Transact cuts charges on lower value portfolios

Previously, clients with portfolios valued below £180,000 have had to pay a higher 0.5% fee on the first £60,000 invested, and the lower 0.325% fee on the remainder of their assets. From 1 November, this threshold is being reduced to portfolios valued at £150,000, while the standard annual commission will also be reduced to 0.31% next year. This means that only those clients with less than £150,000 in assets will pay the higher 0.5% on the first £60,000. The firm said this would be equal to clients with a £150,000 portfolio paying £105 less per year, a reduction of 17%. For investm...