Lloyds to review hidden forex charges on SMEs
A weekend report revealed that bank guidance to its forex traders adivsed them to charge SMEs a discretionary “added value” charge of up to 1.5 per cent on each trade.
One Lloyds insider said it was “common practice” to charge lower margins on bigger organisations that “buy big and buy often”.
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Hide AdA spokesman said: “Our pricing is dictated by various factors – including to reflect the costs and risks associated with a transaction.
“The purpose of our pricing framework document is to ensure fair and transparent pricing to all our clients, large and small. However, we will review it and look to ensure that what we share with customers in terms of prices, fees and recovery of costs remains consistent with that purpose.”