Transact profits slip £3m after FSA fine

clock

Wrap Transact suffered a £3m drop in profits last year after it was hit by an FSA fine for client money breaches.

The wrap reported profits before tax of £14.6m for the year ending 30 September 2011, compared to £17.6m for the same period the previous year. The fall in profits comes after Transact was hit with a £3.5m FSA fine in December for client money breaches. Head of marketing Malcolm Murray (pictured) said the results were also affected by a decision in 2010 to reduce its annual charge to 0.55% from 0.6%. He said the wrap is "pleased" with the underlying growth of the business when considered against the FSA fine and reduction in annual charge. Funds under management in the period in...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Wrap/platforms

Platforms, the advice gap and what really matters

Platforms, the advice gap and what really matters

'We're just not articulating the proposition'

Steve Andrews
clock 07 April 2026 • 4 min read
Clive Waller on platforms sector change and a new sponsor for the Vanguard UK Platform Awards

Clive Waller on platforms sector change and a new sponsor for the Vanguard UK Platform Awards

The Vanguard UK Platform Awards in association with The Platforms Association

Clive Waller
clock 04 March 2026 • 2 min read
Vanguard to sponsor UK Platform Awards

Vanguard to sponsor UK Platform Awards

Professional Adviser continues as media partner

Professional Adviser
clock 04 March 2026 • 1 min read