The former Minister “who made pensions sexy” claims that the new LISA is “an abomination” and is more likely to prompt cash splurges on Lamborghinis than the pension freedoms have.

A common governance body for pension transfers is needed to overcome the problems that currently exist, as the industry is “doing spectacularly badly”.

The chairman of the Association of Member Directed Pension Schemes will step down tomorrow.

The Lifetime ISA is an attack on the pensions industry, members of AMPS have declared.