Representatives say for example

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Individual savings accounts raise lifelong raises the risk of people who make bad financial decisions, according to a report issued by an influential committee for deputies in the United Kingdom who wondered whether tax -exempt savings product supports buyers from the wealthy house on taxpayers expenses.

The selected committee of the Ministry of Treasury summoned the “Double Pur” for Life IsasHe said it makes the product “complicated and increases the risk of consumers to choose inappropriate investment strategies.”

The report, issued on Monday, comes at a time when the government considers comprehensive reforms to the market as part of a broader plan to encourage more people to invest in stocks and bonds.

Ms. Meg Hiller, Chairman of the Treasury Committee, said that she supports ISA targets for life to help home buyers for the first time as well as those who provide early retirement but asked whether it was “the best way to spend billions of pounds over several years” to achieve these goals.

“We know that the government is looking at Jesus’s interesting reform, which means that this is the perfect time to assess whether this is the best way to help the people they need,” Hillier said in a statement on Monday.

George Osborne provided an individual savings account for life, or Lisa, as a consultant in 2016. Persons between the ages of 18 and 40 are allowed to start providing up to 4000 pounds per tax year with a bonus of 25 percent of the government until it reached the age of 50.

It can be pulled out of tax exempt to buy a house for the first time with a value of less than 450,000 pounds, at 60 years or if the savings are permanently sick.

HM Revenue & Customs data shows that Lisas is popular with ambitious home buyers: Use 56,900 people to buy their first property in 2023-24.

Nearly 1.4 million Lisa accounts were open in April 2024. However, some industrial experts were criticized for being unfair, disturbance, and not adjusted to be in line with the high prices of homes.

The product has been relatively changing in the eight years since its introduction, but only one of all seven ISA service providers have chosen its provision to consumers. Charlie Nun, CEO of Lloyds Banking Group, has placed the bank to largely provide it for its complexity.

“We are very concerned about this from the perspective of complexity and behavior,” the Treasury Committee said. “Second, if you want to save to retirement, there are other better options.”

The report describes savings to buy a house and retirement as “contradictory goals” and it is reported that investing in different periods can increase the risks of consumers because those who invest in the long term, such as retirees, are more likely to take advantage of high risks and return such as stocks.

“This is concerned that people may not improve their retirement savings, which may leave them with a smaller amount in the future,” she said.

The report was also criticizing the cost of 25 percent imposed on the so -called unauthorized clouds, which means that savings are losing the governmental reward in addition to 6.25 percent of their money, and its inclusion when determining the eligibility on global credit.

There were approximately 100,000 punctured clouds in the tax year 2023-24, which cost savings more than 75 million pounds.

Representatives wrote that it is “logical” to deal with a single pension product differently from others, and it was recommended that the government either be equalized or tell people that ISA is a “lower product” for anyone who may claim comprehensive credit.

They wrote: “Such warnings would be guarded by savers who are sold products that are not in their best financial interests, which may be badly selling.”