Transact reduces charges

Transact reduces charges

Transact has reduced its standard yearly commission and its charging threshold in the platform’s eighth charge reduction since 2008.

The current charging threshold of £180,000 will be reduced to £150,000 while the standard yearly commission will go down from 0.325 per cent to 0.31 per cent.

Ian Taylor, chief executive of Transact, said: “Funds under direction now exceed £19bn and we are again passing on savings derived from our scale and specialisation in the wrap market.

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“This is the eighth reduction since 2008. Our highly competitive charging combined with service excellence means Transact is the clear leader in terms of value for money.”

At the moment, portfolios with less than £180,000 pay 0.5 per cent yearly commission on the first £60,000 of investments.

From 1 November Transact will be reducing the start point of this tier to £150,000.

Adviser view

Ben Sear, managing partner of Suffolk-based Martin Redman Partners, said: “We have never chosed to use Transact and we have moved some clients away on the basis of cost but I cannot say if that has changed or not.

“It is interesting that providers who are often expensive talk in terms of value for money.”