FCA issues price-fixing warnings in Glasgow after fining money transfer firms

The regulator has warned money transfer firms in Glasgow against breaking competition law after it fined three firms for fixing prices between them on the exchange rates they offered clients who were converting sterling into rupees to send to Pakistan.

By Neasa MacErlean

All three firms have "admitted to fixing prices charged to consumers in Glasgow" between February and May 2017, according to a Financial Conduct Authority statement. The price-fixing also operated on the setting of certain transaction fees. The FCA has yet to publish a "non-confidential version of its decision" under the Competition Act 1998 but plans to do so "in due course".