Transact's Murray defends fee hike

The wrap provider has increased the amount required for advisers to qualify for its discount rates by £10,000 (from £50k to £60k) for its premium service and by £50,000 (£250,000 to £300,000) for its platinum service. This means clients who previously were entitled to a platinum rate discount but now do not fit the criteria face increased annual commission charges of 32pc. Having discussed this with a number of IFAs whose clients were acutely affected, Transact offered a rebate of £22.50 per month for previously platinum entitled cases, and a rebate of £10 per month for single portfol...