"However, we’d much rather see Transact remove this anachronistic charge completely to bring it in line with the market, and can’t help feeling that, say, a £10,000 fund deal costs Transact the same whether a client has £99,000 or £101,000 invested.
"But a price cut is a price cut and in a tough trading environment for platforms any improvement is a good thing."
Earlier last week, Transact released its quarterly trading update for the final three months of 2022.
Inflows were down by about 25 per cent, and outflows had risen by 11 per cent, from £688mn at the end of 2021 to £769mn at the end of 2022.
But customer numbers have continued to grow.
At the end of 2021, Transact had 213,178 customers, but by the end of 2022 this had risen to 226,996 - with the bulk of the gains made early in the year.
ruby.hinchliffe@ft.com
