MP: Charter Step in Right Direction
Tuesday 29th January 2008
Consumers sending money to family and friends overseas will gain new safeguards under a new customer charter for money transfer companies.
Kilmarnock and Loudoun MP, Des Browne, who recently concluded a year long remittance project with Loudoun Academy pupils, believes a charter is a step in the right direction.
Des said:
“The main worry for those sending money is whether or not it will arrive safely. Having organised the Loudoun Academy project I am well aware that remittances are a key source of overseas funds for many economies. People in the UK send an estimated £2.3 billion a year to loved ones in over 50 developing countries so I hope that the new charter will provide a further degree of confidence for consumers.”
The new voluntary charter, developed by the Department for International Development - supported UK Remittances Task Force, commits participating firms to giving clear, transparent information in a standard format, including: total fees to the sender, and any fees payable by the receiver.
