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Transact cuts platform charges

Transact has set out plans to cut platform charges following a review of its pricing structures.

Currently, the platform charges investors with portfolios worth between £300,000 and £600,000 an annual commission of 0.325 per cent.

From 1 April the firm will reduce the start point of this tier to £180,000. For those with less than £180,000, the first £60,000 of investments will be charged at 0.5 per cent.

Transact chief executive Ian Taylor says: “2014 was another profitable year for Transact and funds under direction now exceed £17bn. We have a clear strategy and with prudent management and decision making we can pass on savings derived from our scale and specialisation in the Wrap market.

“It is also very satisfying that some of the benefits of our commitment to responsible pricing will be passed on to both new and existing customers.”

It is the second pricing change announced by Transact this year. Earlier this month, the platform revealed plans to cut its buy commission charge from 0.2 per cent to 0.05 per cent and its maximum dealing charge from £15 to £3.75 by March 2015.

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  1. Always good to see a reduction in charges but still find Transact far from competitive for any portfolio size.

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