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Release Date: 30th November 2023

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) issued a final notice concluding that Dollar East (International Travel & Money Transfer) Ltd, Hafiz Bros Travel & Money Transfer Limited, and LCC Trans-Sending Limited (trading as Small World) and its parent company Small World Financial Services Group Limited, infringed competition law by coordinating pricing practices. This infringement occurred between 18 February 2017 and 31 May 2017, involving agreements to coordinate on the retail exchange rate and transaction fees for UK to Pakistan remittance services in Glasgow. The FCA imposed financial penalties of £3,600 on Dollar East, £11,200 on Hafiz Bros, and £139,500 on Small World and its parent company.

Key Takeaways for Other Firms:


The FCA’s decision underscores the importance of adhering to competition laws and maintaining independent pricing strategies. Firms must ensure compliance to avoid substantial penalties and reputational damage.

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