GBST, which provides wealth administration software through its GBST Composer® platform, has upgraded its technology for wrap and platform providers to include Lifetime ISAs following customer demand.
The new Lifetime ISA product, tax wrapper and subscription limit is now configured on Composer® to allow providers to setup and facilitate subscriptions and transfers. It includes in-built capability to ensure the investor:
- • meets the minimum and maximum age constraints for the product;
- • does not currently hold an active Lifetime ISA and is not contributing to another Lifetime ISA for the same tax year;
- • does not exceed the maximum subscription allowed for the tax year for the Lifetime ISA, and also the overall ISA product limit if other ISA products are held.
The new functionality also automatically applies the bonus and withdrawal rules as set out by HMRC and will be able to interface with the new HMRC portal to meet its reporting requirements. By automating these processes, providers will ensure compliance with the Lifetime ISA’s specific rules, while minimising the ongoing costs of offering the product.
As well as the upgrade to Composer®, GBST is also implementing enhancements to its Composer Web and Composer business integration server (CBIS) services to ensure that subscriptions into a Lifetime ISA account are included within an individual’s annual ISA subscription limit.
David Simpson, Head of EMEA at GBST, commented: “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.
“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.”
GBST is a specialist financial technology company which provides administration and transaction processing software for retail wealth management organisations and global and regional investment banks. Founded in 1983, GBST is listed on the Australian Securities Exchange under ASX ticker code GBT.
- • In Australia, GBST provides its full range of retail wealth and institutional solutions for the wealth management and capital markets industries. The company's industry-leading software platforms include GBST Composer®, which provides end to end funds administration and management software for the wealth management industry; GBST Synâ½®, which provides a new generation post-trade processing platform for equities, derivatives, fixed income and managed fund processing; and GBST Shares, which is the most widely-used back- and middle-office processing equities software in Australia
- • In the United Kingdom, GBST Composer® offers an integrated system for the administration of wrap platforms, including individual savings accounts (ISAs), pensions, self-invested personal pensions (SIPPs) and superannuation; as well as master trusts, unit trusts, risk and debt; and other investment assets.
- • In the Rest of the World, the GBST Synâ½® platform supports institutional capital markets primarily in Asia and North America.