Adviser investment platform Fundment has launched a Stocks & Shares Lifetime ISA (LISA), one of the few available on the market.

The platform said it launched the LISA due to adviser demand for clients looking for a tax-efficient way to save for a first house.

Clients can transfer cash of investments from another ISA (or matured Child Trust Fund) into the Fundment LISA, with in-specie transfers available from a Stocks & Shares ISA or another LISA.

Ola Abdul, CEO of Fundment, said: “Advisers have been asking us for a Lifetime ISA, so we are delighted to meet that demand today – we have a proud history of anticipating and responding to adviser needs.

“Advisers’ experience when opening a LISA should be as smooth as possible and, as a digital platform, we enjoy the challenge.

“We have removed points of friction when opening or transferring into accounts and when onboarding clients – simplifying things for advisers.”

The LISA was introduced in 2017, but few adviser platforms offer them and they have not proven as popular as other forms of ISA.

HMRC provides a bonus on any contributions made into a LISA. This bonus is set by the Government and is currently 25%, therefore clients in a LISA can currently earn £1 for every £4 they put in to the account subject to rules and restrictions.

The amount savers can contribute to a Lifetime ISA is determined by two allowances: the Lifetime ISA contribution limit (currently £4,000) and the ISA subscription limit (currently £20,000).

Transfers from non-LISA ISA products count towards the annual LISA contribution limit but will not count towards the overall ISA subscription limit. However, transfers from another LISA will not count towards the annual LISA contribution limit or the overall annual ISA subscription limit.

Fundment offers a full range of wrappers, reporting tools and multi-asset funds.