We welcome the introduction of the proposed First Time Buyer (FTB) ISA and support the objective of creating a simpler savings product, to help individuals purchase their first home. We are broadly supportive of the direction of travel of the new FTB ISA.

However, key design and operational details remain unclear including bonus rates, property  price caps, eligibility validation, bonus claim and repayment processes, subscription limits, transfers and reporting requirements. We emphasise early engagement and greater clarity from the regulators as this is essential for providers to assess commercial viability and delivery implications.