Wealth Management Software (WMS) is on course to deliver the first LISA® Child Trust Fund solution by October 2004. Homeowners Friendly Society will be one of the few product providers to have a software solution in place capable of administering the new Child Trust Fund (CTF), to be introduced by the government from April 2005.
Having taken on the LISA® Child Trust Fund solution, Homeowners will also
benefit from meeting the October target for featuring among the Inland Revenue's initial list of approved product providers.
Speaking on the announcement, Paul Foll, WMS Group Sales Director said:
" We are delighted that Homeowners Friendly Society will have the necessary
software in place to administer the new Child Trust Fund and will be one of the first providers to have the full capability in place by October of this year."
"LISA® Child Trusts has been developed to manage all areas of CTF administration. This includes administering the fortnightly Inland Revenue
Return where LISA® will extract the necessary data which will prompt the IR for account deposit payments. LISA® also administers the Inland Revenue Schedule where the IR updates the provider with account opening acceptances or exceptions."
"LISA® manages the Child Trust Fund throughout all stages of the account life cycle, administering the second government contribution when the child reaches seven, plus payments made by friends and family of the child".
" The added benefit of LISA® Child Trusts is that it's made up of many of the same components used to administer ISA's and PEP's so the client will automatically have the capability to invest in these products as well as Child Trust Funds."
Chris Lazenby, Operations Director of Homeowners Friendly Society commented:
"Homeowners has been a strong advocate of Child Trust Fund since its inception and this agreement with WMS underlines our commitment to being a recognised provider from its launch in April 2005. The Child Trust Fund solution will be added to our existing LISA® software. This will allow us to further develop our excellent systems and administration platforms to provide our customers with the highest and most efficient service standards. We look forward to being one of the first product providers to gain Inland Revenue approval later this year in readiness for the market in April 2005".
WMS is a publicly quoted UK software company, with a number of offices in the UK and Europe. Software installations are global.