Platform operator Transact will halve its buy commission charges from 1 March and halve them again in March 2015. It will scrap the charges entirely for portfolios over £1m (at present, there is no charge for portfolios over £2m).

The company says that with effect from 1 March the Transact buy commission charged on purchases of investments will be halved from 0.2% to 0.1%. Transact will also halve buy commission charges again from March next year.
For portfolios over £2m there is no buy commission and only a 0.05% charge for portfolio values between £1m and £2m. There is no equivalent charge for the sale of any investments.
The Transact dealing charge (to cover brokerage for investments listed on or admitted to a Stock Exchange) will also be halved from 1 March. Dealing charges for standard, phased and regular transactions will be up to a maximum of £7.50, £1.25 and £0.75 respectively depending on the aggregate amounts transacted.
{desktop}{/desktop}{mobile}{/mobile}
With effect from 1 March 2015 the Transact buy commission will be reduced further, making it free for all Portfolio values in excess of £1m and 0.05% for all others.
The Transact dealing charge will also be reduced again from 1 March 2015. Dealing charges for standard, phased and regular transactions will be up to a maximum of £3.75, £1.00 and £0.50 respectively.
Ian Taylor, chief executive, said: "2013 was another profitable year for Transact and we are delighted to announce that we will be reducing our charges not only this year but next year too.
"We have a clear strategy of 'responsible pricing' and with prudent management and decision making we can pass on savings derived from our scale, efficiencies and specialisation in the wrap market.
"The new charging structure means that a fund purchase of £10,000 will cost a maximum of £10 in 2014 and £5 in 2015. "
Transact services more than 5,000 Financial Planners and advisers who collectively manage £15 billion in assets under management on behalf of more than 100,000 investors.