Transact Wrap Avis 

Update.

After coming to Trustpilot to report my experience in the review below a very nice (and sensible) gentleman named Scott contacted my directly on my mobile to apologise for the issues I have been through. He then resolved the entire situation in a matter of hours. I'm very happy with the final result of my interaction with Transact and have improved my scoring to 3 stars from 1. If everyone that I had dealt with had behaved like Scott, then they would be receiving a 5 star review.
It seems to me that there is a "computer says no" type attitude amongst the administrative staff (the type that you'd expect in local government), which in my opinion should be a management concern. My issue could easily been escalated and resolved in a few days rather than 9 months.

After my father sadly passing away (who was full time carer for my mother who has dementia) I took responsibility of managing my mother's finances due to her mental capacity. Almost every company I have dealt with has done their best to make the process as simple and painless as possible. The banks simply went through a very quick process when presented with the death certificate and paid out the money. Transact however have been appalling. Since September 2023 (it is now July 2024) I have been requesting that they pay the tiny amount they hold in my late father's name (of around £8.00) to my mother. They were immediately supplied with the death certificate and then subsequently provided with a certified copy of the will. This was certified at the post office, which has been sufficient for every single other financial institution that I have dealt with. Not good enough for Transact though. They insist that it is certified by a solicitor, barrister, lawyer, chartered accountant. Seeing as it already cost around £50 to have the will certified at the post office it would be insane to spend even more having it certified yet again at even greater expense in order to get £8 paid out!
After already explaining that I have power of attorney due to my mother having dementia, MS and diabetes and needing full time care in a care home the "Client Services Manager" asked me for a certified copy of my mother's passport or driving licence. Surely you don't need to be a rocket scientist to predict that someone in my mother's condition does not have either of these documents.
The communication has been appalling, taking weeks to respond to an e-mail (up to 2 months).
At one point I was told that Transact had simply written off the £8, so I didn't need to worry about it. This is absolutely insane! Out of principle I rejected this and was then asked to pay £1 to Transact from my mother's account in order for them to pay it back along with the £8 owed to her. I did this immediately (on the 2nd of May 2024), but 10 days later I receive another e-mail saying that they now need the Grant of Probate.
I have now provided a scanned copy of this. Of course, this is not good enough for them to release the £9 that they now owe to my mother. Now they want me to post the original copy of the grant along with a signed executor instruction confirming the bank account details which they already have due to sending them £1 from it at their request.
I would highly recommend never using this company for anything in case of a bereavement. They are deliberately awkward and painful to deal with, which is the last thing you need after losing a loved one.

I have been dealing with the transaction services team at Transact for a few weeks now whilst moving my personal financial affairs between providers. I have to say that they Transact team have been consummate professionals and have been wonderful to deal with. Specific mentions go to Lewis and Molly, both of whom have been exemplary customer services operatives.

My lawyers contacted transact to liquidate my late mothers investments. After a week of waiting for something which should have taken a matter of hours, they requested documents that they had already received. Once this was pointed out they sent yet another form to my lawyers to complete. When i called to inquire what was taking to long to transfer funds, they would not talk to me despite me passing all security checks because they said i was not an executor on my mothers will. I am, but they did not have the correct information. For a company that is supposed to manage money and live in the digital age it's embarrassing how incompetent they are.

On this occasion I contacted Transact myself. I found the gentleman to be very helpful and he emailed me as promised about my inquiry. It has put my mind at rest.

I had investments on the TRANSACT Platform from 2008 until 2023. On the occasions I needed to contact TRANSACT (by e-mail) - particularly during draw-downs - I always received a prompt and full reply to my enquiry.
I personally would have no hesitation in recommending TRANSACT to any body that asked my opinion.

I found the experience dealing with Transact very good. my Client service manager Alex Reeve always replied quickly to my emails and always answered my question in both a professional and thorough manner.

My pension has arrived at Transact via a financial adviser, and – after appalling experiences of the pensions industry in the past (thanks to Robert Maxwell and the collapse of Equitable Life) – I've been mightily impressed. There are two reasons for that view:
• I can access and assess my portfolio's performance on their website at will, day or night.
• And, when I've emailed in with questions, I've had prompt and straightforward answers from people who are self-evidently on top of their briefs.

The delays, misinformation and mistakes this company makes are beyond ridiculous. Two funds to move and they keep tripping up over themselves with regularity that is beyond belief. Four months on and we are no further forward. They don’t even seem to know their own address. Two official complaints have been accepted and they can’t even run them properly!!

I have been with Transact for 17 years using their investment platform through a financial adviser. Their service , investment performance and reporting has been consistently excellent

A very disorganised company that made the whole process of moving my portfolio to another provider very difficult and certainly didn't cover themselves in glory.

How can a compnay like Integrafin Holdings Ltd and Transact fail to keep accurate records or provide an explanation from Head of Legal Helen Wakefield on witholding my dividends - and their claimed "resale" to a limited company which is not trading? to the HMRC for CGT calcualtion? - while the FCA look on ! The ICO refuse to investigate and the "company " continues to trade ? We reported this to Glen Sweet who continues to Pass the information on to Head of Legal - without reply or response. How safe is anyones cash investments in Transact ? since 2018 ?

I spoke to Molly regarding some correspondence I had received. She was very helpful and talked me through everything in a way I understood. Great service Molly, thank you.

Had cause to phone the Transact admin team for the first time this week about my ISA top-up, having been advised by my IFA to use them just over 3 years ago. The chap in their call centre walked me through doing this online in a few minutes - first rate service, and great that this firm actually has trained staff to help, unlike Southern Water!

I have never had an issue in over 15 years. If I have a query the phone has been answered immediately. The mobile app is great as well as the website. Reporting is good. Communications excellent. I am very happy with the service that my FA put me on all those years ago.

Transact may not be the best place to invest your Pension.
There seem to be a lot of dead wood, creaming the profits, as I have found over the years.
They don't fill you with great aspirations.

The team provide an excellent service and are professional and knowledgeable when responding to a query.
If only the standards you set could be matched in other organisations.

Very prompt reply to a query, which was comprehensive and helpful

Requested a share transfer from US to my UK based GIA and this was nothing but painful to deal with. First someone from Transact filled up the form (handwritten) incorrectly and instead of intermediary account number, they added their email address. Have they heard of a digital form yet? Take 2 - they reject the transfer initiated by the US stock broker and give no error code/reason behind this rejection. Shocking service and lack of competence all around.

Requested pension transfer via financial advisor. Transact delaying/delayed transfer as CSU (Z Miller) failed to action my emailed reply (supposedly FCA requirement) in timely manner, leading to Transact follow up call requesting info again!

I found Transact very efficient and helpful