Investment platform Transact has announced plans to lower its charges as it continues to build scale.
The platform, which had some £24bn in assets at the start of October, is to reduce its annual commission charge from 0.31 per cent to 0.3 per cent in April next year.
Its charging threshold will also fall, from £150,000 to £120,000 from the same date.
Currently Transact portfolios valued up to £150,000 are charged 0.5 per cent in annual commission on the first £60,000 and 0.31 per cent on the remainder. This will now fall to £120,000 and 0.3 per cent with the 0.5 per cent remaining in tact.
| New charging structure |
| Single or consolidated Portfolio(s) up to £120k |
| | Investments | Cash |
| £0-£60,000 | 0.50% | 0.45% |
| £60,000 - £120,000 | 0.30% | 0.29% |
In a statement the company said: "This will Transact's tenth price reduction since 2008 and follows their principle of responsible pricing, whereby they only reduce their charges when confident it will not jeopardise the award-winning service they provide."
