IntegraFin Holdings, the parent company of adviser platform Transact, has reported a 1.9% drop in funds under direction in its second quarter as global markets took a tumble.

Transact is to cut some of its charges in April with annual commission charges and buy commission charges both reduced.

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.

The parent company of Transact, the platform used by many Financial Planners, has been hit with an unexpected £4.3m VAT bill from HMRC which could also see the company having to pay an additional £1.4m a year in VAT.