The UK’s Financial Conduct Authority (FCA) has fined three money transfer firms over £150,000 for price fixing in Glasgow. This step was taken as part of an ongoing investigation into anti-competitive conduct in the financial services sector. The firms admitted to coordinating on exchange rates and transaction fees for money transfers from the UK to Pakistan. The FCA emphasized the importance of money transfer businesses and the damage price fixing can cause to customers and public trust. This case follows similar investigations into major banks for unlawfully sharing competitive sensitive information. Businesses are urged to carefully assess their practices to ensure they do not infringe competition rules. For further insights on competition law issues regarding information exchange in the financial sector, please read the full article.

Anti-competitive Information Exchange in the Financial Services sector: still under scrutiny by the FCA - Bird & Bird (twobirds.com)