FCA warns on currency converter tools

UK watchdog follows up on investigation into payment institutions and their use of interbank rate in online tools

FCA: "Tools which convert currency at the interbank rate may be used in such a way as to give consumers the misleading impression that the rates shown are available to them"

The Financial Conduct Authority (FCA) has warned that several payment institutions and e-money institutions have failed to comply with a set of guidelines issued by the UK regulator and that they continue to offer interbank rates in a potentially misleading way.

In a statement released on July 19, the FCA said it is actively considering further investigation and action in this area. In doing so, “we will have particular regard to any firms which do not take appropriate steps in light of today’s

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