FCA issues statement of objections to 3 money transfer firms

In a statement of objections issued today, the Financial Conduct Authority (FCA) alleges that 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, fixed prices charged to customers in Glasgow for transferring money from the UK to Pakistan.

It is the FCA’s view that, for a period in 2017, the 3 firms coordinated on the exchange rate offered to consumers for converting UK Pounds into Pakistan Rupees in transferring money to Pakistan; and fixed the level of a flat rate transaction fee charged to consumers when making money transfers from the UK to Pakistan via Small World’s services.

As a result of this conduct, consumers in Glasgow may have been overcharged for sending money to Pakistan.

These are provisional findings and may not necessarily lead to further enforcement action. A statement of objections gives firms notice that the FCA thinks they have infringed competition law and the opportunity to respond by making written and oral representations.

The FCA will carefully consider any representations from the firms before deciding whether the law has been broken. The statement of objections will not be made public, however, further details will be made public when a final decision is taken.

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