Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 28 October 2021 to Question 62566, what plans he has to require banks to show the difference between the mid-market (interbank) exchange rate and the rate they use when offering foreign exchange products to customers; and if he will make a statement.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises the importance of transparency of fees and charges in protecting consumers and ensuring effective competition between payment service providers (PSPs) such as banks. To this end, the UK has regulatory requirements in place to ensure that currency conversation rates are clearly communicated to customers before a transaction takes place.
The Government has no plans at this time to amend these requirements, but keeps all policy under review.
Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to enforce cross border payments price transparency in line with the Cross Border Payments Regulation 2; and if he will make a statement.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers.
The Payment Services Regulations 2017 make several requirements on UK payment service providers regarding disclosure of fees and charges to the payer, for example, the exchange rate used for a currency conversion transaction. Provisions under the Cross Border Payments Regulation, which continue to apply in the UK as part of retained EU law, also contribute to price transparency, with further requirements regarding how foreign exchange costs are communicated before a payment is made.
These regulations, amongst other things, are intended to enable consumers to make informed decisions when making use of payment services including where currency conversion is offered. The Financial Conduct Authority (FCA) is the relevant regulatory authority with responsibility for monitoring and enforcing these requirements. Should the FCA have concerns regarding firms’ compliance with the requirements, it will take appropriate action as necessary.
Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what plans he has to ensure all payment service providers publish the total costs they charge, including sending and receiving fees, costs charged by any intermediaries, foreign exchange rate and currency conversion charges; and if he will make a statement.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers.
The Payment Services Regulations 2017 make several requirements on UK payment service providers regarding disclosure of fees and charges to the payer, for example, the exchange rate used for a currency conversion transaction. Provisions under the Cross Border Payments Regulation, which continue to apply in the UK as part of retained EU law, also contribute to price transparency, with further requirements regarding how foreign exchange costs are communicated before a payment is made.
These regulations, amongst other things, are intended to enable consumers to make informed decisions when making use of payment services including where currency conversion is offered. The Financial Conduct Authority (FCA) is the relevant regulatory authority with responsibility for monitoring and enforcing these requirements. Should the FCA have concerns regarding firms’ compliance with the requirements, it will take appropriate action as necessary.
Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what changes HMRC made to the process for registering occupational pension schemes in (a) 2006 and (b) 2014; and what the reasons were for those changes .
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
HMRC is responsible for registering pension schemes where they wish to benefit from the tax reliefs available to pensions.
As a result of pension tax simplification, pension scheme registration was moved to a new online digital system in 2006.
As part of a wider government response to concerns surrounding pension scams, in 2014 legislation was introduced to enable HMRC to refuse registration where the scheme administrators were not considered to be fit and proper.
Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 July 2021 to Question 31282 on Non-domestic Rating (Telecommunications Infrastructure Relief) (England) Regulations, how many of the 71 certificates were issued to BT.
Answered by Jesse Norman
The Valuation Office Agency (VOA) is responsible for the valuation of non-domestic properties for business rates purposes in England and Wales. The Commissioners for Revenue and Customs Act 2005 restricts the VOA from providing specific information about companies, in order to protect ratepayer confidentiality.
Asked by: Stephen Timms (Labour - East Ham)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 15 July 2021 to Question 31282 on Non-domestic Rating (Telecommunications Infrastructure Relief) (England) Regulations, on what dates the (a) first and (b) tenth of those 71 certificates was issued.
Answered by Jesse Norman
The Valuation Office Agency (VOA) issued the first certificate on 30 September 2019, and the tenth certificate on 8 September 2020.