GBST has opened the door to more platforms launching a Lifetime Isa as the technology provider has updated its systems to allow wraps and platforms to offer the product.
GBST, which sits behind Novia and AJ Bell’s advised platforms, and is working on products including the Aegon/Cofunds integration and Alliance Trust Savings’ replatforming, has now configured the Lifetime Isa’s wrapper and subscription limit on its flagship Composer technology.
It says the move has been a response to increasing demand from its platform clients.
The technology will ensure platforms meet the product’s age limits, will not duplicate across Lifetime Isas and does not exceed their Isa tax allowances.
Bonuses and withdrawal rules will be applied automatically and will tie-up with HMRC’s portal to cover reporting requirements.
Platforms currently offering the Lifetime Isa on a direct basis include Hargreaves Lansdown, Nutmeg and the Share Centre. Transact offers the product on an advised basis. AJ Bell plans to launch the product on both an advised and non-advised basis soon.
GBST head of Europe, Middle East and Africa David Simpson said that the company had been able to work against “aggressive timescales” for the launch, but this would not affect its major ongoing working such as integrating Cofunds and Aegon for the provider’s new paltform.
Simpson says: “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. Based on this feedback, we felt it was our responsibility to extend Composer® to support this new product as part of the ongoing roadmap.”