FCA issues statement of objections to three money transfer firms
Summary
In a recently issued statement of objections, the FCA alleged that three money transfer firms fixed prices charged to customers in Glasgow for sending money from the UK to Pakistan. Those firms were Dollar East (International Travel & Money Transfer) Ltd, Hafiz Bros Travel & Money Transfer Limited and LCC Trans-Sending Limited (including its parent company Small World Financial Services Group Limited) trading as Small World.
The FCA alleged that, in 2017, the three firms coordinated the exchange rate they offered for converting UK pounds into rupees for money transfers to Pakistan and flat-rate transaction fees for UK to Pakistan transfers made via Small World. This is likely to have resulted in consumers in Glasgow being overcharged.
The FCA’s findings are provisional and may or may not lead to enforcement action. The statement of objections puts the firms on notice that the regulator believes they may have infringed competition law and gives them the opportunity to respond through written and oral representations.
The FCA said it will carefully consider any representations made by the firms before deciding whether the law has been broken.
Links: https://www.fca.org.uk/news/press-releases/fca-issues-statement-objections-3-money-transfer-firms