Ian Taylor, one of the founders of Transact and a former chief executive, is to step down as an executive director of the platform’s parent in February as he heads for retirement.

Platform Transact is to trim annual and buy commission charges in the spring as platform competition intensifies.

Transact chief executive Ian Taylor is to step down as CEO in March after 20 years with the group and will be replaced by two new CEOs.

IntegraFin Holdings, the holding company of platform provider Transact, has revealed a boost in funds under management and profits in its latest figures.