FCA fines three money transfer firms for breaking competition law

The FCA has fined three money transfer firms for breaching competition law. Dollar East (International Travel & Money Transfer) Ltd, Hafiz Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited (including parent company, Small World Financial Services Group Limited) trading as Small World, have been fined a combined total of over £150,000 after they admitted to fixing prices charged to consumers in Glasgow.

Between 18 February 2017 and 31 May 2017, the firms coordinated on offering certain exchange rates to customers in Glasgow for converting UK pounds into Pakistan Rupees when transferring money to Pakistan. The FCA also found that, for customers making certain money transfers from the UK to Pakistan, the firms fixed the transaction fee.

The price fixing affected transfers made in the Glasgow branches of Dollar East and Small World. Whilst not operating a Glasgow branch itself, Hafiz Bros was found to have facilitated this conduct.

Vida Fatemi