Platform Transact has added a number of new or enhanced features as it prepares for a new round of price cuts.

It has added the ability to split wrappers into ‘sub-wrappers’ and transfer cash and investments between them, including Discretionary Investment Management vehicles.

The company says it has always offered the ability to split wrappers and name them but now advisers and clients can now implement this themselves online.

Planners can create sub-wrappers across the majority of wrapper types, except for pensions in drawdown which cannot be split at present.

Transact has also revamped its Investment Search tool to make it easier to find assets available on Transact.

In December the company announced a new round of price cuts, the 13th in 11 years. The move comes as price competition between the platforms intensifies.

The company will cut annual commission charges from 0.29% to 0.28% and from 0.19% to 0.18% (for the respective charging bands) on 1 April.

The buy commission exemption threshold is also being cut from £500,000 to £400,000 on 1 March.

Jonathan Gunby, chief development officer and chief executive designate, said: "As we continue to reduce our prices, we are pleased to be able to carry on making meaningful enhancements to our platform to benefit our users.

Transact announced recently that chief executive Ian Taylor will step down as CEO in March after 20 years with the group and will be replaced by two new CEOs. Alex Scott, a group director, will become chief executive of parent company Integrafin while chief development officer Jonathan Gunby will become chief executive of Integrated Financial Arrangements (IFAL), the company that operates Transact.