Transact cuts platform charges

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Transact has set out plans to reduce its charges for the second time this year.

Currently the platform charges investors with portfolios worth between £180,000 and £600,000 an annual commission of 0.325 per cent.

For those with less than £180,000, the first £60,000 of investments is charged at 0.5 per cent.

From 1 November, Transact says those with between £150,000 and £600,000 will pay 0.325 per cent.

And from 1 April 2016 the platform is reducing its annual commission rate from 0.325 per cent to 0.31 per cent.

Transact set out another series of charge reductions in January which were effective from April.

Transact chief executive Ian Taylor says: “We are pleased to be reducing our charges further in line with our principles of responsible pricing.

“Funds under direction now exceed £19bn and we are again passing on savings derived from our scale and specialisation in the wrap market. This is the eighth reduction since 2008.”