Collapse of UK firm Small World means vital money transfers are not arriving

finance
Created 7/3/2024
Updated 7/3/2024

The collapse of the Small World money transfer service has left thousands in developing countries without vital payments they depend on. Part of LCC Trans-Sending, the service stopped trading on June 10, affecting those who used it to send money to over 170 countries. Customers now face uncertainty about whether they will get their money back. The UK Financial Conduct Authority (FCA) placed the company in special administration, with accountants from Grant Thornton working to identify owed amounts. This disruption is particularly severe for individuals and families in West Africa and the Philippines. Recovery of funds will include administrative costs, prolonging the wait for many affected customers

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