UK and US regulators have fined five banks £2bn for attempted manipulation of foreign exchange rates. According to the Financial Conduct Authority (FCA), the regulator of financial services in the UK, the ‘failings at these Banks undermine confidence in the UK financial system and put its integrity at risk’.
“Businesses need transparent services that are easy to understand, especially when it comes to something that moves as quickly as the currency market,” says Carl Hasty, Director of international payment specialist SmartCurrencyBusiness.com.
“Much has been made by independent foreign exchange providers of their bank-beating rates. It is crucial for a business to obtain competitive rates, but there are other features of a service that are also important, such as transparency and products and services that are easy to understand.”
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