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ARTICLE · 30 MARCH 2023

FCA Issues Statement Of Objections To 3 Money Transfer Firms

Bird & Bird
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The regulator disclosed that it has issued a statement of objections to the three businesses.

United KingdomAntitrust/Competition Law
Saskia King
Saskia King
Bridget Chamberlain
Bridget Chamberlain
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The UK's Financial Conduct Authority disclosed, via a statement issued on 25 January 2023, that it is investigating three transfer companies for possible violation of the UK's Competition Act 1998.

The regulator alleges that between 18 February 2017 and 31 May 2017, 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 offered to Glasgow customers for transferring money from the UK to Pakistan.

According to the regulator, its provisional view is that the three firms coordinated the exchange rate they offered to customers for converting UK Pounds into Pakistan Rupees when 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. The regulator

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