Collapse of money service provider also affects Swiss customers
Published: Friday, Jun 21st 2024, 19:40
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The collapse of the global financial services provider Small World has also affected customers in Switzerland. The number of complaints from people who sent money from Switzerland to family members or friends abroad via the company has increased, reported Swiss radio SRF on Friday.
The money transfer provider has been in insolvency proceedings in the UK since June 18, as announced by the Financial Conduct Authority (FCA) on Thursday (yesterday). The parent company LCC had already discontinued its services for new customers on June 10. The company is now in special administration.
Small World is no longer accepting new customers and is also no longer making payments for existing customers, according to the company's website. According to "SRF", customers from Switzerland who paid in money for their relatives between June 10 and 18 are likely to be affected.
Small World has been around for over 13 years. According to its own information, the money service provider has branches in 19 countries, including Switzerland.
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