It is the FCA’s view 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.

These are provisional findings and may not necessarily lead to further enforcement action. A statement of objections gives firms notice that the FCA thinks they have infringed competition law and the opportunity to respond by making written and oral representations.

The FCA will carefully consider any representations from the firms before deciding whether the law has been broken.

The statement of objections will not be made public, however further details will be made public when a final decision is taken.