A retirement planning expert has called on the Government to extend the new ISA inheritance rules so that savings can be passed on tax free to children as well as a spouse.

A new retail platform offering flexi-access drawdown, Isa and general investment accounts is being created by Friends Life.

Nearly half of complaints about ISAs dealt with by the Financial Ombudsman Service have been upheld since 2013.

A new third kind of ISA could be created under plans to reform the savings system, the Treasury has announced this morning.