Transact criticises fund managers over bulk switching

clock •

Transact has criticised fund managers for failing to allow advisers to move large holdings from bundled to clean share classes.

Last week, the platform announced to advisers it would be the first to allow bulk clean share class conversion, using a tool to give mass fund switching instructions to asset managers. However, the majority of fund groups were still unwilling to do so, according to head of marketing Malcolm Murray (pictured). "The way [Transact CEO] Ian Taylor described it the other day was that we've just invented the first fax machine, but since no one else in the world has one it's not much use," he said. With HM Revenue & Customs ruling rebates paid to consumers would be taxable from Monday, Mu...

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

Big players give The Platforms Association's transfer charter a miss

Big players give The Platforms Association's transfer charter a miss

AJ Bell and Parmenion choose not to sign up

Sophia Panayi
clock 25 September 2026 • 2 min read
Most platforms sign up to transfer charter

Most platforms sign up to transfer charter

Signatories include Benchmark, Fidelity International and Quilter

Sophia Panayi
clock 17 September 2026 • 3 min read
Will the incoming stocks and shares ISA cash interest levy impact platforms?

Will the incoming stocks and shares ISA cash interest levy impact platforms?

Proposed regulations yet to clarify what is an ‘acceptable’ cash holding

Sophia Panayi
clock 15 September 2026 • 5 min read