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Transact rap for RSM over ‘absurd piece of research’

Financial research firm Ray- ner Spencer Mills has sparked a bitter wrap wrangle after branding Transact little more than a fund supermarket.

Transact managing director Ian Taylor has in turn slammed RSM for producing “the most absurd piece of research he has ever seen”.

RSM rated eight wrap providers on a range of points, including tax wrapper and fund coverage, online functionality and quality of investment tools then graded them on a scale between fund supermarket and wrap.

Standard Life was rated top wrap provider followed by Selestia while Transact and Abbey were accused of being “little more than a fund supermarket”.

Taylor says: “I cannot engage in a rational debate about this research because there is no rationale behind it. The company may as well throw the research out now because it is about to become a laughing stock. It is a piece of research basically saying the moon is made of cheese.”

Rayner Spencer Mills dir-ector Geoff Mills says: “There is nothing within the press release that gives the details of how we conducted our research, so it is inappropriate of it [Transact] to have commented. We stand by our research.”

Standard Life marketing director John Taylor says: “The placing of Standard Life as the top wrap company is consistent with other research that has been done and there is a body of evidence building to agree with this.”

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