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Authorised LISA Managers
Alexland
Posts: 10,286 Forumite
Hi,
I was looking at the April 2018 updated list of authorised ISA Managers to find newly registered providers and noticed that Moneybox are only listed as authorised to offer the S&S ISA and S&S JISAs but not their LISA?
OneFamily are still running under their old Family Equity Plan registration and are again not registered to offer LISAs? Even their detailed regulatory information page is missing their Lifetime ISA registration details?
https://www.onefamily.com/regulatory-information/
In addition to the well known Nutmeg, Share Center, HL, AJ Bell and Skipton products it also identifies that Transact (Integrated Financial Arrangements), Killik & Co and the Metropolitan Police Friendly Society (MetFriendly) are also now authorised to offer LISAs to their selected clients.
https://www.gov.uk/government/publications/list-of-authorised-isa-managers
So in total there are 8 LISA providers plus 2 that appear to be selling products without the required registrations?
Alex.
I was looking at the April 2018 updated list of authorised ISA Managers to find newly registered providers and noticed that Moneybox are only listed as authorised to offer the S&S ISA and S&S JISAs but not their LISA?
OneFamily are still running under their old Family Equity Plan registration and are again not registered to offer LISAs? Even their detailed regulatory information page is missing their Lifetime ISA registration details?
https://www.onefamily.com/regulatory-information/
In addition to the well known Nutmeg, Share Center, HL, AJ Bell and Skipton products it also identifies that Transact (Integrated Financial Arrangements), Killik & Co and the Metropolitan Police Friendly Society (MetFriendly) are also now authorised to offer LISAs to their selected clients.
https://www.gov.uk/government/publications/list-of-authorised-isa-managers
So in total there are 8 LISA providers plus 2 that appear to be selling products without the required registrations?
Alex.
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Comments
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https://www.gov.uk/government/publications/list-of-authorised-isa-managers/isas-authorised-managers
Last updated 3 April 2018 - will probably be updated again shortly now we are in the new tax year.0 -
not sure i'd trust that list. it doesn't say hargreaves lansdown are authorized for JISAs; but HL have been doing JISAs for a long time (probably, since they came in), and i think they're normally careful about complying with regulations.0
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They will be authorised as they are not given a token to be able to exchange information electronically with HMRC until they are. Two of the "new" LISA managers have been on the list for a year and the third for nearly a year.Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
grey_gym_sock wrote: »not sure i'd trust that list. it doesn't say hargreaves lansdown are authorized for JISAs; but HL have been doing JISAs for a long time (probably, since they came in), and i think they're normally careful about complying with regulations.
Yes I see the listings for AJ Bell and Interactive Investor are also missing their JISA products. Either all these companies are lax about registering when additional products get added or the government has not kept track of the information.AirlieBird wrote: »They will be authorised as they are not given a token to be able to exchange information electronically with HMRC until they are.
As long as they are registered for providing at least one ISA product would the government check if they are registered to provide data (or in the case of LISAs making bonus claims) about products for which they are not registered?
Somewhere the checks are failing as this is supposed to be the authoritative list of ISA providers.
Alex.0 -
It's a specific system for the LISA to which HMRC provide the ISA manager with a token to access only when they are authorised to manage the LISA.As long as they are registered for providing at least one ISA product would the government check if they are registered to provide data (or in the case of LISAs making bonus claims) about products for which they are not registered?Did you really mean to put loose?
Lose: no longer possess, not to retain, unable to find
Loose: not firmly or tightly fixed in place0 -
I used search and found this thread.
Not sure if resurrecting threads is uncouth or not... but here goes.
I'm looking at various LISA's. Alexland provides a link at the top the government list of ISA providers. I searched LISA on the list and it shows me who. The answer is very few.
Question 1) Why is "nobody" providing LISA's?
Question 2) Where can I find a decent LISA provider? (If not ill be checking each website of whoever is on that list for their offers myself)
Question 3) Are you ladies and gents using LISA's and if so may I ask via whom. (might save me some leg work)0 -
From a provider's perspective they are a bit niche and complicated to implement.
Our LISAs are with HL invested in the discounted Blackrock Consensus 100 high risk fund.
However AJ Bell YouInvest is also a good choice with a fee structure especially good for those who will irregularly contribute large lump sums but not so good for monthly contributions. I avoid investing with YouInvest as AJB administer my Halifax SD SIPP.
Alex0 -
Question 1) Why is "nobody" providing LISA's?
The tax wrapper is considered a pain in the neck by most providers and they reckon it will be scrapped sooner or later.
Product development is expensive and unless you can get large volumes of money through it or you are a start up with money to burn or you have high charges and can justify the creation, it isnt really desirable to offer.
The average contribution to a LISA is just £75pm. It is peanuts. If one person has a d/d bounce just once then that can wipe out the annual profit from seven other investors (what I was told by a platform).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Ok cool
So making this all about me, which I do love talking about...
I intend to put 4k into a LISA in a single payment every year for as long as possible. So HL is the most sensible choice?
I've done very little research/comparison on this yet. So ill take whatever advice is coming out of you guys and run with it for now.
TY0 -
I intend to put 4k into a LISA in a single payment every year for as long as possible. So HL is the most sensible choice?
Do your own research first but AJ Bell YouInvest is more likely to be cheaper as they have a lower percentage platform fee and although they charge £1.50 for fund trades you will probably only be doing 2 per year (one to invest the contribution and another for the bonus around a month later) assuming you leave enough uninvested cash in the account to pay the platform fees with a bit extra to cover growth.
Alex0
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