Transact scraps establishment fees on investment bonds

The removal of the £150 fee on Transact's offshore bond and the £100 fee on its onshore bond mean that no establishment fees remain on any Transact wrapper. The move affects all bonds taken out from 1 November. Transact said the decision was influenced by an increase in the funds under its direction, meaning that the "economic benefits of scale" could be shared with clients. Transact announced plans to reduce charges on median-sized portfolios in April. A number of price bands for clients with assets of up to £600,000 were consequently removed in June.