Notice of Inquiry into the Supply of Foreign Currency Conversion Services
On 2 October 2018 the Treasurer, the Hon Josh Frydenberg MP, issued a notice approving the ACCC to hold an inquiry into the supply of foreign currency conversion services. The inquiry is pursuant to subsection 95H(2) of the Competition and Consumer Act 2010.
Matters to be taken into consideration by the ACCC include, but are not limited to:
I. the pricing of and costs associated with supplying foreign currency conversion services
II. the nature and extent of competition between existing suppliers of the services
III. the existence and extent of any barriers to entry and/or expansion, and
IV. whether there are factors limiting the ability of consumers to effectively compare services and prices.
Conduct of the Inquiry
The inquiry commenced on 2 October 2018.
The inquiry will submit its report to the Treasurer by 31 May 2019.
This is not an inquiry into the supply by an particular person or persons, or by a State or Territory authority.
Further information about the inquiry can be found on the ACCC’s website
https://www.accc.gov.au/about-us/focus-areas/foreign-currency-conversion-services-inquiry.