Home Forex Exchange Forex firm salespeople misrepresented FX pricing to customers – ForexLive

Forex firm salespeople misrepresented FX pricing to customers – ForexLive

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American Express is sacking employees and reimbursing money to clients after finding  salespeople misrepresented pricing to customers.

  • terminated 10 employees in the foreign-exchange international payments department
  • retraining 28 others
  • reimbursing clients

Via a Wall Street Journal report:

  • the FX unit had routinely increased currency-conversion rates without notifying customers
  • aim ws to boost revenue
  • US federal agencies, including the Justice Department, the Federal Reserve and the Consumer Financial Protection Bureau, have since been probing AmEx’s foreign-exchange pricing practices.
Link (Journal is gated) 

ForexLive

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