Transact cuts buying charges as platform price war continues

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”.

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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.