Specific risk warnings about the new Lifetime ISA must be given at the point of sale, the FCA said this morning, as it outlined how it will regulate the product.

The new Lifetime ISA is set to cost the Government £830m by the 2020-21 financial year.

Savers who take up the new Lifetime ISA should escape a penalty for withdrawing their money early if they have been made redundant or face dealing with critical illness.

Plans to launch the Lifetime ISA and secondary annuities market next year could be in peril as key reforms get swept up in the Brexit Tsunami, a pensions director has warned.