FCA threatens further action against firms “misleading” customers

Financial Conduct Authority

The UK’s Financial Conduct Authority (FCA) has issued a warning that it is considering taking further action against financial firms that continue to use the interbank rate in a misleading way when offering currency transfer services.

In a statement published on July 19, the regulator explains that tools that convert currency at the interbank rate could give consumers the “misleading impression” the rates shown are available to them, rather than the “materially inferior” rate they are likely to

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