Increased reassurance for money transfer customers
January 21, 2008
Customers that transfer money from the UK to loved ones abroad will now receive increased reassurance as the result of a new government scheme that has come into force. Many people in the UK transfer money each year, and this is often transferred to developing countries by ethnic minorities in the UK. It is estimated that around £2.3 billion a year is transferred abroad by ethnic minorities that are sending the money to relatives and friends.
Last year the collapse of First Solution highlighted problems in the money transfer area, with around two thousand customers losing a total of around £1.7 million as a result of the collapse. An investigation is still ongoing with regards to this collapse, and arrangements have been made for around £400,000 to be returned to customers. It is hoped that a new customer charter that has come into place will help to make things easier for those sending money abroad.
In order to make money transfers easier and safer businesses that run more than half of the money transfer locations in the UK have signed a customer charter. According to the Department for International Development (DFID) the charter means that these companies will make their charges clearer to customers, and will also explain in further detail what to do if problems arise.
International Development Minister, Shahid Malik, stated: “The new charter will give more confidence to people sending money to loved ones abroad by providing better information and transparency. We will continue to work with the financial sector to make sure payments are easy, affordable, on time and go through registered channels.”
Tom Smith
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