<ul data-eligibleForWebStory="true"><li>The Treasury select committee of MPs has raised concerns that Lifetime Isas (Lisas) could lead to savers making poor investment choices and may not be the best use of public money.</li><li>The MPs mentioned that Lisas might have been mis-sold to savers eligible for universal credit or housing benefit, and the rules around them penalize benefit claimants.</li><li>Issues highlighted by the committee include the dual-purpose design of Lisas steering people away from more suitable savings products, restrictions on higher-risk investments, and penalties for withdrawing funds.</li><li>The committee questioned the effectiveness of Lisas, given that a significant number of people made unauthorised withdrawals in comparison to those using them to buy a home. The MPs also raised concerns about the scheme's cost to the Treasury and its targeting towards those in need.</li></ul>

Lifetime Isas ‘could lead to savers making poor investment choices’, MPs say

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