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Transact axes initial bond fees

Initial charges on both onshore and offshore bonds to be removed from 1 November.

Transact is removing the initial charges on both its onshore and offshore bonds.

The platform says the move means no Transact wrappers now carry a set-up charge.

Previously there was a £150 initial charge on the offshore bond and a £100 charge on the onshore bond. The changes will take effect from 1 November.

An adviser update from Transact sent last week says: “As we increase our funds under direction we are able to share some of the economic benefits of scale with our mutual clients.

“This latest change means that no Transact wrapper has an establishment fee.”

In April, Transact announced it was reducing its charges by almost 15 per cent for an average portfolio of £180,000 in a shake-up of its fee structure.

The changes saw charges cut from from 0.425 per cent to 0.325 per cent on portfolios between £60,000 to £180,000, and from 0.375 per cent to 0.325 per cent on portfolios between £180,000 to £300,000.

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