New direct investment by consumers fuelled a surge in net ISA sales in 2020 to £5.6bn - up 77.3% on 2019’s £3.2bn, according to a new report.

Crowd-funder MoneyThing Capital Limited has gone into administration.

Think-tank The Social Market Foundation has called for the tax-free ISA allowance to be cut with the money saved used to reward saving by young people on low incomes.

Market volatility has seen 450,000 fewer people use investment ISAs but a 21% jump in the use of Cash ISAs, according to the latest figures from HMRC.