Minority of foreign exchange operators flouting standards

A “SMALL number” of Irish-based credit institutions and foreign exchange bureaux have been reprimanded by the Financial Regulator for failing to meet set standards put in place to protect their customers.

A Financial Regulator investigation of 100 outlets across the state found that while the majority of credit institutions and bureaux de change are adhering to long-standing legislation, a “small number” are failing to act in the best interests of the consumer.

According to the investigation, which took place over the summer months and was revealed yesterday, a small number of well-known firms face sanctions including fines for failing to make up-to-date exchange rate information clearly visible on their premises.