Transact profits slip £3m after FSA fine

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...