In a statement of objections issued today, the UK Financial Conduct Authority (FCA) alleges that 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 charged to customers in Glasgow for transferring money from the UK to Pakistan.
The FCA alleges that, for a period in 2017, the three firms coordinated on the exchange rate offered to consumers for converting UK Pounds into Pakistan Rupees in 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.
As a result of this conduct, consumers in Glasgow may have been overcharged for sending money to Pakistan.
