Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of updating regulations on currency exchange brokers.

The Payment Services Regulations 2017 outline requirements on UK payment service providers regarding disclosure of fees and charges to the payer where currency conversion is provided as part of a payment transaction. Provisions under the Cross Border Payments Regulation also contribute to price transparency, with further requirements regarding how foreign exchange costs are communicated before a payment is made.

The Government recognises the importance of transparency of fees and charges in ensuring effective competition between payment service providers. 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 as part of a payment transaction.