Advised clients can now open a Lifetime Isa with Transact, as the platform becomes one of the few providers to be ready for today’s launch date.
The new Isa has launched today (6 April) which lets individuals under the age of 40 save towards their first home or towards retirement.
Lisa users can receive a 25 per cent bonus from the government which can be claimed on contributions up to £4,000 a year.
According to Transact, the platform’s software gives it the ability to control and prioritise development work, meaning it has been able to react faster than some providers to prepare for the launch.
Jonathan Gunby, chief development officer at Transact, said: “We are pleased to offer the option to invest in a Lisa with Transact as early as possible.
“We believe it is important to provide a wide range of investment and wrapper options for advisers, and their clients, to ensure full investment flexibility in order that financial plans can be implemented in an efficient way.”
Clients only have to pay one Isa wrapper fee, regardless how many Isa wrappers an individual holds with Transact.
The first Lisa bonuses will be paid after the end of the 2017/18 tax year, and the government bonus will then be paid monthly.
Transact can also facilitate the payment of adviser fees from a designated GIA Fee Payment Wrapper to try to maximise the Lisa tax benefits.
Any adviser fees withdrawn from a Lisa are considered to be withdrawals and would otherwise incur the 25 per cent early withdrawal charge.
Jason Witcombe, director of London-based Evolve Financial Planning, said: "We have got a few clients under 40 it I will recommend them to a few people but it is not a big deal.
"We do use Transact and I will be using it for a client I spoke to about the Lifetime Isa on Friday. They are very good at updating their systems to include new products - they are very nimble."
katherine.denham@ft.com
