Transact axes initial bond fees

Transact is removing the initial charges on both its onshore and offshore bonds.

The platform says the move means no Transact wrappers now carry an establishment charge.

Previously there was a £150 initial charge on the offshore bond and a £100 charge on the onshore bond. The changes will take effect from 1 November.

An adviser update sent today says: “As we increase our funds under direction we are able to share some of the economic benefits of scale with our mutual clients.

“This latest change means that no Transact wrapper has an establishment fee.”

In April, Transact announced  it was reducing its charges by almost 15 per cent for an average portfolio of £180,000 in a shake-up of its fee structure.