Foreign Exchange

HM Treasury written question – answered at on 7 March 2017.

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Photo of Martyn Day Martyn Day Scottish National Party, Linlithgow and East Falkirk

To ask Mr Chancellor of the Exchequer, what progress the Government has made on bringing greater transparency to foreign currency transactions.

Photo of Martyn Day Martyn Day Scottish National Party, Linlithgow and East Falkirk

To ask Mr Chancellor of the Exchequer, if the Government will take steps to make currency conversion fully transparent in forthcoming payment services regulations.

Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury

A competitive and transparent financial services sector is vital to ensuring that the UK economy delivers for consumers and businesses.

As with all policy areas, the Government continues to keep transparency of foreign exchange fees under review, and is currently conducting research on the effects of this on consumer decisions to inform its policy approach.

The Government is also currently consulting on its draft regulations for the implementation of the Second Payment Services Directive and will respond in due course.

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