Software provider GBST has upgraded its technology to include Lifetime Isas because of customer demand.
The provider of technology for wrap and platform providers, stated the new Lisa product - available to under 40 years olds to save for a first time property, or for retirement - will mean it can set up and allow subscriptions and transfers.
It will connect to the HM Revenue & Customs portal to meet its reporting requirements, automatically apply the bonus and withdrawal rules.
David Simpson, head of EMEA at GBST, said: “Although there has been much debate across the industry around the value of Lifetime Isas, we have seen a noticeable increase in interest for this functionality from both existing and prospective clients as end investors become more aware of the product’s benefits.
“Thanks to the flexibility of our underlying technology, we have been able to implement this development against aggressive timescales while continuing to deliver on schedule significant client projects such as the integration of Cofunds’ Retail and Investor Portfolio Service business with Aegon’s GBST powered platform.”
The product includes in-built ability to ensure the investor meets the age constraints for the product, does not currently hold an active Lisa and does not exceed the maximum subscription allowed for the tax year.
GBST has also made changes to its Composer Web and Composer business integration server services to ensure subscriptions into a Lisa account are included within a person’s annual Isa subscription limit.
Jason Witcombe, director at London-based Evolve Financial Planning, said: “Because of the age range of our client base we don’t actually have that many clients under the age of 40 but I do think there will be reasonable demand for the Lisa.
“For a young person wanting to save for a deposit on a house it seems like a pretty sensible product.”