I belive remittance companies are basically unregulated. The FSA dont get involved in indivuals cases i am also led to belive. but if enough people complained...
There was talk of reulating remittance firms but i have not heard anything for a few years on the matter.
Surprsing as it would be a decent vote winner for any party who took it on imo. I doubt it would lose them any votes anyway.
There is also the issue of which law deals with the transfer at each part of the transfer i guess?