FCA: Issues statement of objections to 3 money transfer firms
- FCA alleges that Dollar East Ltd, Hafiz Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited
- The 3 firms coordinated on the exchange rate offered to consumers for converting UK Pounds into Pakistan Rupees
- Fixed the level of a flat rate transaction fee charged to consumers when making money transfers from the UK to Pakistan
- 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
- The statement of objections will not be made public, however, further details will be made public when a final decision is taken
