Transact: Platform prices will rise

Transact has said it is unfazed by cheaper platforms entering the market because it thinks their prices will rise as interest rates climb and place pressure on charging bands.

The platform is currently working on broadening its proposition. In July, FTAdviser revealed it was gearing up to launch a model portfolio service with BlackRock. This will see the platform host its own investment proposition for the first time.

"What we're not going to do is internationalise. And we have no ambitions to go direct-to-consumer," said Gunby.

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"We are sticking to our knitting. We think there's loads of growth in the UK for many, many years. So we don't want to be distracted by bright shining lights over there. We're going to stick to what we do. But we will stretch the proposition."