Savings Account market, as well as tax breaks for UK stocks, to encourage retail investors to buy domestic equities.
Michael Summersgill, chief executive of AJ Bell, said in the paper that the government, which is responsible for setting the Isa rules, should allow for one Isa product instead of several different versions, which he said was deterring many adults from investing.
Summersgill said “too much choice can lead to people feeling overwhelmed”,…
