{"id":601579,"date":"2023-01-26T19:49:10","date_gmt":"2023-01-27T01:49:10","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/01\/26\/fca-investigates-3-money-transfer-firms-for-possible-unfair-competition\/"},"modified":"2023-01-26T19:49:10","modified_gmt":"2023-01-27T01:49:10","slug":"fca-investigates-3-money-transfer-firms-for-possible-unfair-competition","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/01\/26\/fca-investigates-3-money-transfer-firms-for-possible-unfair-competition\/","title":{"rendered":"FCA Investigates 3 Money Transfer Firms for Possible Unfair Competition"},"content":{"rendered":"
\n

The United Kingdom\u2019s Financial Conduct Authority (FCA<\/span><\/span> <\/span>) has disclosed
\nthat it is investigating three money transfer companies in the country for what
\nmight be a violation of the country\u2019s Competition Act of 1998. <\/p>\n

The financial markets regulator disclosed on Wednesday that it has
\nissued a statement of objections to the three businesses. A statement of objections is a
\ndocument that explains why the regulator thinks that a company it is investigating could have contravened the law on business competition in the
\nUK. <\/p>\n

According to the FCA, the three money transfer firms being investigated are
\nDollar East (International Travel & Money Transfer) Limited, Hafiz Bros
\nTravel & Money Transfer Limited and LCC Trans-Sending Limited. Additionally, the
\ninvestigation includes LCC\u2019s parent company, Small World Financial
\nServices Group Limited, which trades as Small World. <\/p>\n

FCA Says Customers Likely Overcharged for Money Transfer to Pakistan<\/h2>\n

The FCA in a statement<\/a> explained that it “provisionally” believes that
\nthe firms likely overcharged customers between February 18 and May 31, 2017.
\nThe regulator also believes that the firms coordinated and charged a fixed
\nexchange<\/span><\/span> <\/span> rate to convert customers’ pounds to Pakistani rupees. In addition, the FCA temporarily holds the view that Small World charged
\ncustomers flat rate transaction fees to process their money transfer to Pakistan<\/a>.<\/p>\n

Watch the recent FMLS22 session on fostering partnerships between fintech and banks.<\/em><\/strong><\/p>\n

However, the market supervisor explained that it temporarily considers the alleged violation
\nto be related to the firms\u2019 provision of \u201cin-store services only,” adding that \u201conline
\nservices offered by the parties is not considered to have been subject to the
\nalleged anti-competitive conduct.\u201d <\/p>\n

Furthermore, the UK regulator pointed out that it will only decide if the Competition Act has been breached after it receives oral or written responses to its investigation from the firms. It added that it would not make further disclosures to the public until a final decision has been reached.<\/p>\n

\u201cThese are provisional findings and may not necessarily lead to further
\nenforcement action. A statement of objections gives firms notice that the FCA
\nthinks they have infringed competition law and the opportunity to respond by
\nmaking written and oral representations,\u201d the FCA explained.<\/p>\n

Meanwhile, the FCA recently fined Guaranty Trust Bank (UK)<\/a> Limited \u00a37.67 million for gaps in its anti-money laundering systems and controls between October 2014 and July 2019.<\/p>\n<\/div>\n

\n

The United Kingdom\u2019s Financial Conduct Authority (FCA<\/span><\/span> <\/span>) has disclosed
\nthat it is investigating three money transfer companies in the country for what
\nmight be a violation of the country\u2019s Competition Act of 1998. <\/p>\n

The financial markets regulator disclosed on Wednesday that it has
\nissued a statement of objections to the three businesses. A statement of objections is a
\ndocument that explains why the regulator thinks that a company it is investigating could have contravened the law on business competition in the
\nUK. <\/p>\n

According to the FCA, the three money transfer firms being investigated are
\nDollar East (International Travel & Money Transfer) Limited, Hafiz Bros
\nTravel & Money Transfer Limited and LCC Trans-Sending Limited. Additionally, the
\ninvestigation includes LCC\u2019s parent company, Small World Financial
\nServices Group Limited, which trades as Small World. <\/p>\n

FCA Says Customers Likely Overcharged for Money Transfer to Pakistan<\/h2>\n

The FCA in a statement<\/a> explained that it “provisionally” believes that
\nthe firms likely overcharged customers between February 18 and May 31, 2017.
\nThe regulator also believes that the firms coordinated and charged a fixed
\nexchange<\/span><\/span> <\/span> rate to convert customers’ pounds to Pakistani rupees. In addition, the FCA temporarily holds the view that Small World charged
\ncustomers flat rate transaction fees to process their money transfer to Pakistan<\/a>.<\/p>\n

Watch the recent FMLS22 session on fostering partnerships between fintech and banks.<\/em><\/strong><\/p>\n

However, the market supervisor explained that it temporarily considers the alleged violation
\nto be related to the firms\u2019 provision of \u201cin-store services only,” adding that \u201conline
\nservices offered by the parties is not considered to have been subject to the
\nalleged anti-competitive conduct.\u201d <\/p>\n

Furthermore, the UK regulator pointed out that it will only decide if the Competition Act has been breached after it receives oral or written responses to its investigation from the firms. It added that it would not make further disclosures to the public until a final decision has been reached.<\/p>\n

\u201cThese are provisional findings and may not necessarily lead to further
\nenforcement action. A statement of objections gives firms notice that the FCA
\nthinks they have infringed competition law and the opportunity to respond by
\nmaking written and oral representations,\u201d the FCA explained.<\/p>\n

Meanwhile, the FCA recently fined Guaranty Trust Bank (UK)<\/a> Limited \u00a37.67 million for gaps in its anti-money laundering systems and controls between October 2014 and July 2019.<\/p>\n<\/div>\n

Read More<\/a>
\n Solomon Oladipupo<\/p>\n","protected":false},"excerpt":{"rendered":"

The United Kingdom\u2019s Financial Conduct Authority (FCA ) has disclosed that it is investigating three money transfer companies in the country for what might be a violation of the country\u2019s Competition Act of 1998. The financial markets regulator disclosed on Wednesday that it has issued a statement of objections to the three businesses. A statement<\/p>\n","protected":false},"author":1,"featured_media":601580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30024,1410],"tags":[],"class_list":["post-601579","post","type-post","status-publish","format-standard","has-post-thumbnail","category-investigates","category-money"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/601579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=601579"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/601579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/601580"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=601579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=601579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=601579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}