The deal means that Insignis Cash Solutions and PIMFA will offer a platform for PIMFA members to provide a cash savings management option for their clients.

Advisers can use the platform to management clients’ cash holdings subject to a minimum sum of £50,000.

Money can be held with several banks and other savings institutions via the platform.

Paul Richards, chairman of Insignis Cash Solutions, said: “We are excited to work with PIMFA as their PIMFA plus partner.”

“With Insignis, we’re putting the power in the hands of IFAs to offer clients, whether they are individuals, corporations or charities, a solution to what is often overlooked as an asset class.”

Richard Adler, director of Strategic Partnerships at PIMFA, said: “This is an exciting partnership for our members. Our aim is to assist them with products and services that support their business endeavours and we feel that a cash solution like Insignis’ is perfectly placed to assist all our partner members.”

Cambridge-based Insignis enables sums above £50,000 to be held with multiple savings institutions to benefit from better rates and also compensation scheme cover.

PIMFA was created in 2017 by the merger of the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA).