Transact cuts annual and switch charges

The changes, part of its client profit share policy, are effective from today (March 1), and Transact says the cuts have come about after a successful financial year. The wrap made £14m in profits last year. In terms of transaction commissions, the charge when cash is first used to buy an asset has been reduced from 0.5% to 0.2%. Because the new rate is equal to its switch commission, the distinction between the two has been removed. The new single rate, Transact Buy Commission, applies to all purchase transactions. This rate is reduced by way of rebate to 0.1% for portfolios whose av...