The Financial Conduct Authority (FCA) has imposed fines on three money transfer firms after they admitted to fixing prices charged to consumers in Glasgow.
Dollar East (International Travel & Money Transfer), Hafiz Bros Travel & Money Transfer and LCC Trans-Sending – including its parent company, Small World Financial Services Group – have been fined a combined total of more than £150,000 for breaching competition law.
The regulator found that, between 18 February 2017 and 31 May 2017, the firms coordinated on certain exchange rates offered to customers in Glasgow for converting UK pounds into Pakistan Rupees, when transferring money to Pakistan.
They were also found to have fixed the transaction fee charged to customers when making certain money transfers from the UK to Pakistan via Small World’s services.
This price fixing affected transfers made by customers at the Dollar East and Small World branches in Glasgow.
The FCA found that Hafiz Bros, while not…