MICAP has launched an investment facilitation service, a single sign-on solution, free to advisers, where they can complete and track online applications.
The firm said the free service is designed to remove “complex administration processes and inefficiencies” for advisers and their clients.
MICAP charges the investment providers a flat administration fee for each application to minimise additional costs on the buy side. The service has been launched with Enterprise Investment Schemes (EIS) and seed EIS initially and more than 80% of investment providers have signed up.
It said the service allows multiple investments to be made via one digital application form, removing duplication across applications, enabling real-time tracking and the population of future applications with one click.
The launch follows the introduction of MICAP’s client reporting service in 2021, which allows advisers to generate white-labelled quarterly reports for their clients and provides a consolidated view of how their EIS, VCT and Business Relief investments are performing as a portfolio and on an individual basis.
Guy Tolhurst, director at MICAP, said: “For nearly 10 years MICAP has been dedicated to supporting advisers with their research and creating a hassle-free experience when advising on tax-efficient investments. Our two new services are designed to make their lives even easier.
“The tax-efficient market lags behind mainstream markets and conventional platform models in this sector layer significant costs on to the clients. With Consumer Duty at the forefront of everyone’s minds, we believe that these costs will become very difficult to justify.
Our investment facilitation service is designed to allow advisers to diversify their clients appropriately without any additional fees – which is why we strongly believe that this is a game-changer for the industry.”
