Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what progress has been made on the Government's plans to increase transparency in foreign currency transactions.

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 transparency on consumer decisions.

This will help inform the Government’s approach to foreign exchange transactions within the Payment Services Regulations, which are currently being consulted on as part of the transposition of the Second Payment Services Directive.