The firm calls the revamped product the ‘Flexi ISA’ and says it will give advisers and clients more ways to use ISAs as a tax-efficient Financial Planning tool. 

Parmenion says the revamped ISA allows:

• more flexibility as withdrawals from the Parmenion ISA can be replaced in the same tax year, without affecting clients' annual allowance
• no charges for withdrawals
• automatic changeover from existing Parmenion standard ISAs

The existing Parmenion ISA already includes functionality such as Auto-Bed & ISA which automatically uses a client’s ISA allowance by selling investments in their General Investment Account to top it up.

Any withdrawals after 23 August 2023 will be counted as flexible withdrawals for the 2023/24 tax year.

Parmenion head of product Dan Edwards said: “We have listened carefully to feedback from advisers and have prioritised developments which would really make a difference to their clients. We have also involved advisers in our product development along the way, to ensure our users are truly at the heart of our design process and how we deliver our finished products.”

He added: “We are also seeing an increase in ISAs being utilised as a key Financial Planning tool for retirement, offering tax efficient investing in a flexible wrapper. In launching the new Flexi ISA – we are keen to make it as easy as possible to use this tool to its greatest potential and anticipate advisers using our platform will find this new Flexi ISA matches the changing needs of their clients.”

Parmenion says it plans to roll out new features to make it easier for advisers to help clients. So far this year it has added model portfolios from wealth managers to its adviser proposition, as well as adding new tools and functionality to its platform, such as FINIO data reporting.

Parmenion has investments worth over £9bn on its platform and serves more than 1,500 adviser firms and more than 90,000 underlying clients.