Wrap platform Transact is cutting its transaction charges in March as part of a move to remove them entirely for investors with more than £1m on the platform within 18 months.
The platform is to cut buying fees by half from March 1, and will repeat the move on March 1 2015, chief development officer Jonathan Gunby said.
This move - made in line with Transact’s “responsible pricing” principle - will mean investors with more than £1m on the platform will not be charged any dealing costs from March 1 2015. Those with less than £1m on the platform will be charged 0.05 per cent, which Mr Gunby described as “negligible”.
The move follows an overhaul of Transact’s annual charges announced last year, with some investors experiencing cost cuts of as much as 15 per cent.