• Andrew Watson, FIGARO Product Manager at JHC


• 19.08.2016 12:15 pm
undisclosed

Some providers have cast doubt over whether Lifetime ISAs (LISA) will be ready to launch in April. The main reason cited for this delay is a lack of clarity and direction from the Government, as some key details have yet to be published.

However, we disagree. There is currently enough information available to set the wheels in motion and for providers to start working on their back office systems. At the very least they should be looking at their existing ISA functionality and considering their options on how to further extend their operations. We may be lacking clarity around the reporting and bonus claims process, but this functionality wont be needed until April 2018, so this should not be used as an excuse for failing to launch on time.  

We have been working closely with our clients to enhance FIGARO so that they are able to offer LISAs next year. We spoke with all our clients early on in order to agree a way forward and develop the functionality that is required.

The industry had 12 months to prepare for the launch of the LISA, and with six months remaining, it is still possible for providers to take the steps needed to be ready for April. By not providing these products they are denying their customers the opportunity to get the LISA government bonus. How is that fair on the investor?