FCA concerned about consumer harm from coordinating money transfer firms

FCA has used its competition powers to issue a statement of objections alleging that three money transfer businesses coordinated with each other to fix prices for customers in Glasgow transferring money to Pakistan. It is concerned that, for a time during 2017, the firms coordinated on the exchange rates and fixed the level of a flat rate transaction fee. As a result, consumers may have been overcharged.

The notice contains FCA’s provisional findings and may not necessarily lead to further enforcement action. The firms now have the opportunity to respond.

FCA will update once it has taken a final decision.

Emma Radmore