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Insider UK
Insider UK
National
Peter A Walker

FCA alleges price fixing between Glaswegian money transfer firms

FCA Pakistan

The Financial Conduct Authority (FCA) has alleged that three Glaswegian money transfer firms engaged in price fixing.

In a statement of objections issued today, it listed Dollar East (International Travel & Money Transfer), Hafiz Bros Travel & Money Transfer, and LCC Trans-Sending (including its parent company Small World Financial Services Group) trading as Small World, as the companies fixing prices charged to customers in Glasgow for transferring money from the UK to Pakistan.

It is the regulator's view that, for a period in 2017, the three firms coordinated on the exchange rate offered to consumers for converting UK Pounds into Pakistan Rupees - 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.

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