Comment from TISA, the financial services membership association, in response to the Autumn Statement
Carol Knight, Chief Operations Officer of TISA said:
“There are a number of policy announcements in the Autumn Statement which are good news for savers and investors. However, as ever there are some areas where we need to see the small print or where we will seek to work closely with the government and our members to ensure a good outcome for savers.
“We welcome the new savings bond which will be offered by National Savings & Investments (NS&I) as an important initiative to get more people saving during this prolonged low base rate environment.
“The plan to build an additional 40,000 new affordable homes will get more people on to the savings ladder and is essential given the close link between property and long-term financial planning. Savings vehicles such as Lifetime ISAs (LISAs) can get people started and build a solid financial foundation.
“We support the proposed increased funding in fintech as firms need more support in scaling up from start-ups. However, this funding needs to be supported by improvements to the authorisation process which currently takes too long. We are delighted with the proposed review of the Joint Money Laundering Steering Group (JMLSG) guidance which supports our collaborative work on rolling out a digital ID.
“We’re interested in the proposed drop in the money purchase annual allowance as this could be a challenge for those looking to dovetail work with retirement.
“Finally, we’re pleased that there will be a review of patient capital and hope to work with the government to consider how best to leverage this additional money, much of which is likely to come from long-term investments in pension funds. Auto-enrolment is currently adding some £2.5 billion a year to pensions contributions. It would be nice to see some of this going into patient capital.”
Ends
For further information please contact:
Sara Neidle – Telephone: 020 7680 6543 / Email: Sara.Neidle@newgatecomms.com
Alistair Kellie – Telephone: 0207 680 6558 /Email: Alistair.Kellie@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.