Welcome to the September Adviser Update.

Awards

We are pleased to share that Transact was named Provider of the Year at the Money Marketing Awards, recognising the dedication of our teams and our commitment to supporting advisers and their clients. Thank you!

Improvements to the platform

I am delighted to share two further improvements to the Transact platform this month. Both changes are part of our digitalisation programme and have been driven by significant adviser demand. First, you can now set up regular cash transfers between family linked wrappers online which streamlines an important element of inter-generational wealth planning. This is a significant enhancement and geared to making financial planning easier ahead of the impending IHT changes due to come into place in April next year. Second, you can now initiate GIA and ISA wrapper closures from Transact Online and submit withdrawal requests to verified bank accounts - see the TOL article for more detail. Both changes are the first iteration with further improvements planned which will expand the scope of wrappers for regular payments and closures. I am particularly excited about the wrapper closure functionality. I think parts of our closure process are clunky, and this is a positive step forward.

In this edition, we have shared more detail on our Transact API roadmap which forms part of our integrations programme. We have an exciting vision for how Transact APIs can transform financial planning. I am a bit frustrated that this transformation will take years to fully deliver and embed across the industry but, staying positive, each month we make significant progress. You will hear more about our API releases in the coming months, and, over time, you will be able to realise more benefit. Please reach out if you would like to discuss any aspect of our API or integrations strategy in more detail.

Helping advisers respond to tax changes

We continue to share details of tax and regulatory changes from the last Budget. Small announcements by the Chancellor can have significant consequences for the financial planning industry. I would encourage advisers, para-planners and administrators to listen to the Transact podcast on ISA reforms (Apple Podcasts or Spotify). Unfortunately, these ISA reforms have further complicated the ISA system. Whilst the policy objective of getting more people investing is the right one – it is not clear whether the reduction in the Cash ISA allowance for those under 65 will be an effective nudge towards investing. What is more certain is that the anti-circumvention measures have created complexity for customers, advisers and platforms and is likely to be detrimental to achieving the stated policy objective. In addition, we share an article this month on the impact of a 2% increase in the saving rate tax on the onshore bond reserve charges. You might need a strong coffee before reading this article!

Fund EcoMarket

As part of our ongoing review of the support we provide, many advisers confirmed that Transact should support them and their clients with their responsible and sustainable investing goals. In response, we have been exploring what we can do, and as a first step we have added a link to Fund EcoMarket to the Transact website to support advisers researching sustainable, responsible, ESG and ethical investment options for their clients.

Fund EcoMarket is a free, third-party research tool operated by SRI Services and intended for UK financial services professionals. You can use more than 200 filters to explore potentially suitable funds, trusts and portfolios, and compare features such as sustainability characteristics, SDR label status, investment aims, exclusions and stewardship activity. You can find further information and access the tool through the Asset range section of the Transact website.

Cash interest research

I am delighted that we are now paying 3.76% interest on cash. Our cash rate is 1 basis points above the base rate. We have updated our competitor research to include this latest rate and Aviva’s new approach to retaining cash interest. We have also added some smaller platforms who don’t retain cash interest into the analysis. For more info, please see our cash interest webpage setting out our campaign for full disclosure of retained cash interest. We have included information on how retained cash interest can impact client outcomes. Over time, I hope platform comparison tools will make it easier for advisers to compare platform charges including retained cash interest.

Adviser feedback for Transact & Defaqto

Our Transact 2026 online Adviser Survey is open, and we would appreciate if you could take the time to share your views as it helps to improve our service and platform, shape our prioritisation on development and is definitely a worthwhile exercise.

Finally, we are looking to work more closely with Defaqto in response to adviser feedback. We want to make the process for recommending Transact via Defaqto easier. As part of this work, we are encouraging advisers to take part in the 2026 Defaqto adviser service assessment and share feedback on the platforms and providers they work with. Your views help inform Defaqto's annual Service Ratings and Service Analysis reports. Use the details in the Defaqto article below to take part.

Events

Connect events are back soon. We are holding Connect events in London (available to all not just those in the south east), Warrington and Cardiff during October and November, plus a further seven breakfast events later this year. All Connect and our in-person regional breakfasts events are detailed on our events page. There are also several MPS events where you can hear from both BlackRock and our Head of Technical, Mark Fenlon. Dates are detailed in the Transact-BlackRock MPS update.

Thank you for your continued support.